Millennials have evolved from being a marketing buzzword to being a force to be reckoned with. Once an ill-defined terminology that marketers only predicted, millennials have been among the biggest markets that any industry can reach today.
Millennials also have different sensibilities that other generations don’t share. For insurance marketing companies, knowing these values and differences is key to making sure their plans and their services sell.
It’s especially critical since millennials compose most of the population, which is possible for keeping insurance plans afloat. While different generations still have more spending power, the sheer number of millennials make it a critical market for the insurance industry’s future.
So, what should marketers keep in mind when marketing to millennials?
They have a different sense of “what is valuable”
Millennials have been shaped by the economic crashes and difficulties that the world faced in the last 50 years. That said, their sense of value is far less material than Baby Boomers, partly due to economic strains and cultural differences that arose with the development of technology.
For insurance, that means focusing less on the material benefit and more of what it means for their future. Investment in their future is extremely important to millennials, especially those who have kids early. Value to them is often not something attached to money.
They seek companies with great social responsibility
If there’s one thing that millennials hate, it’s the inherent problems and negative impressions that corporations do. This makes this extremely difficult for insurance marketers to present themselves as something that is genuinely posited to help their clients.
But it is not impossible. As more companies are starting to rebrand or adjust themselves to cater to the millennial market, it’s possible to present your services and your company in a better light, especially when taking an approach that emphasizes the individual.
Their idea of insurance is also extremely flexible
Since millennials’ finances are often less stable than their predecessors but they have a greater awareness of what to spend, one of the things that insurance markets should keep in mind is being flexible when offering their plans. Millennials are more likely to take a compromise than other generations, which is a delicate yet very successful ground for marketers to invest in.
As millennials often search for their insurance plans online, they are also more aware of the different options available to them. This often results in them wanting a little bit of everything, which can pose a challenge to insurers’ usual “all-in plans”. Being flexible on the offerings and considering the millennials’ contexts is key to marketing insurance to them.
Of course, there are other things to consider. These include their reliance on technology, as well as their eschewing of traditional things that signify ownership, such as property or cars. Since this is still a young market, it’s likely that their spending power will only grow with time. For insurance marketers, this makes it important for them to get this demographic involved in the industry as early as possible.