This is part one in our series Marketing to Millennials, where we explore the importance of marketing on mobile and social, and how to implement such strategies.
Millennials are entering the “wealth-accumulation phase of their lives,” which means their buying power is increasing. It’s important for insurance and financial services companies to take note of this, and incorporate millennial-specific strategies in their marketing plans.
There are two key ways for marketers to prepare to engage with millennials: Ensure you have a mobile-friendly website and run mobile enabled social media campaigns.
We’re not going to spend much time on this first one because mobile-responsive websites have been around for a while now. If you haven’t spent much (or any) time thinking about the mobile version of your website, ask yourself these questions:
- How does our website look from my phone?
- Can I read the text without zooming in?
- Are the pages reformatted for easy mobile reading?
- Is the CTA clear and straightforward?
If you’re unsure about mobile responsiveness, take a look at this article from Practical Ecommerce to learn more.
Viewing mobile and social as a channel
The important emphasis here is to view mobile and social as a channel. Instead of separating the two, we need to create cohesive marketing strategies that combine mobile and social because, more and more, millennials primarily experience social media on their smartphones.
When we view mobile and social as one channel, we’re talking about a platform that includes marketing communication, customer engagement, and sales. Millennials spend so much time on their smartphones, and through mobile and social they expect to engage with brands, do research before making purchasing decisions, and read reviews or talk to others.
In reality, the consumer experience we have built tech for is “the phone and the feed” – a combination of the smartphone and the social media newsfeed. One without the other doesn’t really work.
When it comes to millennials, we have to be highly relevant with the placement and messaging of creative content and discover how to engage consumers at scale. This means using micro-targeted and hyper-local ads, rather than sending one message out to the masses and hoping something resonates. This also means engaging with consumers by sharing valuable information in the right context, rather than shouting your message or pushing your agenda at them.
Millennials expect to see ads that are relevant and useful to them. When they search for something on Amazon and then see an ad for the same product on Facebook an hour later, they are not surprised. It’s something they’ve come to recognize, expect, and even value.
When it comes to insurance and financial services, the ads served to millennials that will have the biggest impact are those focused on recent life events. Getting married, having a baby, moving, and changing jobs are all big life events that often prompt a possible change in insurance and financial services needs.
We’ve talked about the importance of paid media before, and now we’re taking it even more specific: Paid media is vital in reaching people who are currently 22-40. In order to capitalize on mobile and social opportunities (remember, as one channel), you need a paid advertising strategy. This allows you to micro-target and personalize your audience.
With Denim, doing this is possible, cost-efficient, and effective. All marketing professionals want to see their work bring an increase in ROI, and capitalizing on mobile and social campaigns is an ideal way for insurance and financial services marketers to do this.
By micro-targeting millennial consumers and incorporating the local relevance of your agent and advisor network, your company can be there to help millennials go through big life changes. If you’re unsure of how to market to millennials through mobile and social, reach out and schedule a demo.