Target Marketing: Branding Your Agency to “Gen Y”
Marketing and branding have always been important aspects to “selling” a product or business idea. Since the rise of technology in the last 20 years, businesses are finding it more competitive and difficult to reach their targeted consumer. We have reached a time where social media, email marketing, text message marketing, and even Instagram are tools for attracting consumers. One challenge that the insurance industry is facing today is how to effectively market, capture, and retain the millennial generation for their book of business.
The average age of most insurance agents’ P+C book is between 55 to 70 years old. Where these people, who we can consider to be of the Baby Boomer generation, have multiple policies and have been loyal clients for many years. It is important for insurance agents to consider attracting and branding to the millennial generation, but knowing who they are and how to market is the first important step.
“Gen Y:” Who Are They?
The “Gen Y” or millennial generation consists of those born in the early 80’s to 2000. With over 77 million strong, this generation meets the size of the Baby Boomers. Often misunderstood, this generation is one of the most educated and tech savvy generations. In a recent study by Nielsen, trends that were found in millennials include: socially connected, supporters of buying local, value in authenticity, and philanthropy. Those five characteristics are an easy gateway of finding ways to attract “Gen Y” to your agency.
Where Are The “Gen Y” Hanging Out?
Businesses are becoming more aware that social media marketing and internet marketing are the most effective methods of engaging new prospects and retaining current clients. But what if the generation who started social media and internet marketing was one of the hardest to engage? This is a reality that every business will face when trying to market to Gen Y. Knowing where your business should be marketing is going to be important. It is okay if your agency is not socially connected, but getting started is crucial if you want to engage Gen Y.
- Google +
These are just some of the spaces where you will most likely find Gen Y connected. The next step is planning how to reach Gen Y via social platforms.
Speaking the Gen Y Language
Your agency knows it must be connected in many social platforms in order to brand to Gen Y. But, what ways can you stand out by branding on these platforms? Not everything you post is going to be insurance based. Sometimes mixing up topics for engagement can go a long way.
- Reposting events from the media
- Running a contest through your agency
- Show your involvement in the community
- Supporting local high school and college sports teams
Simple, yet effective, these types of engagement on social platforms can help with reaching younger prospects. This is because you are drawing them in by speaking their language and engaging with what interests them the most.