In our current world, generational lines have been drawn in the sand like never before. Millennials have completely altered many industries from the ground up as businesses evolve to meet the demands of the demographic. Millennials were the first generation to have technology fully integrated into their lives from inception. This access to immediate information on a variety of topics has transformed the landscape of consumerism as we know it. Not to mention, the buying habits, values, wants, and needs of Millennials have only just begun.
Despite their reputation, there’s a lot more to Millennials than avocado toast and selfies. As an advisor, knowing how to communicate with, relate to, and guide this generation is key to growing your client portfolio and maintaining relevance in an ever-evolving marketplace. Below are our top 3 tips on how to successfully sell insurance to the Millennial client. (Read our blog, The Advisor Dilemma, for more on millennials and technology).
Step Up Your Tech Skills
Unlike previous generations, Millennials enjoy casual forms of communication such as texting or email. In a world that moves faster than ever, Millennials value prompt responses over sit-down meetings or conference calls. Therefore, don’t be surprised if texting with your clients becomes the norm as you grow your advisor relationship with them.
Additionally, Millennials are accustomed to having a wealth of information at their fingertips via the internet. Odds are, by the time you have an initial consultation with a potential Millennial client, they’ve already scoured the web to look for reviews, pricing, and much more. Stay one step ahead by making sure your website and online presence are in tip-top shape. If your information is readily available, easy to digest, and helpful, you’re much more likely to attract a Millennial client.
Selling To The Savvy Consumer
Generally speaking, Millennials have a lower median income than previous generations, which naturally means less disposable income. As the majority of this generation begins to buy homes and start families, they will also consider financial planning. Thanks to the internet, they have a seemingly endless and often overwhelming choice of products, services, and advisors. They are able to digitally price-shop when necessary, which sets them apart even more from previous generations.
When working with a Millennial client, we recommend keeping things as simple, budget-aware, and easy as possible. Work on building the relationship person to person rather than salesperson to customer. Contrary to their parents and grandparents, Millennials don’t appreciate a hard sell. They value connection and customized solutions that fit their unique lifestyles and individual goals.
Connection, Communication, & Community
This generation prefers to buy from people, not businesses. In addition, with the constant ads and sales pitches that they receive digitally, Millennials are desensitized to traditional marketing tactics. They also believe strongly in individualism and will value those same attributes in the advisors they decide to work with.
Additionally, this generation has a strong sense of social justice. You may be asking yourself how this relates to your role as a financial advisor. However, understanding what motivates a Millennial to make a purchasing decision can give you valuable insight into their decision-making process. Plagued by student loans, rising health insurance costs, and stagnant wages, Millennials often view life insurance and financial planning as necessary evils. It’s up to the advisor to explain the value and provide short- and long-term planning that is streamlined and achievable.
Adding Link by LegacyShield to your product portfolio can help to bridge the gap to your Millennial client. As the original technology generation, they understand, trust, and know the value of cloud-based digital storage. Offering modern digital solutions will not only help you connect with your client, but also show them that you understand them.