Millennials, roughly defined as everyone born between 1980 and 2000, are the hot topic for marketers across industries. But perhaps no industry is struggling with the Millennial conundrum quite as much as the insurance industry. For life insurance marketers, separating Millennial myth from reality is the key to success. While popular perception says Millennials are single and living at home or sharing an apartment with friends, reality is that sizable segments within Millennials are shouldering significant family responsibilities.
Among older Millennials, between ages 25-34, there are now 10.8 million households with children. Further, with Millennials accounting for 80% of the 4 million annual U.S. births, the number of new Millennial parents stands to grow exponentially over the next decade. The birth of a child is a proven trigger for life insurance purchase. And given that 57% of Millennial mothers are unmarried, the need for the life insurance safety net is palpable.
Identifying Millennials with an insurance need is only the first step. The more difficult task is speaking to them in a way that will get them to stop, pay attention and take action. Rather than sitting around a conference room table guessing and experimenting with what will resonate with this audience, Bodden Partners believes the best way to understand any consumer is to listen to them.
We have developed a proprietary, trademarked interviewing technique which we call The SOUL Process. We hold in-depth, one-on-one listening sessions with consumers and potential buyers about their needs as well as their attitudes and reactions to a particular product offering and brand. The ultimate goal of the questioning technique is to get consumers to disclose what they would need you to say and how you would need to say it in order for them to be interested in your product.
Curious about how it works? Request our free ebook today.