Selling Insurance To The Ys – Hit And Miss, Or Crash And Burn
B&T’s regular marketing to the Ys gurus – How&Y’s Brian and Evan Mitchell – are back with their latest Millennial tale. Here, they argue, tried and true messages for the likes of insurance companies are now way off the mark in attracting 20-somethings…
They love vintage clothing. They search out vintage vinyl. And plaid-wearing hipsters rework the beards and tatts of yesteryear working class men. These bygone styles all have, for Millennials, a reinvigorated trend-soaked cachet.
But they don’t want the services they’re offered to seem recycled from earlier generations.
Gen Y are most engaged when they feel an industry conceives its products and services with their wants most in mind. Telco, tech and digital economy services have been good at giving the strong impression of specific Gen Y relevance (though they have, of course, a walk-up start compared to other service areas).
The flipside is that Gen Y don’t embrace those services they feel are a “hand me down” from other generations. This gives them the dis-empowering sense of being forced to inherit, or even have imposed on them, the way a certain service works, and therefore the way they are made to engage with it.
Yet to date, this has been the consistent approach of the insurance industry – providers and comparison businesses alike.
Whether Life, General or Health, advertising messages here persist with themes derived from earlier generations – oblivious to the reality that Gen Y aspirations and priorities are totally different to those of Gen X and Boomers.
To engage Millennials, a first requirement is to invest in a message that makes it onto their radar – not ones that are irrelevant.
With a few notable exceptions, insurance marketing messages fall into stereotypes.
There’s choose us on price (supposedly playing to the hip pocket – explicit message, “we won’t rip you off”).
There’s choose us on service (the trust and reliability card – implicit message, “we won’t rip you off by denying your claim like our unscrupulous competitors”).
And for those who want to take a funked-up, post-modern approach, there’s the quirk-twerk – playing to Gen Y’s self-styled sense of ironic irreverence (or is that irreverent irony), with messages that are entirely novelty driven, obscuring a lack of authentic substance behind the gauze of “cutesy”.
Like a class of over-eager school kids, advertisers have their hands up calling “pick me, pick me” – without providing an argument that will cut through Gen Y’s preoccupation with Gen Y, and cynicism towards all things NOT Gen Y.
One truism of Millennials that’s overwhelmingly true is they stay younger for longer.
With no previous generation has there been the need or desire to coin terms like “kidult”, “adultlescent” or “rejuvenile”. And even as maturity is forced on them, their models for maturation are no longer parents and authority figures, but their own (real world and digital) peers.
As a consequence, rather than being sensitive to the future – and specifically the future wellbeing of their finances, health, or possessions (the raison d’être of insurance) – they prefer to live in the present.
This is a pretty well-known Millennial characteristic. Why then is its logical implication – that traditional, underlying cautionary messages may not be the way to go – so blithely ignored? Add the fact that onnipotentiality (I can be / do anything) is an intrinsic value for this generation, and it opens up a yawning gap between the assumptions and expectations of marketers and the realities of Gen Y thinking.
The banking industry is another prone to Millennial faux pas in their ad messages.
Reestablishment and invigoration of public trust has been an obsessive theme in recent bank marketing, and no doubt this holds some resonance with the wider community. There are other issues however, more visceral to the Millennial generation than distrust, that are largely responsible for their “generational disconnect” with banks. The first to successfully target these will steal a march on competitors.
So it’s harder than it was in the past, earlier days of recycled messages and warmed up leftovers with a creative modern twist. Generational relevance is now a must. It must be created and then deftly communicated, not simply assumed.
But all this has an upside. Remember, consumer services require an ongoing customer connection. How resilient for this generation would conventional messages be in the face of serious, unconventional attack? How deeply committed is the Gen Y consumer who responds to price, trust, or fake novelty themes, sold as a solution to a need they’ve never been convinced of? And how will they respond when approached in their own backyard, with alternative clever messages that create a need while targeting what’s really important – their values.
It’s always back to values with this generation – and with Gen Z.
And that’s where the upside gets better. Genuine “big ideas”, the holy grail of advertisers, don’t typically fall off the back of a truck, or sit on a shelf waiting to be picked up. They are at a premium. Targeting values, rather than assumed needs, opens up the game to far more creative possibilities. And there is no shortage of Gen Y (and Z) values to target. Our research has identified around twenty aspirational values for this generation, in addition to three intrinsic values. In subsequent articles we’ll look at how these can be harnessed.
A final point on this demographic – Millennials represent your largest market, or the fastest growing, or increasingly the most profitable, or the one promising a competitive advantage, or the one that will drive innovation, or (failing all that) the one your organisation’s future will depend on.
You work a little harder upfront in connecting, so that you can advance that connection over time, and sustain it as an ongoing relationship. QED.
Latest News
Choose A Path Less Trodden This Cannes In Cairns
Don’t be basic. Think creatively and you shall reap the benefits of Cannes in Cairns. “We want brands!” “We want the CMOs!” We heard you and we acted. The content slate at this year’s Cannes in Cairns, presented by Pinterest, is packed to the rafters with some epic brands and top marketing talent. But that’s […]
Cannes In Cairns MC Keeva Stratton Shares Her Top Session Picks
Self-professed nerd and one of four top Cannes in Cairns, presented by Pinterest MCs, Keeva Stratton has a front-row seat to some fascinating minds and fierce debates. But who should you put on your must-see, must-hear list? Here, B&T grabs five with the Quip agency founder, who will be helming the lecture in the Rainforest […]
Here Are The Agencies That Made AFR’s Best Places To Work List And What The Industry Can Learn From Them
Did your office not make the list? Make sure your boss shouts at least two schooners at office drinks come Friday.
Get Ready, B&T’s Best Of The Best Is Back With The Top Holding Company Executive Leaders – Creative!
Want to know who the Grandest of the Grand Poobahs in the industry are? Look no further than this exhaustive list.
How A Glittering Campaign Helped The Australian Museum Sell 400,000 Tickets
B&T thoroughly enjoyed the Ramses exhibition at The Australian Museum, despite thinking we were going to the Archibald.
TV Ratings (30/04/2024): A “Shoey” Straight From A Fish’s Mouth Launches The Cheap Seats Into 2024
Last night's TV saw horny farmers beat Lego nerds, who beat fame-obsessed home cooks, who beat a chap with a large fish.
Spotlight Extends Partnership With Starlight Children’s Foundation
B&T always happy to promote the excellent work of the Starlight Foundation. Less so the Starfish Fanciers Foundation.
Amazon’s Advertising Quarterly Revenue Soars To $11.8bn
There are so many Amazon couriers visiting B&T headquarters at the moment our office dog doesn't know who to maul first.
VML Wellington Welcomes Jacob McGregor As Pou Ārahi Māori
McGregor set to lead cultural competency and safety at VML Wellington in important new gig.
“They Grow Up So Fast”: Simon Fowler On Five Years Of ABEL
Abel's CEO talks lessons learned from the agency's first five years. Including staff nicking all the Nespresso capsules.
Kyle & Jackie O Urge Melbourne To Pick A Side
Who can stop Kyle & Jackie O's indelible march into Melbourne radio? Is Peter 'Moony' Moon waiting by the phone?
Future & Taika Waititi Feature In Striking New Global Belvedere Campaign
Not only does drinking vodka make you cool like these dudes, it also has great weight loss properties for the bone idle.
The Fall Of Bonza: A Case Study In How To, And Not To, React In A Crisis
Does the collapse of yet another budget airline hark back to a gentler time of 17 hours spent on a Greyhound bus?
Opinion: Agencies, Be Unique – Stop Using The Word “Unique!”
Trinity P3's Ellie Angell says agencies are overusing the word unique. You could add omnichannel & holisitic to that.
Ex Marketing & Advertising Exec Releases Melanoma Memoir
Ex-adlander Anne Gately has penned a tome to skin cancer. Which is a handy reminder to check your moles, people.
Mamamia Appoint Danni Wright As New Head Of Strategy
Danni Wright takes up Mamamia's strategy reins with a feng shui expert called over positioning of office chaise lounge.
From The Bureau: Championing Competency & Cross-Industry Collaboration
The IAB's Jonas Jaanimagi calls for more specialisation in adtech. Meaning you'll understand it less than you already do.
Rumble Nabs Renee Park From Cutting Edge
Rumble has recruited Renee Park as one of its new sound designers. And it's only right to make some noise about it.
iD Collective Teams Up With City Of Parramatta To Amp Up NRL Fan Experience
Adland's often lampooned for never going further west than Surry Hills. So this Parramatta news is welcome indeed.
Slew Of New Hires At The Company We Keep
The Company We Keep announces new hires. Here's hoping it doesn't impact the RBA's interest rate decision.
UnDigital Announces Brand Refresh Helping Clients Achieve More Than 600% Sales Increase
Warning - this headline comes with some obscene bragging. Much like the B&T editor's 5/8 in the weekend footy tipping.
Microsoft Advertising: “We Make The Complicated Simple”
Microsoft ads wants to make the complicated simple. The total opposite to Korean restaurant menus & the recent Yes vote.
TV Ratings 29/4/24: Farmer Wants A Wife And Lego Masters Lock Horns In Overnight’s Battle
Who won the battle of the big guns - Lego or Farmer Wants A Wife? One thing's for sure, it wasn't Great Train Journeys.
Nielsen Data Reveals Brands Spending Big To Attract Aussie Tourists
Nielsen Ad Intel data has revealed that the travel and tourism industry spent more than $153 million on advertising in Australia in Q1, 2024 – an increase of 8 per cent from the previous quarter, with TripADeal the biggest spender, followed by Virgin Australia, then the Flight Centre-owned Ignite Travel. As many Australians return from […]
IAS Awarded New Responsible AI Certification From Trustarc
Integral Ad Science tossing up over the mahogany or teak frame after being awarded TRUSTe Responsible AI Certification.
AWARD Calls For Hall Of Fame Nominations
B&T's noms for AWARD Hall of Famer includes Louis The Fly, Chums' talking Scottie dog & Mumbrella's coke dealer.
Havas Red Wins PagerDuty PR Account
Havas Red wins PagerDuty's PR. And judging by B&T having to Google PagerDuty, it could probably do with some help.
ACA Poised To Release Results Of 2023 Create Space Census
The Advertising Council unveils date for its census results. Hey, why not coincide it with an office lamington drive?
Why Fear Is Essential To Fernando Machado’s Creativity
If there's anyone B&T loves to chat to, it's fabled marketer Fernando Machado. Although the 5am time difference sucks.
Superdry Drafts AFL’s Patrick Lipinski For New Campaign
B&T fast regretting that poncho we just bought, as it appears the puffer jacket returns as winter's hottest trend.
Elon Musk vs eSafety: Legal Experts Warn That ‘Rogue Operators’ Like X Are Unlikely To Win Federal Court Battle
If this legal stoush boils down to who can afford the better lawyers, B&T's backing Mr Musk every single time.
Amy Poehler Presents First Look At Inside Out 2 At Vivid Sydney 2024
Vivid isn't about freezing your arse off while looking at lights on a wall, as you'll learn with this Amy Poehler news.
Mutinex Launches DataOS Improving Data Warehousing & Quality For MMM Marketers
Work in marketing? Does your data warehousing resemble a teenager's bedroom? Here's a Marie Kondo-approved read.
IMAA Celebrates Three Years Of Group Trade Credit Insurance Deal
Are you a struggling indie? Thinking of firebombing the building for the insurance money? IMAA has you covered here.
Adam Sandler Seemingly ‘Slams’ Ukraine In Pro-Kremlin Campaign
Host of A-list celebs caught slamming Ukraine's president. Thankfully it does have the Milli Vanillis about it.
New Marketing & Comms Agency For Defence & Aerospace Industry Takes Flight
As painful as this is to say, judging by current world events, the bomb & tank industries must be in rude health.