How insurers can connect with younger audiences
In this technology-first era, it’s a constant challenge for brands to connect with younger audiences - those who are true ‘digital natives’ and are used to having an exceptional amount of choice at their fingertips.
The challenge for big brands
Grassroots businesses have always had one advantage over big brands – they have an eye and ear on the street, and are naturally more in touch with consumers’ changing tastes and needs. This means they are able to quickly shape their offerings according to what people really want.
The internet has enabled brands to directly connect with their consumers through websites, social media, or new sales channels 0 such as Compare the Market, or Go Compare - but also by tapping into buyers’ hidden desires for change and variety, through innovative, emotionally-focused campaigns offering craft beer for the people.
Convenience also rules supreme – a consumer expects to get what they want when they want it, and they are now able to do exactly that. This destroys the advantage that big brands previously held, which was to ensure that their products were available pretty much everywhere, while their smaller competitors’ weren’t. That’s simply not the case anymore, and a consumer can now explore fresh, exciting options without the obstacles that would have previously impeded their search.
Less experience means greater trust
Surprisingly, considering Millennials’ notoriety for being cynical towards all things corporate, younger people are generally more trusting of insurance brands than their older counterparts.
This is actually a lot more intuitive than it seems. The younger a person is, the less experience they have likely had with insurance. And the less experience, the fewer the opportunities for insurers to have disappointed them.
Younger people begin their engagement with insurance largely from a position of openness. The neverending choice may be expected but can be overwhelming, and consumers need to be guided by their more experienced seniors. This is precisely why the advice of others — especially in the form of online reviews — is such a crucial avenue for brands to reach potential customers.
The heavy reliance on comparison sites, especially for younger people, is largely being driven by this paradigm. With the help of the internet, less experienced customers can compare plans side-by-side while also reading the personal experiences of others.
To read more about how insurance brands can build stronger and more meaningful connections with consumers, download our free report here.