Marketing Tactics for "Millenials"

[Norwayguy]

As valid as that point is, many of my friends that did vote did not vote for Obama. Of course I'm more likely to be friends that share my views so that may not be wholly representative of the age group, but a lot of folks in my group lean more libertarian than liberal.

My post was more a comment on how a lot of people gripe about the government they get but never participate in the process....I make it a point to take my 5 and 8 year old with me and explain what I am doing and why when I vote.

 

[tlmarketing]

Is "the right thing" always a term policy?

Let me put it to you in another way: You can lead a horse to water, but you can't make him drink. But you can salt the horse's oats so that he'll WANT to drink.

That's all I'm talking about.

And I don't appreciate the attitude in your post.

I don't think a term policy was mentioned....the right thing is doing what is in the best interest of the client...

Your comments seemed self serving, putting your interests first
"creating desire on the part of your prospects to pay more for the same coverage."

As far as attitude....check yourself, and don't be so sensitive!

 

[DHK]

I don't think a term policy was mentioned....the right thing is doing what is in the best interest of the client...

Your comments seemed self serving, putting your interests first
"creating desire on the part of your prospects to pay more for the same coverage."

Uh... that IS the definition of sales. Otherwise, you're just a glorified order taker assuming that clients know what you know about your product.

If THEY want to do something that they see is clearly in their best interest, they will do it.

If they don't want to put in the maximum amount for a given level of coverage... what's the alternative? Term... to put in the least amount for a given level of coverage.

As far as attitude....check yourself, and don't be so sensitive!

Fair enough.

 

[tlmarketing]

If you like to target the millennial market and it works for you, by all means you should go for it...Personally, given the choice to choose the demographic I want to market to, age 45+ is a better and more profitable fit for my business.

 

[VolAgent]

I think this is really an issue only for agents on the L&H side, where insurance products are much more age-specific.

I can only speak from the P&C side of it, where age is much less of a factor

I don't market to millennials any differently than I market to the baby boomer generation.

Being almost 42, I fall in generation X (whatever that means). So I'm right in the middle of the two.

Younger generations are definitely more technologically savvy than older generations. Back when I was a teen, been considered smart technologically meant that you could hook up an Atari or VCR to a television set (a simple skill that neither of which our parents/grandparents had any desire to learn). But over time, I think that gap has closed more than people realize.

Over time, that has conditioned our way of thinking that the older generation is completely out of touch with modern technology. That was true at one time. But not so much now.

most baby boomers:

• own a smartphone
• have internet
• have email
• have at least 1 social media acct. (according to FB, they're the fastest growing age demographic).
• like the younger folks, they probably haven't picked up a phone book in a long time either.

At the end of the day, it all boils down to coverage, service and value. It doesn't matter to me if you're 18 or 80. I market the same way to all.

For L&H, it isn't that older prospects lack technology skills. It is that they have a sense of responsibility and often a bigger checkbook to work with. Also, due to age and possible health concerns, they will face premiums that make the sale more profitable to the agent.

Between low premiums and a feeling of being invincible, marketing to the younger crowd is often a losing proposition.

 

[donamese]

A 30 yr old now will be 60 later on. May not make your retirement off them with today's sale but they will likely become a repeat buyer later on.

These people have friends and family which can become referals...some will be millenials as well but some could very well be boomers or older.

 

[Stephen]

A 30 yr old now will be 60 later on. May not make your retirement off them with today's sale but they will likely become a repeat buyer later on.

These people have friends and family which can become referals...some will be millenials as well but some could very well be boomers or older.

I don't want a bunch of millenials hoping that they may refer me to a boomer, I want a bunch of boomers and hope that they don't send me too many young people. I am trying to be successful today, not wait until we are all 60.

 

[unic.consulting]

Well, feel free to send the millenials you receive to me then.

 

[Larry Tew]

I take a somewhat different approach. No doubt millenials have less assets to work with compared to the affluent 50's - 60's market. But for me, regardless of what their balance sheet looks like is this...

Do they take their money, financial security, and personal economic development seriously? I don't care what the demographic, if they show in their actions that the answer to that question is yes, then I'll talk with anyone who shows up serious.

Not all young families are flighty and irresponsible just as not all boomers are deadly serious about their money.

And the ones that make me want to cry are the affluent / wealthy who think they're bullet-proof and believe they are largely unaffected and above anything that may cause financial distress in their future.

 

[VolAgent]

Everyone does realize, there is a difference between working with what millennials that come your way and actively marketing to that group?

I doubt anyone would refuse a 30 year old prospect who was serious and wanted to take action to solve his insurance needs/wants. But that doesn't mean the same agent will expend money and effort to attract that same 30 year old.