“In times of rapid change, experience could be your worst enemy,” Jean Paul Getty said more than 50 years ago. No, he wasn’t talking specifically about the financial services industry, but his message rings true for marketing professionals in the financial advice-giving business even today.
While the life insurance industry can be complicated at best, marketers must constantly evolve to innovate right alongside the changes that are taking place. Below are three lessons from leading insurance marketing pros in the industry who are, by all accounts, doing it right.
1. Millennials are digitally savvy, and you should be too
Millennials — those born between 1980 and 2000 — make up 25 percent of the United States population and represent $1.3 trillion in spending power, according to numerous reports. They are a more diverse and confident group of people than older generations, and favor personalized products and services.
As such, to connect with this group you need to treat your brand like a person, said Greg Vodicka, an expert on emerging trends and millennial behavior who spoke at the recent LIMRA 2015 Marketing & Research Conference. Millennials want to feel the authenticity and ideas behind a brand in order to connect with its messages. And they want that message delivered simply.
According to a Mintel report, 59 percent of millennials prefer to engage with their financial institutions through email. Marketers will need to use technology to enable in-person interactions — and the sweet spot is between the digital and physical worlds.
2. Successful social media programs are data-driven