Before you read any further, I invite you to look up from this article. Perhaps you are sitting in a coffee shop or an airport. Look around at the people in the room. What are they looking at right now? Spoiler alert: They aren’t looking at televisions. They aren’t reading newspapers. And they aren’t looking at each other. They are staring deeply into the luminous blue eyes of their closest companions-their cell phones.
Welcome to the Millennial world, and we’re all Millennials now.
Take social media as proof. There are 192 million social media users in the U.S. alone. That’s more than the entire Millennials and Baby Boomer generations combined.
Next, take a look at recent research, which shows that over 2 billion consumers use a smartphone1 and that more than half of Google searches are done using a mobile device. In this generation, there are over 90 million people who collectively spent nearly $1 trillion dollars last year. Compare that with 77 million Baby Boomers and you’ve got the largest generation in American history. Also, by 2018, they will control more wealth than the Baby Boomers-making them the most valuable target market.
Due to their inherent mistrust of the financial system, which they feel has failed them, many of them do not yet have a financial advisor. With such an underserved market moving into their prime earning (and spending) years, it’s time to ask the question-what are you doing to earn their business if anything at all?
Advisors that are able to make their mark using modern digital marketing strategies will dominate the profession.
If you want to reach this group it is more important than ever that you are able to speak to them using the methods they already use to connect, and that you are able to be relevant concerning the issues that are important to them. An effective marketing strategy aimed at earning Millennials’ trust must include a solid online ecosystem, which begins with a responsive, mobile-friendly website, and effective use of social media.
Here’s a brief introduction to the major social media platforms:
Facebook
This platform has the best targeting and ad creation features of any social network. With their in-depth analytics, you can track your results on a granular level. You can target people based on their geographic locations, interests, and demographics. You can also opt to just get your post in front of those who have liked your page, or even friends of those people.
New features like Facebook Live and Facebook Notes gives you even more firepower. Facebook is also the quickest and, arguably, the best way to interact with your target market. Constant interaction with potential insurance leads results in actual conversions. It might be worth while reaching out to digital marketing agency los angeles or somewhere that is local to you to help you make the most out of marketing strategy.
If you’re thinking that it’s just for Millennials, you’re wrong. In fact, the 55 and older crowd is the fastest growing cohort on Facebook.2 Nearly 50 million of the 192 million users are over 50 years old.
For a more in-depth look at Facebook’s features, check out this post on three Facebook features you should be using right now (http://webchimpy.com/2016/06/07/3-facebook-features-small-business-owners-need-to-know).
Linkedin
LinkedIn is an important social platform that can improve your professional network. It’s unwise to leave it out of the equation as it has a formidable reputation in the insurance industry. LinkedIn is the “professional” in the social media world. It differs from Facebook and Twitter because it’s more business-centric. It’s practically an online resume. This means it requires a different approach to ensure that you make the most out of it.
Instagram
This visuals-driven social media platform may seem like an uncommon choice. But, if you get clever about it, it can work well. People are visual creatures. Most retain information better when presented with an image or a graphic. Use Instagram to share interesting infographics, statistics, and the occasional fun picture. Soon, you will begin to see your following grow. If you don’t see a movement in followers, there are always tools like Nitreo that are willing to help.
Snapchat
With over 8 billion daily views, Snapchat has surpassed Twitter in the social media hierarchy. Gary Vaynerchuk has been touting SnapChat for years because of the attention it receives. The reason it gets so much attention is because each snap (a photo or video) automatically deletes just seconds after it is opened. This creates a sense of urgency to take in the whole piece during that short window. Also, you’re pushed to be memorable and easily digestible in the time you have. The limitations will drive you to be clever about not only your ideas, but in how you present them. This is a far cry from other visual-based social media platforms such as Instagram and YouTube, where the audience can take their time absorbing any content as well as revisit it whenever they wish to. However, businesses that choose to market using social media platforms still need to deal with audience visibility and engagement, as they are not only competing with other companies but also popular users. To ensure that their business stands above the other users, they can use social media growth services, which allows them to buy Youtube clicks and extend their online reach on the platform.
Twitter
A social media list is incomplete without Twitter. This microblogging platform is your gateway to a broader market. The speed with which you can interact and react on Twitter makes it ideal for delivering content to a target audience. Apart from Facebook, it’s also the platform where users go to find answers to their questions. Use hashtags to tell other followers what your post is about and to organize your posts for searchers.
Think of Twitter as the ticker that goes across the bottom screen of ESPN. It’s a constant stream of information. Most users don’t mind seeing content more than once, so don’t be afraid to share quite often. Now that you’re armed with the basics of the major platforms, here are the skills you’ll need in order to speak to Millennials more effectively.
Teach, Don’t Sell
One of the mistakes advisors make on social media is to continually push products or services. Being overly-promotional is a quick way to get ignored. Keep it educational. Effective social media marketing is all about delivering compelling stories (content). These stories trigger emotions that can affect potential leads. If social media is a vehicle, the content is the gas. Without it, your social media marketing will take you nowhere.
Use social media as a platform for educating your audience on the need for what you do, as you grow your audience, be it by opting to get Tiktok followers cheap or by naturally growing your viewership. Create helpful content that answers questions. Also, it’s okay to share content from sources other than your own blog if it would add value to your audience. This shows that you are up-to-date with industry trends. It also shows good will on your part. Followers will appreciate you for sharing a good, informative article, no matter where it’s from.
Use Compelling Images and Video
Social media platforms have become much more focused on visuals. Sites like Instagram, SnapChat, and even Facebook are full of interesting graphics. Use images and visuals that are relatable, thought-provoking, fun and informative.
If a picture really is worth a thousand words, think of how much you’ll say. If photos can bring unspoken or unwritten messages and thoughts, videos can do a lot more. Create video content for YouTube, Facebook, SnapChat, Instagram, etc. All these have popular video platforms.
You can also summarize your blog content in video form to get more engagement.
Have a Purpose for Every Piece of Content
Why did you sit down to create this content? Was it to get readers to subscribe to your blog? Follow you on Twitter? Sign up for a product demonstration? Whatever your purpose is, make your content lead up to this. In many cases you can ask the viewer to take the desired action. For example, place a call-to-action at the bottom of each blog post that tells readers to subscribe to your blog or schedule a consultation.
Note: It must be a reasonable next step. Don’t expect a new LinkedIn connection to sign up for a product demo. Try going for lower commitments before asking for business.
Conclusion
Social media marketing is definitely uncharted territory for many insurance and financial advisors. But, if you can apply these principles, you’ll do well.
To summarize:
- Millennial culture has permeated the entire economy. It is vital to adapt to new mediums of exchange in order to compete.
- Know the difference between platforms. People go to different sites for different reasons. Learn about each one and how to use it.
- Take the right approach. The digital world is not just another place to blast your message. Be educational, not promotional.
- Be mindful of the visual nature of digital marketing. Use images and video effectively.
The new story of insurance marketing will be in 140 characters or less. Get ready.
Footnotes:
1. http://www.smartinsights.com/social-media-marketing/social-media-strategy/new-global-social-media-research
2. Ibid.
