5 Ways Insurance Companies Can Market To Millennials
The Millennial generation is peaking—and insurance marketers would be wise to take notice. U.S. Census results have shown that today, Millennials are the largest generational group in the country, supplanting the reigning champion Baby Boomers. Millennials are a unique demographic group and as a result interact with brands and marketing messages in different ways than Boomers or Gen X. That’s why agents, carriers, and all types of insurance marketers should make sure they are implementing strategies to connect with the nation’s largest demographic group.
Understanding a New Audience
Until recently, the insurance marketing space was predominately a face-to-face industry and relied heavily on a referral system. But as new generations become policyholders and marketing becomes increasingly more digital, it’s important to know how to keep up with the trends and develop a strategy that allows you to stand out from the crowd.
From car-sharing apps to coworking spaces, the Millennial generation is known for disrupting old ways of doing business. Companies that are able to create robust and modern digital insurance marketing solutions will have a leg up on their competitors. Now is the time to know exactly how to market to the Millennial generation as they’re nearing the age where key life events like having a first child, buying a home, and car upgrades start to happen.
Here are five ways insurance marketers can improve their visibility in the digital space.
Be a Resource
An infographic by TransUnion showed that 57% of Millennial consumers identified as having “little-to-no” understanding of their insurance benefits. One way to get ahead of the curve is by solving that problem for them through creating a blog. Blogs can serve as more than just a traffic generator if they’re written well and with purpose.
After you develop a smart blogging strategy, consider going above and beyond by becoming an “online thought leader.” Sharing your expertise and perspective across other platforms and social channels will not only position you and your company as a trusted source in the insurance space, but as an experienced digital marketer as well. It’s important to remember that your resourcefulness can be far-reaching and doesn’t only have to be limited to a traditional blog format. Quick guides, videos, and visually appealing content is preferred by most Millennial consumers.
Dare to Design
If dial-up internet is extinct, then clunky and poorly designed websites are on the endangered species list. Millennial consumers want to be able to transact digitally and get answers in real-time. A recent study shows that 36% of purchases by Millennials are made using their mobile devices and 38% of people will stop engaging with a website if the design is unattractive. This means your website should not only be aesthetically pleasing, but mobile-friendly as well. Avoiding things like extra white space and unnecessary menu items are generally good places to start.
Think Outside of the Box
As you can see from the tip above, blogging is a key ingredient in the recipe for success in digital marketing. Blogs should be easily accessible to consumers searching the web (especially if you have great SEO, but we’ll cover that later). However, what about the consumers that aren’t necessarily searching for content but could be a prospective customer? Creating a lead magnet, or “gated content,” is a creative way to attract consumers that may have already read your blog but need some more nurturing.
Gated content works in the same way the email newsletters make consumers feel special by presenting them with an exclusive experience. It’s important to remember that gated content doesn’t always have to take the shape of an e-book or whitepaper. Having a part of your website where information is entered in exchange for a quote is an example of a lead magnet that isn’t a downloadable asset.
Get Hip to Data
In order to attract an up-and-coming Millennial audience, it’s important to stay aware of new trends. This includes the way your company uses certain data. Dig past the high-level insights into comparisons and changes in algorithms. Pay attention to metrics like Cost Per Lead as you work through using different keywords to enhance your SEO.
It’s also important to have a firm and consistent understanding of how many people are visiting your site and where they are coming from – this is often tracked in Google Analytics. Lastly, once that blog is up and running, you’ll certainly want to be aware of your blog’s Click-Through Rates in order to determine where to guide your content marketing efforts.
Bundle Your Efforts
From the digital marketing efforts outlined above to the traditional marketing techniques you are already using, efficiently wrapping your head around the leads and performance of each channel can be overwhelming at times. Having a clear picture of your ROI and conversion rates is necessary as your company makes digital advancements. Whether the lead clicks a paid search link, ad, or calls your business from a mobile ad, their buying journey should be understood from start to finish. Automating your digital marketing efforts tracks how your campaigns are performing, generating valuable insight for you to make data-driven decisions.
Phonexa’s Lead Management Software tracks leads across all of your digital campaigns. Be sure to reach out for more information or to schedule a free demo today!