For years, the 77 million-strong baby boomer generation was the primary focus for consumer marketing. However, the financial products that are appealing to baby boomers are more focused on distribution of their assets rather than accumulation and protection.
Not to worry though – the millennials are here and they are hungry for accumulation and protection products. Born between 1980 and 2000, the millennial market (also known as Gen-Y) is also right around 77 million. Yes, you heard that right – the millennial market is just as big as the boomer market!
In less than six years, by 2020, one in three adults will be millennials. By 2025, they will comprise 75 percent of the workforce. Relationships formed with millennials today have the potential to last for several decades.
This generation is the future of your practice.
Now that we have your attention, read on for some ideas to fuel your millennial marketing strategies:
- The millennials insurance viewpoint: According to a study conducted by LearnVest and Guardian, most millennials believe in the importance of insurance. They are, however, unfamiliar with how insurance works, how benefits are received, and actually unaware of certain types of insurance, such as disability insurance.
As you might expect, millennials conduct considerable Internet research when considering an insurance purchase. The typical millennial does not have a relationship with an insurance professional. However, their insurance purchases are heavily influenced by advice from their parents and friends.
- Ways to reach the millennial market: Have you adopted social media marketing as a part of your overall marketing plan? Reaching millennials demands a social media strategy. Seventy-five percent of millennials have at least one social media account.
Your boomer clients have millennial children. Parents have significant sway over financial decisions – just ask Kelly. Unlike many in the boomer generation, millennials seek recommendations and advice from their parents especially when it comes to financial matters. Use this knowledge to ask their parents for an introduction.
- Educational opportunities: The concept of paycheck protection is misunderstood by many millennials. In fact, many are unaware of disability insurance since the majority of employers do not offer it. Even those fortunate enough to work for a company that includes disability as part of the employee benefit program often do not understand the difference between short-term and long-term disability, or that employer-sponsored benefits are taxed and usually insufficient. Close the information gap by providing helpful information on your website. Remember, millennials conduct extensive online research before reaching out, so make sure your website content differentiates you as a knowledgeable and trustworthy partner.
Watch for future articles over the next several weeks that will expand on ideas presented here. In the meantime, you may also want to get a jump start on marketing to millennials by reviewing an earlier article Millennials Don’t Need Paycheck Protection – They Live at Home.
Remember DIS is your income protection partner, with helpful marketing ideas, tools, product education, and disability insurance quote assistance. If you’re a broker, download our Broker Opportunity Kit. Managing Agencies – click here to learn more about outsourcing your income protection services.
