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A Hidden Danger in the Gig Economy

Oct 01

Millennial working freelance in coffee shop

The Gig Economy or Freelance Economy has become the norm for many workers. According to a recent survey, more than 53 million Americans are doing freelance work. That’s 34% of the entire workforce. And no one is embracing freelancing more than Millennials. A full 69% of Millennials surveyed said they would prefer to freelance provided they could find enough projects to earn the salary they want.

Yet for all the flexibility and freedom, freelancers miss out on traditional corporate benefits. And while most freelancers understand the need to purchase individual health coverage, another key piece of their safety net remains off the radar –life insurance.

Reports show that only 34% of adult Millennials own an individual life policy. Yet 55% are already married or in a domestic partnership. Among older Millennials, between ages 25-34, there are now 10.8 million households with children. Unless these families proactively take steps to protect themselves, they remain vulnerable to financial disaster.

How can insurers raise awareness of the need for life insurance? How can they break though when Millennials have become so resistant to traditional advertising approaches? The answers to these and other questions can be found in our new ebook, The Essential Guide to Marketing Life Insurance to Millennials. Download your copy today.

If you would to tap our expert guidance, contact Mark Silverman for a free, custom consultation.

How to Create More Demand for Insurance

Sep 29

chart showing sales increase

America is experiencing its greatest age wave in history – which means the market potential is staggering. LIMRA estimates that one quarter of Baby Boomers do not yet own any life insurance at all. Of those who do have a life policy, almost half have only group coverage. As these Boomers retire, those who don’t have any coverage except through their jobs will need to replace their group policy with individual insurance. Literally millions of households, across all age groups, still need to prepare and protect their families from the expenses and financial reversals that death can bring.

The need for protection has never been more evident. People are being bombarded by more risks coming from more sources than ever before. With the fallout from Great Recession, globalization, climate change, sudden outbreaks of disease, and other forces beyond their control, Americans have more reasons to feel more insecure than ever before. Everything they hold dear is under threat, from their livelihoods to their retirement security to their health, homes and possessions.
Yet at this time when insurance marketers should be benefiting from these heightened anxieties, too many insurers find themselves struggling with slow growth, increasing marketing costs and reluctant consumers.

Why is there so much apathy toward insurance? What can insurance marketers do to change it? Find out in our free ebook entitled There’s Never Been A Better Time to Market Insurance. Download your copy today.

What Every Marketer Needs To Know About Research

Aug 24

Under more scrutiny than ever before, marketing managers are turning to data to take the guesswork out of business decisions and justify spending. Today’s marketing channels generate an ever-increasing variety, volume, velocity and complexity of information. Every action and interaction can be tracked, analyzed and recorded.

In addition to the massive amounts of data being collected, organizations conduct ongoing market research in an attempt to uncover insights into their target audience.  Researchers employ a variety of tools for quantitative and qualitative studies. Questionnaires and surveys are a favorite for quantitative studies while focus groups are the primary tool for qualitative studies. According to the Marketing Research Association, roughly 70% of all consumer research dollars are spent on qualitative research. It is estimated over 200,000 focus groups are conducted annually, with an approximate $7 billion being spent on focus group testing.

Despite the popularity of surveys and focus groups, both have serious drawbacks and limitations. Survey questionnaires are tightly scripted based on the researcher’s own decisions and assumptions as to what is and is not important, therefore they often contain inherent bias. Surveys are inflexible and do not allow the researcher to probe for subtle meanings or context behind answers. Studies show answers deteriorate as the questions grind on and the respondent repeats the same score in an effort to complete the process.

Focus groups are an artificial environment that subject people to peer pressure. Participants’ opinions could be easily influenced by facial expressions, body language or other reactions. Participants know they are being watched and may change their behavior or hold back opinions as a result.  If the subject matter is sensitive, personal or potentially embarrassing, participants may withhold vital information that would affect the quality of the research results. Additionally, “groupthink” is a well-known psychological phenomenon in which group members try to minimize conflict and reach a consensus decision. This dynamic allows for the group to become influenced by one or two dominant people in the session, resulting in very biased outcomes.

Given the limitations of traditional research methods, Bodden Partners has developed a proprietary approach we call The SOUL Process® because it gets to the very essence of why people buy a product or service.

• SOUL is one-on-one listening sessions rather than focus group herd mentality

• SOUL is open-ended, flexible conversations rather than tightly scripted questionnaires

• SOUL is direct contact with the developers of communication rather than passive observation behind a two-way mirror

If you would like to know how The SOUL Process® can create breakthrough results for your product, request our free ebook today.

Millennials and The Future of the Insurance Industry

Jul 29

Millennials

As stated in a recent industry publication, the goalposts for the life insurance industry are shifting, driven in part by the expectations of the next generation of customers who represent an enormous area of growth for new policies that will be issued over the next 25 years. While they will continue to be awoken to the need and importance of life insurance by the same traditional key life events—marriage, having children, family health scares—their expectations of how the industry will help them understand coverage options, and experience getting coverage in place is markedly different to their parents’ expectations and experiences.

Life insurance marketers are scrambling to understand the Millennial audience, its expectations, needs and preferences. As mentioned in our previous post, traditional consumer research often falls short when it comes to uncovering true, actionable insights. What insurance marketers are clamoring for are findings that will show them exactly what to say to Millennials, and how and where to say it.  If you would like to know how to develop marketing that reaches the SOUL of the Millennial consumer, request our free ebook today.

Secrets to Selling Life Insurance to Millennials – Part II

Jun 23

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.

Secrets of Selling Life Insurance to Millennials – Part I

May 28

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. According to a LIMRA study, only 34% of Millennials own individual life insurance.

The Census Bureau projects that the Millennial population at 75 million people, and growing. This generation continues to expand as young immigrants swell their ranks. With a growing influx of immigrants and immigrant births, Millennials are the most diverse generation in history, yet among marketers there is a tendency to assume they are the same when it comes to their lifestyle, use of technology, attitudes, behaviors, opinions and preferences.

For life insurance marketers, separating Millennial myth from reality is the key to success. In upcoming editions of this blog, we will be exploring the challenges and opportunities of marketing life insurance to Millennials. We invite you to join the conversation.

Power Listening: The Key to Breakthrough Results

Apr 29

Today’s marketers live in exciting yet challenging times. Competition for the consumer’s disposable income has never been hotter. By some estimates, in addition to the countless products already on the market, every year over a quarter million new products are launched. If you are responsible for one of those new products, wouldn’t it be wonderful to be able to see your product through your prospect’s eyes? Wouldn’t it be great to know exactly what they need to hear in order to buy it?

How can you do that? The answer lies not in doing more consumer research. The answer lies in uncovering actionable insights. Insights pick up where research leaves off. Research evaluates and generates findings and correlations. But findings don’t answer why and correlation does not equal causation. True insights come from exploratory, open-ended, probing research; the type that gives consumers the opportunity to talk freely and at length. When conducted properly, insights-focused research will result in people telling you exactly what they need to hear to be sold on your product.

At Bodden Partners, we have developed a trademarked method called The SOUL Process® a one-on-one powerful listening tool that reveals exactly what your prospects need to hear to buy your product. Curious?  Request our free ebook today.

How to create more demand for life insurance

Mar 25

Anyone who has spent their career in life insurance marketing can tell you that sales aren’t what they used to be. The industry as a whole is hurting and everyone is trying to find a solution to this unprecedented downturn in sales. In this environment, it becomes obvious that we need a new approach. Or as the saying goes, “to get somewhere you’ve never been you have to follow a different path.”

Mimicking industry ads and refreshing previous controls won’t dramatically lift results or set you apart from your competition. The historic decline in sales shows there is a mismatch between what life insurance marketers are saying and what consumers want to hear.

Yet in this environment, some insurance marketers are generating breakthrough results. How? The key is to shift the thinking from the selling process to the buying process. When you shift your focus from the selling process to the buying process, you start to think more like a buyer. You put yourselves in your customers’ shoes. Understand the context of their lives, their aspirations and their goals and you will be better equipped to show them how you can help them.

We have seen time and again that insurance marketers who know how to leverage deep consumer insights can successfully market even the most challenging products. At Bodden Partners we use a custom process is designed so that consumers actually help you help them. By correctly translating the research insights into marketing, we let your prospects tell us what to say and do in order to sell them the products they need at the time they need it.

Curious? Our new report, There Has Never Been a Better Time to Market Insurance, details the dramatic results insurance marketers are having with this approach. Request your copy today.

Do you know what your prospect is thinking?

Feb 26

Today’s marketers live in exciting yet challenging times. Competition for the consumer’s disposable income has never been hotter. By some estimates, in addition to the countless products already on the market, every year over a quarter million new products are launched. If you are responsible for one of those new products, wouldn’t it be wonderful to be able to see your product through your prospect’s eyes? Wouldn’t it be great to know exactly what they need to hear in order to buy it?

How can you do that? The answer lies not in doing more consumer research. The answer lies in uncovering actionable insights. Insights pick up where research leaves off. Research evaluates and generates findings but correlations. But findings don’t answer why and correlation does not equal causation. True insights come from exploratory, open-ended, probing research; the type that gives consumers the opportunity to talk freely and at length. When conducted properly, insights-focused research will result in people telling you exactly what they need to hear to be sold on your product.

At Bodden Partners we use a tool like this every day. If you’d like to know exactly what your prospects need to hear to buy your product, contact us today.

3 Keys to Breakthrough Life Insurance Sales

Jan 29

There has never been a more challenging time to market life insurance. Fewer people are buying life products than ever before. Many are still struggling with the fallout from the Great Recession and can scarcely afford to purchase coverage. Others, who can afford it, don’t feel a pressing need to go out and buy it. Of the major protection products, life insurance gets lost in the shuffle when compared with health insurance, homeowners or auto insurance. These products all cover essential day to day risks, whereas studies show life insurance is considered a lower priority.

Faced with challenges like these, what is an insurance marketer to do?

It is in this very environment that Bodden Partners thrives. To find solutions to all of these challenges, we use a combination of proprietary consumer research methodologies, social media listening, and customer experience tools to uncover not only the root cause of the problem, but what it would take to turn consumer behavior around.

Our new report, There’s Never Been A Better Time to Market Insurance details the three keys to overcoming the challenges of life insurance marketing. Request your copy today.