Finding it difficult to capture sales with the millennial generation? The most common mistake agents make when pitching to this young crowd is that they’re following the same, conventional ways used for Baby Boomers and Gen X.
The millennials, roughly classified as those born between the late 1980’s and early 1990’s, are a completely different group altogether. Studies find that millennials do not generally relate to traditional advertising – they respond much better to word-of-mouth marketing and prefer keeping up with their favourite brands via social media.
Millennials also value different things compared to earlier generations; job security may have been the ultimate goal up until a decade ago, but the young crowd now favours job fulfilment and work-life balance.
Knowing how they like to be marketed to and what drives them is the two biggest clues to understanding this target market better. If you’re keen to start pitching to your younger prospects, take note of these 5 things:
How to Sell Insurance to Young Malaysians
1. Keep it real
Before you meet them to pitch an insurance plan, they likely would have read 15 different articles on similar insurance plans, read reviews of the insurance company you’re representing, and possibly stalked you a little bit on Facebook. If you want to win them over, here’s your game plan: Be authentic and helpful. Don’t try to make things sound any better than they actually are – your prospects WILL find out.
Take into consideration their relatively short attention span as well; you wouldn’t want them to tune you out before you even get to the important points of your presentation. To appeal to them, cut the scripted sales talk. Keep your presentation natural and casual, and always provide room for any questions they may have along the way.
2. Build up your social media presence
Hang out where the younger crowd is – on social media! You don’t have to join every single social media platform there is – channel your time and energy into one platform first. Facebook remains a popular choice for agents, due to the ease of sharing articles and videos, as well as connecting with friends and gaining new ones.
Having your information easily available online greatly helps your chances to be discovered by millennials as well. For starters, you can sign up for free on iBanding’s Agent Directory and encourage your clients to rate you and provide positive reviews to boost up your credibility.
3. Make things quick and easy
Being constantly surrounded by the convenience of technology, millennials are used to being served up with information quickly. Don’t make them wait three days for a quote. Prepare your sales kit when meeting up with them – make sure you’re able to provide a quote on the spot and keep a few sets of sign-up forms on standby.
Filling up the forms can be a daunting task. Especially with all the medical-related questions taking up most of the forms. Make it easy for them to sign up – offer to fill up the form on their behalf, and walk them through the complicated questions. All your prospects need to do is sign on the dotted line!
4. Use visuals to get your point across
Insurance isn’t exactly the easiest thing to understand, and that’s why it helps to present vital pointers visually. Videos are an especially powerful tool in making your prospects understand better. If you’re looking for free videos to share, check out iBanding’s bite-sized videos on all things insurance here.
When presenting to a prospect face-to-face, it’s helpful to illustrate your points with diagrams and simple drawings. It makes them understand better and helps them to remember key points in your presentation too!
5. Be available when they are
You may be used to reserving your weeknights and weekends for meeting up with prospects. However, these timings may not necessarily work for your millennial prospects. With the rise of work-from-home flexibilities and more opting to run a business than working a conventional job, you may need to change up your appointment scheduling times. Whether your prospects prefer an early morning meet or a catch-up at brunch, try your best to accommodate their schedules.
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Suggested reading: The Digital Age is Affecting the Viability of Insurance Agents