We get it: Millennials (the generation born between the early 1980s and the early 2000s) aren?t the easiest sell for life insurance, as most of them have had to enter adulthood in an economy still suffering from the Great Recession. Jobs are harder to find, homes more expensive to own, and insurance seems just out of reach for these young adults. So why would you want to market to them? Well, the fact is, Millennials aren?t going to stay young forever — and for the older members of this generation, life insurance is becoming a much-needed reality. They?re going to need some advice from trusted agents — which is where you come in! Here are some tips from SilverSide for marketing to Millennials:
- Learn: Learn what your Millennial clients are like. Here?s the thing: no two Millennials are going to be the same. Much as we?d like to lump them into a single generational category, Millennials (like anyone) prefer to be treated as individuals. Understand that there are some cultural differences between Baby Boomers and Millennials simply based on the time periods in which they grew up, but treat them both with the same respect. Also, don?t forget that even people from very similar demographics can have vastly different needs, perspectives and buying patterns.
- Communicate: As a follow-up to learning what your Millennial clients are like as individuals, you need to learn to communicate with them effectively. This is where we come back to the cultural difference mentioned earlier. Most Millennials have grown up with the advent of the Internet — therefore, they?re more receptive to emails, texts, or really any type of instant communication, in a way that Baby Boomers may still be acclimating to. Learn to work with the Millennial style — but don?t try to mimic it.
- Educate: Having seen an economic bubble burst while still fairly young, most Millennials tend to be more cautious with their money than their parents may have been, avoiding credit card debt and taking an earlier interest in saving and retirement. Therefore, Millennials tend to be less receptive to sales pressure. Instead, engage them through education. Many young people entering adulthood have a lot of questions: How do I start saving for my first car? For my first house? For retirement? Is life insurance something I really need to worry about now? Short answer: Yes. Make sure that your Millennial clients know that it?s never too early to start investing in their future, and be there as a trusted advisor, to answer any questions they might have while navigating early adulthood.
- Market: These days, it?s all about what is online. You can talk all day about the various awards you?ve won in the industry, but if you don?t even have a website, most Millennials are not going to give you the time of day. We?re living in the early days of the Information Age, where any question we have can be answered with a quick Google search. Credentials are important to mention so that you are known as reliable to work with, but a social media presence is absolutely essential these days. Make sure you have an up-to-date website, and a Facebook page can?t hurt either. For more tips on marketing through social media, check out our recent blog: Using Social Media for Your Life Insurance Business.
- Hire: Hire some Millennials to your staff! Millennials value their peers? opinions, and showing that you know how to work with Millennials on your staff will show that you know how to work with Millennials as clients. Besides, our industry could always use the fresh perspective of a younger generation!
Life Insurance and Marketing to Millennials
There are a number of viable options when it comes to life insurance for Millennials. The low cost of term life insurance can help them manage their expenses, while more permanent insurance can give them peace of mind and flexibility as they grow and their needs change. Talk with your Millennial clients today, to learn what they need — then talk to SilverSide. Our trusted carrier partners offer a wide array of life insurance products to fit any client?s needs, young or old. Call today to see how we can help you grow your business for generations to come! 480.400.7171