This isn’t the first time you’ve heard that millennials are essential to your practice. The facts and analyses of the largest demographic in history keep rolling in. The millennial generation, also known as Gen Y, represents 80 million Americans. In just five years, by 2020, millennials will comprise one-third of adults. Ten years from now, 75 percent of the workforce will be millennials, the prime age group for disability income insurance.
Today’s average millennial income is $60,000. They are still early in their careers and stand to earn considerably more over time. More than 25 percent are college educated, representing the largest demographic of college graduates. Although this generation delays marriage and children, 43 percent agree with the need for disability insurance when others depend on their income. More than 15 million of those born between 1981 and 1997 are considered affluent millennials, holding assets of $100,000 or more (omitting real estate).
Drawing on research from two studies, Why Millennials Matter from Applied Systems and Winning Affluent Millennials from LinkedIn, we offer four suggestions to engage them.
1. Stories work best.
When it comes to understanding the need for disability income insurance, millennials are not much different from your other clients. Stories resonate. Millennials are even more influenced by personal stories. Introduce the need for DI with a personal story about how having, or not having, disability coverage impacted someone close to you, a family member, close friend, or a client. The story should establish the need and end with facts about the risk of incurring a disability and the cost of income protection. Don’t have a story? Use our Four Stories flier or our case study, In the Blink of an Eye.
This generation will use online research to corroborate what they heard and to learn more about the product. If the first appointment does not end in a sale, the client may request a second appointment to answer questions after further research.
2. Become the trusted advisor.
A personal relationship with a trusted advisor is very important to this generation. Among affluent millennials, 87 percent considered a financial advisor important, and it was a “must have” for more than one-third. Consumers want to be educated about financial products. Millennials want to be educated by their financial professional. Educating a client can contribute to establishing trust. Once a trusted relationship is established, affluent millennials particularly, remain very loyal to their financial advisors. Use our new Face of Disability infographic to help educate them.
3. Fine-tune your social media presence.
As much as a personal relationship is important, an active presence on social media networks is critical to engage with Gen Y for several reasons. This cohort shops online first. They prefer to conclude a financial service in person, after they have thoroughly researched the product and the company or agency. Twenty-six percent consider research central to their decision to buy.
Social medial networks are used to gather information and for referrals and reviews. Eighty-four percent will use a social media network at least once during the buying process.
Make it easy for current clients to comment on your social media sites. Post content that offers personal relevance. Topics about budgeting, retirement planning, home-buying, appeal to those learning the essentials to personal finance. Need social content? Use our Tweetable Facts here.
4. Update your website.
Two effective ways to make your website appealing to millennials are by offering enriching content and self-service options.
Similar to social media postings, your website can be an important source of information and an opportunity to endorse the solution you recommended. This generation will do online research before and after a purchase. They will also share your content with their friends. Providing fresh content with a lens to the concerns of this segment can be one of the most successful ways to reach them. For affluent millennials, valuable content is even more important, they are 13 times more likely to share financial content than other LinkedIn users.
Millennials expect to be able to do business 24/7. They also expect websites that are responsive and provide opportunities to be autonomous. Offering quotes, messaging, and even applications online conveys your commitment to technology and to new ways of doing business, both of which are important values to Gen Y. Request a free paycheck protection icon for your website that links to a 24/7 quote engine.
You’ll find other articles about marketing to millennials on our website, such as 3 Things to Know About Marketing Disability Insurance to Millennials and Infographic: Millennials and Insurance.
You’ll also want to check out new our DI Concierge service or online quoting portal. DIS offers several ways to offer disability income insurance to your clients, including personal sales representative support. Choose the one that works best for you.