This is part two in our series Marketing to Millennials, where we explore the importance of marketing on mobile and social, how to implement such strategies, and why you need the Denim solution. Read part one here.
Understanding your target market is one thing, determining how to act on those insights is another. In this post we look at five reasons millennials value social media and what insurance and financial services marketers can do about it. We want to help you take market insights and turn them into actionable steps.
- Millennials desire authenticity and honesty. In relationships, jobs, and business, millennials want to be authentic and seek honesty in return. Because of this, they find it easier to connect with a human rather than a brand. By hyperlocalizing ad placement on behalf of local agents, you are putting a face to a company, rather than just a brand logo. This personal connection is appealing because it is authentic. It’s real. It’s the face behind the brand. Additionally, this gives them the opportunity to connect with someone who is physically nearby, someone they can go meet with in person.
- Millennials crave being in-the-know. They want to know what is going on with their friends, they want to know what’s going on locally, and they want to be aware of world news. This generation is currently traveling through a lot of big life changes (like buying cars, buying houses, determining the best way to save for retirement, etc…) they want to know what to expect from these situations. You can meet their need for knowledge by providing helpful guidance and information about where they are in life.
- Millennials have extreme buying power. According to Pew Research, there were 75.4 million Millennials in the US in 2016. This generation is expected to spend more than $200 billion annually starting this year. Insurance and financial services companies have a lot of value to offer Millennials, which means now is the time to start specifically engaging with them. Some are just starting to accumulate wealth, while others are building extreme retirement funds, investing, and buying second and third properties (for personal use or rental property).
- Millennials love personalization. Most millennials understand that they are 1 in 75 million, but they are looking for individualization, relevance, and personalization. They don’t want to be marketed to like they are 1 in 75 million, they wanted to see ads that are highly relevant to their life. Most things in life are customizable to your specific wants and needs, and millennials value this because it is a way to express who you are.
- Millennials value experiences and sharing experiences with friends. Millennials share a lot of small life experiences on social media – getting a dog, trying the new, local restaurant for lunch, and the before and after of a home renovation project. They also share big life experiences on social media: Getting married, graduating, having a baby, buying a house, going on vacation. These life experiences give insurance agents and financial advisors an ideal conversation point on social media. When people are going through these big life changes, they often seek advice and guidance from others, and they enjoy talking about it. While some of this conversation will happen organically, another way to engage with Millennials is through micro-targeting and localizing Facebook ads. Using personalized social media advertising, corporate brands, and their agents and advisors, can connect with this generation while they’re in the midst of these life changes.
Social media use on smartphones is where Millennials spend their time. As a result, we must act as if mobile and social are one channel versus two. This means we regularly have opportunities to connect with consumers as they browse their social media feeds on their smartphones.