11 ways to attract and recruit millennial clients

Two numbers seem to stick out when it comes to millennials: 76.6 million individuals, making them the largest generation, with $1.68 trillion in purchasing power. And even though some reports vary on the average household income of millennials, a recent report from Applied Systems, “Why millennials matter,” found that they make, on average, $60,000 annually. They are also one of the fastest growing demographics of consumers purchasing insurance.

As part of the report, Applied Systems conducted a survey among 1,000 adults within the millennial generation.

Here are some takeaways from the report and why you need to pay attention to this world-changing demographic.

Getting to know them:

• One in four have a Bachelor’s degree or more, making them the most educated generation
• 38 percent are bilingual
• Only 21 percent are married vs. 42 percent of boomers who were married at their age
• Millennials live in urban environments, shunning suburbia
• By 2020, one in three adult Americans will be a millennial
• By 2025, they will comprise 75 percent of the workforce

Digital natives:

• 80 percent visit social media sites daily; more than half use mobile devices to connect
• They send more than 100 texts a day
• 71 percent perform online searches to find solutions to everyday problems or questions
• They are 2.5 times more likely to be early technology adopters
• They navigate seamlessly between devices

How they communicate with brands, services and products:

• 90 percent email, text and check social media before getting out of bed
• 90 percent shop online
• 87 percent have a Facebook account
• 44 percent use text messaging
• 38 percent use instant messaging
• 38 percent use social media
• 16 percent use blogging
• Most use smartphones, followed by laptops and tablets
• 76 percent of respondents said that having access to information and services through a mobile app is very important
• If they are looking for technical support, they expect a resolution within 80 hours
• 70 percent feel 24/7 customer service is very important
• They expect multi-channel engagement

How do they think?

• They want to make a difference by making an impact in the world
• As employees, they ask for more responsibility sooner than expected
• As consumers, they look for brands and businesses that make a difference
• They share their opinions and are part of marketing strategies
• They look to friends and family for referrals and opinions via text and social media
• Opinions go both ways with positive and negative testimonials

In the workplace, millennials…

• Bring collaborations and positivity
• Are conditioned to multitask
• Are goal-oriented and work hard from an early age
• Are team players
• They are attracted to companies that provide client-centric experience (it’s all about them), yet value the in-person and on-the-phone experience with an agent