5 Ways to Attract Millennials

ways to attract Millennials

recruit this generation as customers and top talent

4 | www.oakstreetfunding.com • 844-370-5757 Millennials, defined as individuals born between 1981 and 1997, are the new darlings of the modern economy. As spenders, Millennials represent more purchasing power than any other generation, so capturing that market share should be of top concern to any growing company. As a working force, Millennials bring the right mix of passion and engagement to the corporate environment, so employers looking to thrive in the digital age should consider this group in their recruiting efforts. But Millennials won’t respond to traditional ways of marketing that worked on the Boomer population and Generation X. How can you get Millennials to buy into your services, as well as consider insurance as a worthy profession? Here are some strategies for success: Attracting Millennial Customers to your Insurance Business:

Below are five ways you can win over more Millennials as insurance customers: Go Digital: Millennials are often described as “digital natives,” meaning that they grew up using technology that previous generations had to learn later in life. In other words, Millennials use the Internet and social media to communicate and interact with their world. This generation can seamlessly navigate between devices - texting, shopping online, blogging and using social media with ease. As a business, you need to not only be visible to these digital natives to attract their attention, but you need to be able to communicate and market to them digitally in the form of unique online content, digital advertising and other online channels. Your insurance company, at a minimum, must have a good website presence, capable of delivering value and providing self-service capabilities such as online quotes. Be Searchable: Gone are the days of yellow page advertisements and other directory listings. Along with a solid digital branding effort, your new Millennial customer needs to be able to find your company via a web search. Most Millennials rely on Internet searches to research products and services before purchasing, and if your company doesn’t show up in search results, it is left out of the decision set. Search engine optimization (SEO) techniques to ensure your website is listed among the top insurance companies in your market will give you an edge over competitors. One way to do this is to modify your existing website content to focus on popularly searched keyword phrases, and initiate a comprehensive content marketing effort, which includes tactics such as weekly blogging and social media marketing. If you don’t have the staff to do this, hire or outsource it. Look Within: Does your company have Millennials on its team? If so, find out what makes your company attractive to their generation, and use this information to make your company stand out. Implement a referral program or discover other unique ways to drive awareness and interest among the Millennial

crowd. If your company does not have Millennials on staff, consider the benefits of generational diversification within the workforce, and the benefits that hiring a Millennial could bring. At the very least, consider outsourcing contracts to Millennials.

Mind your Mission: Millennials are a very cause-driven generation. When they make a purchase, they tend to favor companies and brands who want to make a difference in the world. Is your company involved in the community in some way? How can you highlight your community efforts to get the attention of the Millennial generation?

Service Sells: While excellent customer service is important to every generation, Millennials demand 24/7 information and support, because they are accustomed to the speed and efficiency of the digital era. Make sure your agency offers some type of round-the-clock service, whether it’s an instant online quote, a chat feature or a mobile app. These features may make a difference when the Millennial chooses a provider.

Attracting Millennial Talent to your Insurance Business:

One of the best ways to gain a large Millennial customer base is to hire more of them as team members. Here are some suggestions on how to recruit and retain Millennial employees:

Offer Flexibility: More than any other generation, Millennials value flexibility in their careers over other perks such as salary or benefits. While they are passionate about their work and personal interests, they want to live a life outside of the workplace. Offering flexible schedules, telecommuting or other perks that encourage a work-life balance will be more appealing to a Millennial job candidate. Also consider flexibility in job responsibilities to make work life more interesting to Millennial talent. This flexibility may be key to retaining Millennial candidates, with average Millennial job hopping every 18 months, according to the U.S. Bureau of Labor Statistics.

Feed the Culture: Fun is nearly as important as flexibility to the Millennial employee. Creating an enjoyable atmosphere with a unique company culture can attract good Millennial candidates to your business. Consider posting on social media activities such as company outings, parties and get-togethers to give candidates a feel of your company culture. Highlight your employees’ stories on social media too, which will give job searchers a chance to visualize working with your team.

Use social media to communicate about open positions and to market your fun, flexible atmosphere and company culture.

Give Back: Insurance is about helping people, so Millennials will likely be drawn to this type of profession as a meaningful career choice if you highlight this aspect in your recruiting. Millennials like companies who are actively involved in causes, so be sure to tout these efforts on your blog and social media pages.

Mentor Them: Contact college campuses in your area and consider starting an internship program to recruit potential employees from the financial, accounting, business or marketing departments. Consider speaking to students to help them understand and visualize a career in the insurance industry.

Use Technology: The Millennial generation not only uses technology to communicate in their personal world, they prefer to work for a technologically-savvy company too. To attract new talent, ensure your company’s online presence is solid and your website is searchable. Start incorporating technology in your business and use it to streamline efficiencies within the organization.

When you hire a new Millennial to your staff, make sure you offer them guidance through a mentorship program established with more senior employees in your business, and pay for continuing education to sharpen their skills on the job.

Millennials: The Key to Business Growth

Millennials might be a vastly different generation than their predecessors, but they can also bring a unique value to your customer and employee base. By understanding them better, you can find ways to attract them as customers and team members. Doing so will set your business apart and help bolster its growth into the next decade.