Selling Life Insurance to Millennials — Create double-digit increases in Life Insurance sales by leveraging Digital Marketing
Welcome to the third in a five-part series on selling life insurance to millennials.
Selling life insurance to millennials means finding ways to reach them where they want to be reached, online and particularly on mobile, and then channeling your marketing towards that. As we covered in last week’s article on the importance of designing mobile-first, millennials spend a lot of time on their phones and using social media. While studies vary in the total number of hours they spend each day on their phones, it’s estimated that about two hours of that time is spent on social media.
If you want to sell life insurance products to millennials, you need to be online and targeting them on the digital channels they use. This means, social media, Google searches, content marketing, email marketing, retargeting, etc. Digital marketing needs to be an integral part of any life insurance marketing campaign, without it, you just won’t reach this generation or ones that follow it.
Now, this might all sound fairly straightforward, and it generally is when it comes to marketing classic products. However, when it comes to marketing life insurance to millennials, everything gets a lot more complicated. Life insurance is not a product that younger generations are very familiar with or think that they need. A simple “Apply Now” sponsored post on Facebook or ad on Google is not going to entice them into purchasing something they don’t believe they need. This is where content marketing and education come into play. You need to be producing content that is educational and informational, and that engages a millennial audience. Younger demographics tend to do a lot of independent online research before purchasing a product. So, if you’re the company answering their questions and teaching them about the various life insurance products and the importance of buying them, then you’ll likely win those sales.
The other way in which you can win at digital marketing when it comes to millennials is by micro-targeting your online advertisements. It is a known fact that specific life events tend to trigger the purchase of life insurance. You need to be able to leverage the targeting capabilities of digital advertising channels so that you can reach the right people at the right time in their lives with the right content. What does this mean? Well, as an example, you can use Facebook to target specific sponsored posts to people who have just bought a house or just had a baby and are likely at the stage where they’ll be thinking about life insurance. With the wealth of information that exists today, millennials can be targeted with hyper-relevant content, being able to do this makes you significantly more likely to convert.
These digital marketing methods can be extremely effective when targeting millennials but, they can all be quite complicated as well. Digital marketing and online advertising is an extremely difficult beast and it is one that is always changing. Unless you’re staying on top of the constantly changing trends in digital marketing, while monitoring channels that your target audience frequently uses it can seem almost impossible to master.
This is one of the areas where Breathe Life excels. Our platform identifies your target customer and finds them online. But we don’t stop there, our Digital Marketing Insights solution collects data and then analyzes this information to guide advertising decisions and make recommendations for product offerings. Breathe Life sits at the intersection of your digital marketing and software development, allowing optimal conversion through channel and software optimization to increase your ROI. We are continuously working to help you grow this over time. Using the Breathe Life platform, one of our customers went from advertising on just one digital channel to four, and targeted, informed advertising helped them reduce acquisition costs by 33% and grew sales by 18%.
Stay tuned next week for part 4 of the series on selling life insurance to millennials which will cover the importance of being able to research products from anywhere, particularly the comfort of their home.