gen-y marketing guide - independent agent · 2012-12-07 · trenches of life, and they want to be...

GenGen‐‐YYMarketing Marketing GuideGuide

T l & St t i fT l & St t i fTools & Strategies for Tools & Strategies for Successfully Reaching Your Successfully Reaching Your

GenGen‐‐Y MarketY MarketGenGen Y MarketY Market

Created for IIABA, Inc. 2012 All Rights Reserved

Targeting the Gen‐Y Market

How do you reach your share of the 71 million “Millennials” who spend over 200 billion dollars annually and will soon

l th B b B tireplace the Baby Boomer generation as the largest percentage of the workforce?

It’ i t t t k th t G Y iIt’s important to know that Gen Y is an “experience” culture. They do not want to be told what to like or what to do. They want to experience the world for themselves and form their own opinions and judgment. They love to be in the trenches of life, and they want to be there with their friends. Go where they go, and you will be successful.

Because of potential of this market segment, we have put together a toolbox of marketing materials as well as grecommendations on tactics to effectively target this customer in your area.


Who Is Gen Y?

Definition of Gen Y

There is little consensus over the exact birth dates that define Gen Y.

The broadest definition generally includes the more than 70 million Americans born between 1977 to 2002 (Generation X was born roughly 1965 to 1976).

d fi i i G ’ h b f 9 8 989Narrower definitions put Gen Y’ers as those born from 1978 to 1989.

This narrower view is based on the thinking that as the pace of change in society accelerates, the timeframe of a generation gets shorter.

Source: From “Generation Y: They've arrived at work with a new attitude”, U.S. A. Today, 11/8/2005


Additional Labels

This group is also known as the Millennial Generation or Millennials, Generation Next, Net Generation or Echo Boomers.

The label Echo Boomers comes from the significant increase in birth rates through the 1980’s and into the 1990’s, and because many of them are children of Baby Boomers. But because the 20th century trend toward smaller families in the U.S. continued, the relative impact of the "baby boom echo" was generally less pronounced than the y g y poriginal boom.


Parental Relationship

They were raised during the most child‐centric time in history. This generation was showered with attention by their Baby Boomer parents. Parenting styles changed dramatically, from parent as ‘‘authority’’ to parent as ‘‘friend’’, so they have a different relationship with parents than previous generations.


They Have Financial Smarts!

After witnessing the financial insecurity that affected older generations and seeing their parents or loved ones stung by layoffs and the dot‐com bust, today's newest entrants into the workforce are generally savvy h it t d iwhen it comes to money and savings.

• They care about such benefits as 401(k) retirement plans.

– 37% of Gen Y’ers expect to start saving for retirement before they reach 25. This percentage increases to 46% for those y p gwho are already working.

• 49% say retirement benefits are a very important factor in their job choices.

Among those eligible 70% of Gen Y contribute to their– Among those eligible, 70% of Gen Y contribute to their 401(k) plan.



Making Purchase Decisions

There are four key factors that Gen Y looks for in making purchase decisions:

• Low cost

• High quality

• Fast service

• An ‘‘experience’’

Make sure your product and customer service process adjusts to these expectations and you will be successful with this target.


Work Attitudes

They want to work, but they don't want work to be their life. They've grown up questioning their parents, and now they're questioning their employers . This can cause conflict if they are aggravating their 50‐year‐old manager who says “Do it and do it now”old manager who says, Do it and do it now.



Work‐Life Balance Isn't Just a Buzz Phrasea Buzz Phrase

Today's youngest workers are more interested in making their jobs accommodate their family and personal lives than previous generations.

Unlike Boomers, who tended to put a high priority on career, Gen Y expects to have work‐life balance.

They want jobs with flexibility, telecommuting options and the ability to go part time or leave the workforce temporarily when children are in the picture. They place a high value on self fulfillment.


Gen Y Is More Connected

They are connected to news and world events 24/7. Thanks to the Internet and mobile devices, they can learn about anything, at any time. No previous generation has ever had this ability throughout their lives.

But in addition to staying connected to news and happenings, they are connected to their friends and world communities. This generation is highly social and value a sense of community with their friends and acquaintances.


Socializing

Gen Y is more likely to date and socialize in groups rather than pair off as couples. But because they are so connected—information is everywhere and anyone can reach them—they are very selective about whom they listen to. And who they listen to are their friends.


Change, Change, Change

Generation Y’ers don't expect to stay in a job, or even a career, for too long. This is a generation of multitaskers, and they can juggle e‐mail on their iPad while talking on th h hil fi li Th ' t h b tthe phone while surfing online. They're not shy about trying to change the companies they work for.


Marketing Tactics for Reaching the Gen Y MarketReaching the Gen Y Market


Be Where They Are

Music, Music, Music!

Gen Y LOVES live music, so that’s where you will find them withGen Y LOVES live music, so that s where you will find them with their friends, enjoying live music and just chilling with their friends. Do your research and find local bands to sponsor and you will generate goodwill and exposure for your agency.

Make sure that you come across as authentically supporting the band or event and make sure your marketing efforts are appropriate. For example, don’t pass out brochures – a better idea would be to hand out thumb drives with insurance FAQ’sidea would be to hand out thumb drives with insurance FAQ s and information geared to the needs of young people.


Sponsor Extreme Sporting EventsSporting Events

Extreme Sports

Regular sports are not good enough for Gen Y ‐ they need to be extreme. So sponsor skateboarding, snowboarding, BMX, etc. and you will get their attention.

You can find local leagues to sponsor, or perhaps purchase cable advertising (which can be inexpensive and targeted by zip code) during TV broadcasts of the sports.


Advertise at Your Local Movie TheaterYour Local Movie Theater

Gen Y Goes To The Movies… A Lot

You will find Gen Y often at the movies with their friends. Younger moviegoers are also more likely to see a movie they like more than once. This makes your local movie theater a great place to advertise.

There are several advertising options at most movie theaters, from a traditional ad, to posters on visible areas of the theater, to the theater being able to hand out flyers , g ywith tickets. Talk to your local movie chain to find out more.


Market at Video Game Expos and Competitionsand Competitions

Gaming competitions have developed over the years into large enterprises with many followers and they are particularlyenterprises with many followers, and they are particularly popular among Gen Y.

Gaming expos and gaming competitions are a great place to h G Y d h h h d d hreach out to Gen Y and show them that you understand them.


Find Them at School

Reach Out to College Students

Many Gen Y are still attending school, and chances are, they need auto insurance to get to and from school. Many don’t live

th ith li t h ith th i t ton campus; they either live at home with their parents or get their own place with roommates

.

Tap into their school pride by sponsoring local school activities, games and events The great thing about doing this is that yougames and events. The great thing about doing this is that you won’t just reach current students, your advertising will also reach other members of the community, such as alumni and their friends and family who attend school events with them.


Utilize Mobile Marketing

Example of “Doing it Right”: Allstate

Gen Y can’t live without their mobile phones. So target them with mobile advertising and mobile apps.

Allstate has an extensive line of mobile apps that make it easy for the tech savvy consumer to get information and purchase insurance .

AllstateSM Mobile Allstate® Motor ClubAllstateSM Mobile is your insurance on the go — offering everything from policy and claim information to accident support in the palm of your hand.

Allstate® Motor Club is your must-have application to quickly and easily request roadside assistance sent to your location.

Digital LockerAllstate's Digital Locker™ makes creating a home inventory easy. If d h l i h i f ti i i ht i

Tag In by AllstateTMWith Tag In, send a quick message and your location in just four t h ! It' th f t t d i t t h 'h ' iIf you do have a claim, your home information is right in your

pocket.touches! It's the fastest and easiest way to say where 'here' is.

GoodRideSM by AllstateGoodRideSM by Allstate lets you plan, track, and share

each and every ride. It also helps log every part and repair so you can be ready for what's ahead.

Good HandsSM Roadside AssistanceGood HandsSM Roadside is a must-have application that delivers

pay-as-you-go roadside help to anyone, anytime, anywhere.


Social Networks are a Must!

You Must Have a Facebook page. Twitter too!

It’s a great way to share relevant information, tips and insights without overtly ‘‘pitching’’ your business.

It’s also a great way to “start a conversation” with your Gen Y target and learn more about what they care about and how you can best meet their needs.

See next section for guidelines for social media.


MarketingGuidelines for Gen Y


Don’t “Pitch Them”

If your product or service is going to succeed with Gen Y, you’ve got to be endorsed by their network of friends. This generation is not just wary of pitches—they flat‐out reject them. Their mind‐set is: ‘‘Don’t just tell me why I should like your product or service; show me. Let me experience your product or service for myself. If I like it, I’ll tell everyone I know.’’


Be Authentic!

Being authentic is the way to earn their respect. They don't waste time on people or companies that are not being real with them. Being authentic with them is king.

– Authentic is cool

– Authentic is dorky

– Authentic is hip

Authentic is truthful– Authentic is truthful


Make Sure Your Message is Inclusiveis Inclusive

Explain how your products or services will improve the lives of these young men and women.

Include single individuals and young people in your graphic images, not just families.


Make Sure Your Images and Graphics are InclusiveGraphics are Inclusive

Many marketing messages for insurance and financial services focus solely on couples parenting or the familyservices focus solely on couples, parenting or the family, and many members of Gen Y do not yet relate to that lifestage. Show more single people, either by themselves, or with their friends. Additionally, show diversity in your images of people: one in three Gen Y’s is not White Theyimages of people: one in three Gen Y s is not White. They are the most racially and ethnically diverse generation of Americans.


Targeting Single Women

Remember that engaging a single woman is completely different than engaging moms or even married women ith t hildwithout children.

Don’t Assume Single Women are Unhappy or Unfulfilled

People often assume that women who are not married are pterribly unhappy. This is not the case. Make sure you show single women having the full lives that they often have.


Marketing to Single Males

Go beyond the stereotypical male categories. Remember that men use laundry detergent, too. They also cook!

Don’t Assume All Single Males are Unrepentant Bachelors

Not all males are party animals when single, so be careful portraying them as such.

Humor Helps!

But make sure it’s appropriate for your message. You want to make your product or service memorable, not just the joke.


Communicate In Their Language : Yes, It’s Still English, But….Yes, It s Still English, But….

What we mean by communicating in “their language” is making sure that your message has relevance to your Gen Y target. Your message must be authentic and sincere It must reflect that you understandmust be authentic and sincere. It must reflect that you understand this customer and that you are reaching out and inviting them to do business with you.

Utilizing the same words that Gen Y uses is a good way of customizing g g y gyour message. For example, as of this writing, the word sick is popular among young people as a synonym for something really cool; for example, ‘‘That song is so sick! I love it!’’ Other popular terms are sweet, tight, off the hook, raw, über, and wicked. Years ago, it was rad as in ‘‘radical ’’ The hip‐hop music industry has many words thatrad, as in radical. The hip‐hop music industry has many words that are unique to it: def, phat and others all mean ‘‘cool.’’ By using certain words in your message, you communicate to the people most likely to use those same words—you are speaking in their ‘‘language.’’

But make sure that you use the terms correctly or that they are appropriate, or you risk being labeled a “poser”.


Social Media Guidelines


It’s About People!

Social Media is about people, not selling. Make your pages personal and show the faces of your employees. It’s OK to let their personality show!

It’s Imperative Today!

S i l di i t i th f t “ k f i d ” ith itSocial media is not going away, so the faster you “make friends” with it the better. You should , at a minimum, be active on:

• Facebook

• Twitter

• Start tweeting (on Twitter) and remember that:g ( )

— It’s all about content

— It should not be a sales pitch or promotional

Meaningful marketing has growing relevancy as our desire for i C i h i l iconnection grows. Connect with your potential customers via

social media and watch your business grow.


“Doing It Right” Example:Farmers InsuranceFarmers Insurance

Leveraging Their Human Capital

Farmers Insurance social media strategy revolves around involving their agents in social media and providing support so they can build their own networks.

Ryon Harms, Farmers Insurance director of social media, says people want to connect with faces, not products, on Facebook.

“For us, it really starts and ends with our agents. We've got 15,000 agents across the country through our core 30 states.”

f l— Ryon Harms, Farmers Insurance, Director Of Social Media


The Most Powerful Way to Tweet

Remember that most people don’t want to be “pitched” all the time, so keep that in mind when deciding what to tweet. The goal of your tweets should be to accomplish the following two things:things:

1. Become a resource and an expert for your followers

2. Develop a personal relationship with your followers

With that in mind, remember the following guidelines when using twitter.

B h l f lBe helpful

– At least 50% of your tweets should answer questions, respond to others’ remarks or share content

Be involved in helping or creating relationships

L h 10% h ld b i l diLess than 10% should be promotional or attempts at direct selling

Content doesn’t have to be original / self‐authored, as long as you credit the source


Develop a Social Media Plan

Start by Identifying Your Goals

You need to have a specific goal, just as with any other marketing plan. Is it to reach potential customers? Is it to inform current customers b t dditi l d t d i id ? H thi iabout additional products and services you can provide? Have this in mind when deciding what to post.

Develop an Editorial Calendar

You CAN plan ahead what you will be posting Develop a calendar ofYou CAN plan ahead what you will be posting. Develop a calendar of priorities and assign responsibilities to team members. Make sure to review it often to make sure strategies are still on target.

Note: This is independent of responding to “fans” and “friends”, whichNote: This is independent of responding to fans and friends , which needs to be done in real time, and could possibly alter your overall plans.

Posting Schedule

Once you develop an editorial calendar, you should determine the y p , yfrequency of your social media updates and blog posts. If you decide to create a blog, you can improve your Search Engine Optimization (SEO) for your website by updating it 2 to 3 times weekly; search engines like updated content. Develop a schedule, be realistic and stick to it.


Utilize Online Tools

There are several tools that you can use to help you manage your social media presence. The following tools can help you organize, measure and pre‐flight your content to save time:

– Hootsuite (http://hootsuite com)– Hootsuite (http://hootsuite.com)– Ping.fm (http://ping.fm)– BudUrl (http://budurl.com)

Example: Schedule Future Posting from HootSuite

You can schedule your postings ahead of time utilizing Hootsuite, and it’s free! They offer free accounts with limited features. You can also explore their premium features and see if it makes sense for you to make the small investment. However, the free account does allow you to pre‐schedule postings to Facebook and Twitter, so you can make sure you always follow your editorial calendar.


Manage Your Content

Keep Consistency with Your Social Media “Voice”

Bring your brand identity to the socialBring your brand identity to the social media realm. You need to make sure your tone and content align with your marketing goals, but remember it needs to be more personal.

Establish Internal Guidelines

Just because someone on your team is familiar with social media, doesn’t mean they should be your voice online. Make sure those who are dong the posting understand marketing basics A common mistakeare dong the posting understand marketing basics. A common mistake is to assign a person familiar with Facebook, Twitter, etc. to handle social media posts, but who is not well‐qualified to speak for the company. Be clear about what content is acceptable so that you are represented well.

Don’t leave it to chance. Provide your social media manager guidelines on what it’s acceptable to post. Give them categories of topics (examples: industry news, company news, news beneficial to clients, etc.) If you utilize Hootsuite, you can set it up so that you can approve the posts before they go livethe posts before they go live.

Also provide your social media manager with support. They probably won’t know how to answer every question, so make sure they have people they can reach to for answers. p p y


Integrate Social Media with Public Relations & Marketing InitiativesRelations & Marketing Initiatives

Always look for ways to integrate traditional advertising and marketing strategies with online marketing/social media for cohesive messaging. They should all be part of the same campaign. They should communicate similar messages and work together.

Examples of way to integrate traditional media and social media:

Add “Find us on Facebook” and “Like Us” to all communicationscommunications

Add Social Media icons to your website Press Room

“Repurpose” large articles, news, or PDFs into distinct elements. Break up issues into smaller individual blog posts with deeper insight for readerswith deeper insight for readers


What to Do if You’re “Flamed”

“Flaming” is when an unhappy customer writes negatively, harshly and prolifically about you on the web. This can happen on Facebook posts, tweets, blogs, etc. and it can spread like wildfire.

l d k h dd h ’Always respond. Make sure that you address the poster’s concerns. In order to make sure you respond the correct way, make sure that you:• Cool down before responding• Do NOT delete a negative post – this will only enrage the person

h h l ll f d ’who has a complaint. It will appear as if you don’t care.• Exception: delete post that are profane, racist, sexist or

otherwise inappropriate• Respond as if the person were standing in front of you in your

office• Take the conversation “offline” as soon as possible to resolve it


Social Media Do’s

Assign the development and implementation of social networking to someone interested in it in your agency

Stay with it – the more you use it, the more it works

Post tips, insider hints, etc. – give your knowledge away and watch your fans grow

Maintain the conversation

– Keeps readers coming back

– Establishes a relationship

There’s nothing worse than an outdated page

Remember that your customers expect you to be present y p y pin the online conversation

– Lack of presence is seen as uncaring, unresponsive

– Say something, even if it’s just to thank them for their commentscomments

Give it a personal tone

Not: “ABC Insurance celebrated our 10th anniversary”

But: “Check out our pictures from our anniversary party”But: Check out our pictures from our anniversary party

Be a real person and use real language

Remember that customers are most interested in comments from other customers


Social Media Don’ts

Don’t spam your customers

Don’t think it’s all about you it’s really all about themDon t think it s all about you – it s really all about them

• Examples of things you can do to

—Baby announcements for customers

—Congratulations for customers’ success

Don’t dismiss or ignore negative comments about your business on your own site or third‐party sites

Don’t be afraid to show some personality

Don’t be afraid to have some fun

— Example: agency that allows dogs at work often posts about what the dogs are doing

• The dogs are developing their own fans!

Don’t use insurance‐speak or corporate lingo in your posts


Where to Reach Gen Y Utilizing Social Media? EverywhereSocial Media? Everywhere

Become Familiar with as Many Social Media Platforms as Possible

Gen Y doesn’t just use Facebook and Twitter, they use flickr, Foursquare, Pinterest, Instagram and more. Become familiar with as many platforms as possible, since each offers a different way to reach your consumer.

But don’t get overwhelmed with the choices. Always start with your Facebook account and then move to Twitter and other platforms as youFacebook account, and then move to Twitter and other platforms as you become more familiar with the media and their advantages and disadvantages. It’s better to do a really good job on just one social network than to have too many accounts and do a poor job across all. Once you are ready to add other platforms into your mix, ask your current Gen Y customers which social media platforms they’re using in order to determine where to focus your marketing efforts next.

Source: Illustration from FedCavazza.net


It’s All About the Right Content

Post content targeted to Gen Y interests across all social media platforms and you will catch the attention of Gen Y. R b th t th ll b t i tRemember that they are all about experiences, so post information on concerts, outdoor events, etc. They like to play extreme sports and video games, so you can reference those, too. Follow these topics in the news and make appropriate postings when some interesting news comes upappropriate postings when some interesting news comes up.


Give Them Something They Can’t Get Anywhere ElseCan t Get Anywhere Else

Give Gen Y A Reason to Go to Your Page

Here’s a list of what Millenials really care about on social networks:Here s a list of what Millenials really care about on social networks:

• Getting news or product updates (67%)

• Having access to promotions (64%)

• Submitting opinions (36%)

• Connecting with other consumers (33%)• Connecting with other consumers (33%)

As you look at this list, craft your content accordingly. Provide exclusive information about your products and services that can only be made available on these networks. Set up a social group wherebe made available on these networks. Set up a social group where people can hang out online; a place where they can learn more and receive great advice and information from you. Make it relevant, make it valuable and go with the flow of social media interaction. Don’t be invasive – be subtly persuasive as you engage your potential customerscustomers.

Sources: From “Reaching Generation Y’s Through Social Media Marketing” by OE Design & “Advertising to Gen Y on Social Networks” The Social Media Marketing Blog by Scott Monty


Encourage Gen Y to Post Referrals On Social MediaReferrals On Social Media

Young people rely heavily on their peers to make purchases decisions. They will “like” you on Facebook for all the world t d th ill l k t hi h i th ito see, and they will look to see which companies their friends “like” as well. They will tweet to their friends about good and bad experiences, and they will seek the opinions of their friends in their social networks.

Develop programs the encourage them to share their positive experiences. Reward them for following you on Facebook, for posting on Twitter, etc.

Make sure that the rewards are appealing to this demographic. Think in terms of concert tickets, gift cards for coffee, adventure packages for them and their friends, etc.


Consider Facebook Ads To Target Gen YTarget Gen Y

Target by Age

Facebook makes it really easy to target by age: you simply select the age bracket you are looking for and you are done!select the age bracket you are looking for, and you are done! Require exact age match if you don’t want Facebook to go outside your select age range (you will be charged for those too!).

Or Focus on Lifestage

You can refine your efforts and be even more targeted, for example, by looking for people who are in college. Or you can target people who are single However keep in mindcan target people who are single. However, keep in mind that many young people who are dating somebody exclusively are not likely to identify themselves as “single” on Facebook, but rather “in a relationship”.


Gen YMarketing Guide

Tools & Strategies for Successfully Reaching Your Gen Y Market

Developed for the IIABA by McDonald Marketing, 2012


gen-y marketing guide - independent agent · 2012-12-07 · trenches of life, and they want to be...

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