Last week we boldly stated, “Millennials are the future of your practice.” This week, we’re sharing four rules for marketing disability insurance to millennials. Use these tips to create a messaging strategy that resonates with your future client base.
1. Think diverse. Forty-three percent of gen Y is nonwhite. Compared to baby boomers, millennials have grown up with much more diversity in their neighborhoods and classrooms. As a result, millennials expect to diversity in advertising. When choosing photos for your marketing materials, be sure to have several ethnicities represented. Don’t stop there – millennials are also very comfortable with alternative lifestyles and non-traditional families.
2. Market to males and females. The traditional male and female roles of provider, care-giver, homemaker, and so on do not apply to gen Y. For the past several years now, women outnumber men on college campuses. Increasingly, men are stay-at-home dads and women are bread-winners. Remember to speak to both males and females when addressing financial matters and don’t make assumptions about roles within the family.
Speaking of families, this generation is delaying marriage much longer than we have seen before. According to the Pew Research Center report, Millennials: A Portrait of Generation Next, 26 percent of millennials, between the ages of 18 and 34 are married. While in the same age range, 48 percent of boomers were married. The difference is due, in part, to the heavy burden of debt from student loans. Many millennials desire more financial stability before entering into marriage. Households that rely on two incomes can relate to the need for disability insurance. However, don’t assume the couple is married.
3. Highlight your community involvement. Making a difference in the community or supporting relatable causes is very important to millennials and affects their buying decisions. If your agency contributes to community organizations or charitable causes, be sure to feature your commitment in your marketing. If you are not currently supporting organizations and causes within your community, this might be a great time to become involved in an activity that reflects the values of your agency.
4. Reconsider your geographic reach. Living and working in urban centers is a lifestyle choice many millennials are making. In fact, 32 percent of millennials live in central cities. As a group, they prefer flexible transportation choices, walking or biking, or taking public transportation to and from work. Consider expanding your reach to the more urban areas of your community. You may also want to consider placing marketing messages on public transit vehicles or shelters.
This generation is not only the future of your practice. They are also the future of disability insurance. With 36 percent of millennials expected to earn undergraduate degrees, this generation is expected to be the best educated. Better education eventually leads to better jobs and higher incomes that need to be protected. Reaching out to millennials now will put you in a position to advise them about the need for disability insurance when they need it.
Remember DIS is your income protection partner. We offer helpful marketing ideas, tools, product education, and disability insurance quote assistance. Contact us today to learn more about disability insurance products that work for your clients. Also, download our innovative Sales Strategy Quick Tip – The Unit Selling Method.