Your 2017 marketing strategy should focus on reaching millennials
As you’re doing your year-end assessment and looking towards a new year, one item should be at the top of your list: reaching more millennials in 2017.
Millennials are changing the game both personally and professionally. They don’t live the same way their parents did, they don’t work the same way, and they certainly don’t buy insurance the same way as the baby boomers and the Gen Xers. As independent agents, we cannot fight this change. After all, the reason many of us became independent was for the same reason that millennials are looking for new ways to do business. We wanted change, we wanted to do things our way (we still do), and that is the common ground for us and millennials: the desire to change the game and make our own rules.
Millennials are underinsured
Unfortunately, the insurance industry has been a little slow to catch up to the millennials, but that is good news for independent insurance agents. Because the industry is having a hard time reaching millennials, there are literally millions of millennials out there waiting for you to reach them. However, you have to change up the game. You can’t go to the new generation with old insurance.
Focus on renter’s insurance
Millennials are underinsured because we don’t know how to meet their needs. Since they aren’t buying houses, we can’t come to them with homeowner’s insurance. As a captive agent, you may have been forced to continue to push a product you know you client doesn’t want, but as an independent agent, you can change your focus and find a product that suits your client. You guessed it; it’s time to start pushing renter’s insurance to the millennials.
Bridge the insurance gap
Millennials do not like to own things. They like to rent or they like to share. This makes it really hard to continue to push homeowner’s insurance and auto insurance. However, millennials still need to be protected, so make 2017 the year when you help bridge the insurance gap and find a way to sell insurance to millennials.