They are the first generation to exceed the Baby Boomer population by about 7%. An enormously powerful group that has the sheer numbers to transform every life stage it enters.
- Roughly 21% of the American workforce was Generation Y as of 2009, showing a rapid increase since 2005, when it was 14%.*
- By 2017 Gen Y will be outspending the baby boomers. Already, even before all the members of this generation have reached adulthood, businesses in nearly every consumer spending category are jockeying for a piece of this market.**
So how do you market to Gen Y? Most likely, where they spend their time, on the internet!! They spend an average of 3 hours a day on the internet in websites and social media. They are also more likely to research information about products, including life insurance, on the internet. But according to a LIMRA study, they still want to speak to a trusted advisor to make a final decision.
The primary reason the Gen Y generation is not purchasing life insurance is simply because they are not being asked or taught about the benefit of the products. They think it is difficult to understand so have not taken the time to learn about what it does.
So how do you reach this market? Unbeknownst to many of us, Gen Y may not know how technology works, but they do know they cannot live without it, especially during the buying process. So how do you reach them? Primarily where they live, on the internet, with information to educate them about what life insurance does. What are they looking for? To understand the outcome of what they want, so taking a reverse approach can be the right strategy. There is plenty of content available to help you. One place you can find online content is at Lifehappens.org. But perhaps a better way to reach the Gen Y clients is through their parents, your contemporaries and current clients; because they also want to deal with someone they trust and feel good about.
A few other things you should know about Gen Y:
- They type fast but may not be able to read cursive so hand written notes won’t impress.
- They may not feel comfortable with face-to-face communication.
- The most preferred method of communication is text messaging.
- Gen Y likes everything visual, it is how they communicate, learn and buy.
You have an opportunity to attract Gen Y as customers now, giving you a huge advantage in keeping them for life. Feel free to give me a call to learn about additional ways to market to your clients on the internet.
*Generation Y Demographics 2013/11/22 By RyanGibson Http://www.generationy.com/demographics/
**Three Insider Secrets for Selling to Gen Y, Nov 2013 by Jason Dorsy & the Center for Generational Kinetics