When talking about targeting audiences, sales and marketing professionals are giving their best to find out their preferences, interests and where they like to spend their money. Of all the audiences any industry can target, one stands out as pretty unpredictable – Millennials. Now in their 20s or 30s, millennials are the spending their money differently than previous generations. To them, experiences and emotions are much more important than buying houses or cars. So how does life insurance fit in a life of a person that lives for traveling, meeting new people, learning new stuff and is focused on the present?
First of all, millennials are not aware of the fact how much is life insurance easier and cheaper than they think. According to the 2017 Insurance Barometer study by Life Happens, young people overestimate the cost of life insurance and a large portion of them mistakenly think they can’t qualify. “Many people don’t look for life insurance because they think it’s too expensive,” says Marvin Feldman, President and CEO of Life Happens.
Millennials have a big shopping advantage now because prices go up with age, as life expectancy decreases and the chance of developing health problems increases. The real question is how can insurance company educate millennials on life insurance and the average cost for it?
There is one stereotype that people use when they want to describe millennials, and that is they are lazy, passive and addictive to the Social Media world. Even though this is an unfair and untrue stereotype, one thing can help insurance professionals to come closer to millennials – social media. Young people love its networking opportunities and creativity, and there is no reason why insurance industry should stand aside and not participate in the online world.
The priority when targeting millennials is to digitize marketing strategies and simplify customer experience. To be precise at targeting, you have to really know where your customers are. Without any doubts, millennials are on social media. Many insurance companies have already launched their customer service on Facebook and Twitter. In 2017, AXA France launched its customer services on Facebook Messenger to impressive results: 81% of questions on social media came from Messenger and negative comments have been reduced on the AXA France Facebook page by 53%.
“The priority when targeting millennials is to digitize marketing strategies and simplify customer experience.”
Creating an effective content marketing strategy and positioning a brand on relevant social media, offers a dynamic and diverse platform for insurance to approach the generation of millennials. With social media, it is possible to capture their attention and to choose the most effective ways of engaging them.
Say it with video
It is a big challenge to engage millennials who are unlike any other generation before, but if you have information where and how they spend their time, there can be the way. With video, insurance companies can create marketing campaigns that can significantly engage the youth. This is the generation that grew up side by side with social media, and it is no wonder they embrace new trends faster than any other generation. The video is one of these trends. It allows the viewers to get more information about the brand, company culture, and its interest. People usually spend money on products they like, but millennials spend money on products from companies they like. There is no better way to represent your company than with video. Let your young potential customers get to know you by sharing experiences of your employees through team buildings or various events. Millennials will appreciate that.
The question is not should you be on social media to get closer to millennials, but what content should you publish to create the circle of trust with these young people. Don’t wait a minute more to educate and charm them!
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