So who are Millennials and why are they such an important segment?
Born between 1980 and 1995, Millennials are a diverse, well educated group and have grown up connected through technology. They expect brands to care about them, to understand their needs, and provide long-term value. Word of mouth is their primary influencer when making a buying decision, with particularly good or bad experiences being shared on social media.
They are also entering the prime spending period of their lives when many will get married, start businesses, buy houses, cars and family holidays.
This should make them your most important target market yet penetration of this market segment by brokers is still relatively low.
There are many ways that brokers have successfully targeted this market.
Follow our 6 steps below to successfully engage with Millennials:
- Optimise for mobile
Millennials will use their phone throughout the buying process so ensure that your website is optimised.
- Remove any obstacle to making a sale
Match your business processes to the way they prefer to buy. For example, Millennials are typically busy during office hours so consider promoting the fact that they can call at anytime and will be put through to someone who will help. Consider employing a call-centre to fill in for your sales team, once the office shuts.
- Create Millennial advocates
In order to gain referrals from this group, actively ask for testimonials and then publish them online. Millennials are inclined to share links to their endorsements.
- Build a relationship with those who are just starting out
Have a look at your homepage. Does it actively encourage enquiries from people in their early 20s who for example might be renting, learning to drive, going backpacking, at university or wanting to insure their mobile? Does it give advice and guidance on why insurance will be valuable to them and why they'd be wise to talk to you about it? Is there a way to capture their contact details?
Consider the needs of this audience then adapt your website to attract their attention using eye-catching imagery and a relevant proposition.
- Engage with them on social media
Having done your research, consider how you can engage with this audience and promote your expertise, help and advice using YouTube and other social media channels.
- Actively show that you care
Have another look at your home page. Does it spell out the specific reasons and benefits of using a broker, and your firm in particular? Do this and you could reap the rewards of an increase in sales.