We Know Where To Find Your Millennial And Gen Z Leads…

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How To Best Reach Gen Z Based On Its Distribution

Do you notice that you are better at engaging with leads who are similar to you? Aside from the fact that the lead may feel more comfortable with the idea of someone similar to themselves, you may do better with leads in your age demographic because you base your communications on the way that you like to communicate. 

Does that mean just because you don’t belong to the burgeoning economic powerhouses of the Millennial and Gen Z generations that you can’t add them to your roster? In short, no. 

We Know Where To Find Your Millennial And Gen Z Leads

Socialeads’ AI already takes care to find and deliver all of the Millennials and Gen Z’s into your feed as they go through significant life events– no matter where they are. You will know if your lead just started a business, became debt-free, bought property or a car, and more. You can personalize your approach for a strong connection from the start, and know how to be there for them when they need you the most.

So what can you do to make sure that your prospecting is well-received? Read on to learn how generational analysis can help you to know more about who these customers are, what they want, and where they spend their time. That way, you can use maximize your chances of turning Millennial and Gen Z leads into lifelong clients with help from Socialeads. 

Generational analysis, or the determination of the unique characteristics of an entire generation, consists of tracking groups of people on a range of issues, behaviors,  and characteristics. According to the Pew Research Center, this analysis is informed by multiple factors, “including demographics, attitudes, historical events, popular culture, and prevailing consensus among researchers.” Pew’s director of social trends research, Kim Parker, recently published a piece in the Washington Post acknowledging that while such generational analysis has its limits, “it can be a useful tool for understanding demographic trends and shifting public attitudes.”

Millennial and Gen Z Consumers Similar In Size and Spending Habits

Millennial and Gen Z Consumers Similar In Size and Spending Habits
Adroll research demonstrates that the Millennial and Gen Z US population is relatively comparable, although Millennials edge out Gen Z by 5.4 million people. Both generations are similar in size to the Baby Boomer generation, which currently stands at just under 71 million people.

The size of the Millennial and Gen Z populations are similar and together account for over 42% of the United States. They both behave in a way that makes them desirable for your roster. According to McKinsey & Company, during the last quarter of 2021, Gen Zs and Millennials exhibited spending behaviors most similar to those in income brackets over $100,000. They were far more likely than the general population to try new brands and digital shopping methods, as well as try new subscription services (see below). That means that it’s good timing to connect with Gen Z and Millennials right now through your Socialeads feed, as they may also be more open to trying your services.

Gen Z Consumers
McKinsey & Company research demonstrates that Millennial and Gen Z US consumers’ shopping behavior most closely matches that of a high-income consumer. They are far more willing than the rest of the general population to try new digital shopping methods, different brands, and visit different websites when purchasing.

Millennials Have More Spending Power, But Not For Long

Millennials Have More Spending Power
The combined spending power of the Millennial and Gen Z generations in the US is currently $1.5 trillion, according to Adroll research. While Millennials currently account for the vast majority of this figure, Gen Z is expected to catch up within a decade.

According to Adroll research of online shopper behavior, Millennials currently have serious spending power at $1.4 trillion, and Gen Z will catch up over the next decade. If you are working in finance or the insurance world, those figures should place these two generations at the forefront of your efforts to fill your rosters with lifelong clients.

In the McKinsey Podcast, ”Meet Generation Z: Shaping the future of shopping” McKinsey Partner Bo Finneman and Associate Partner Emma Spagnuolo discussed Gen Z and Millennials as consumers. 

 “… There is an authentic spirit to Gen Z individuals where I think they just really want to know and understand who they’re buying from… There’s a real shift in the generations in terms of how you even think about value delivery to a customer,” Finneman said. “Before, it was pretty easy. You could almost think about it as what does the overall price look like and the quality of the item and what’s the trade-off I’m making… now, the equation of how we even evaluate what something is worth is so much more multidimensional… it goes to societal values, it goes to status, it goes to social influence, et cetera. That dimension has become far more important than what it was before.”

How To Best Reach Gen Z Based On Its Distribution

How To Best Reach Gen Z Based On Its Distribution

Generation Z is the largest generation in American history and is often labeled as the group that was basically born with a cell phone in hand. They have always had access to technology, the internet, and social media. Negative judgments and stereotypes used against them are that Gen Zs are less social than prior generations, in addition to being “social justice warrior” tech addicts. But the reality is that Gen Z has very positive characteristics. Members of Gen Z are part of the most racially and ethnically diverse generation. They are trending toward becoming the most well-educated generation to date. In general, they are forthright with their opinions.

Basically, Gen Zs like to share. Socialeads finds the key details about your prospects based on their sharing as well as their full digital footprint – both personal and professional – so that you’ll be in sync with their passion points. Having access to the motivations of your Gen Z lead allows you to engage immediately while prospecting. Generally, you may find that they can be placed into the following categories from a 2019 study by Ernst & Young LLP 2021 (EY):

  • 22% are Authentic Activists: Activists feel obligated to save the world and are motivated to do so.
  • 5% are Carefree Constituents: Constituents look to take the path of least resistance and will adapt to the mainstream group.
  • 20% are Secluded Perfectionists: Purists who are looking to perfect what they do for the love of the craft, not for pay or accolades. 
  • 18% are Big Dreamers: Dreamers believe they will do well financially, without having to put in too much effort. 
  • 35% are Stress Strivers: Strivers are high achievers who are driven out of not being good enough. 

Once you review your lead’s profile on Socialeads and feel ready to reach out about a specific life event that requires your services, you may want to work in topics of conversation that will resonate with Gen Zs. This year’s EY survey indicates that you can reach Gen Zs by appealing to their:

  • Mental Health
    • 67% are moderately-to-extremely worried about their physical and mental health, with 42% frequently feeling anxious or depressed. Anxiety is especially an issue; for more than half (51%) of Gen Z women feeling anxious or depressed; 34% of Gen Z males felt the same. 
    • In an American Psychological Association article, Arthur C. Evans Jr., APA’s chief executive officer, stated that the high percentage of Gen Z reporting fair or poor mental health could be an indicator that they are more aware of and accepting of mental health issues. “Their openness to mental health topics represents an opportunity to start discussions about managing their stress, no matter the cause,” he says. 
  • Trust
    • 60% say most people can’t be trusted, and 48% say most of the time people are only looking out for themselves. Fifty-seven percent feel life will be the same or worse for future generations.
    • You might interpret this as a barrier to your engagement with your lead. Instead, consider how to let Gen Z know that you are transparent with your services and that you are truly looking out for their best interests. Build a professional presence where they organically spend time, on TikTok, YouTube, and Twitch.
  • Security
    • 28% of Gen Z’s lost their job since the onset of COVID-19, or someone in their family lost a job during that time period.
    • Show Gen Z’s how your services will provide them with stability both in the short and long term.
  • Entrepreneurialism
    •  45% of Gen Z’s report being very or extremely likely to start their own business one day. 
    • With this knowledge in mind, you can offer services that will help Gen Z’s accomplish their clear short-term goals in addition to appealing to their longer-term desire to be able to start their own company.

How To Best Reach Millennials Based On Their Preferences

Millennials, aged 26 to 41 in 2022, represent about a quarter of the US population. This generation is generally stereotyped as making decisions based on a life marked with hardship, leading to job-hopping. They had childhoods marked by 9/11, young adulthood at the height of a recession, and continued economic insecurity. But Millennials also have led older generations to adopt new technologies and new ways of working. 

So, Millennials are open to the new and unknown. You may discover that the best way to engage with them is by making the process as transparent as possible while tailoring your messaging to their life experience. Your lead’s profile on Socialeads gives you most of the information you will need to tailor your engagement, such as the key life event, and how long ago the life event happened. This information can give you a better idea around your lead’s mindset in regards to the life event, and whether you may be the first person to reach out to offer insurance or financial services. According to Comparecamp.com research, keep in mind that Millennials generally:

  • Apply The Personal To The Professional 
    • Sixty-five percent of Millennials say the technology they use in their personal life influences the purchases they make for their organization, which is more than previous generations.
    • This means that more than ever, strategies such as cold-calling and introductory LinkedIn chats can benefit from you maintaining a professional social media presence, and for advanced users, to consider how you might collaborate on Instagram, a podcast, or YouTube channel, where Millennials are spending time in their personal lives. 
  • Are Auto-didactic learners
    • 70% of millennial buyers define their needs before contacting a sales representative, and 44 percent identify specific solutions before reaching out to the representative.
    • Millennials may not want to wait to chat with you to learn about their options. The more information you can provide them upfront, the more receptive they may be to your services. This includes providing digital self-service options– think PDFs, a link that takes you to information on Google Drive, and for advanced users, a website.
  • Prefer Third-Party Resources
    • Millennials are more likely to use third-party resources during the buying process.
    • Although it isn’t exactly the same, you can leverage this preference through the power of the review. When you have a satisfied client, don’t hesitate to ask them to leave you positive reviews on Google My Business, Yelp, Facebook, YP.com, Better Business Bureau, and other pertinent review sites. Leads who learn about you on various third-party websites will find you more credible. After, you can ask your clients for permission to use their testimonials about what went well on your social media or website. 
  • Have High Expectations

You should have no problem shining in this department by using Socialeads. “Wow” your millennial leads by personalizing your interactions and tailoring your services to the life events and data you gather from your feed so that the nebulous “discovery period” can be discarded.

Once you review your lead’s profile on Socialeads and feel ready to reach out about a specific life event that requires your services, consider the way Millennials prefer to receive information. Compare Camp’s research indicates that you can reach Millennials by appealing to their:

  • Need for speed
    • Millennials want access to their products and services right away without exerting too much effort. Socialeads brings you the freshest leads who are currently going through a major life event or have just done so, so you can offer your services at the moment they are needed. 
    • Make it easy for Millennials by providing a simple, visually appealing comparison of the packaged services you offer so that they can quickly decide what they are looking for, and a more comprehensive guide for those who wish to research at a later date, if so inclined. 
  • Desire For Convenience  
    • Millennials are open to paying more for convenience. In the ACA 2021 report, Millennials stood out from other generations in demanding delivery options to the location of their choosing. Consider how you might capitalize on this fact so that meetings and customer support can revolve around your leads’ schedules and get them pertinent information quickly. Did we hear someone say “auto-renewal”? 
  • Desire For Quality And Luxury 
    • Millennials exhibit a “Buy It For Life” mentality — they are willing to spend more on items that last a long time. Show your leads how the payoff of your services stacks up against those lesser policies and services.

Last Tips For Using Socialeads To Engage With Millennials And Gen Zs

  1. Show Your Services To Be A Form Of Self-Care: Members of Gen Z don’t mind discussing the fact that they have high-stress, anxiety-ridden lives and feel untrusting of the world around them. Leverage this by offering your services as a way to reduce some of the stress they have around future insecurities. Nurture your relationships so your leads feel you are looking out for their best interests. 
  2. Make It Quick And Convenient: Build a professional online presence on the channels where Millennials and Gen Z’s spend their personal time. Having access to online reviews, self-education, and self-service are all high on their list of importance, so make this information available and easily accessible.
  3. Be Transparent And Authentic: Although you may not be outright accused of being inauthentic and generic, Millennials and Gen Z’s will quietly block you from their lives if anything comes off as fake. Tailor your correspondence with them using Socialeads and your client profile notes to offer the services they need. Offer them a plethora of information and be as transparent as possible with your process for lifelong clients.
  4. Prepare Yourself With Generational Analysis, But Don’t Over-Generalize: By doing a little sleuthing, you can better prepare yourself to engage with each generation as indicated by its general preferences, leading to a higher probability of getting to that first meeting. Once you do connect with your lead, throw away the generational labels if they don’t apply so that you can personalize your services to best fit your lead’s desires.
  5. As a Socialeads user, all you have to do to get started is to follow people you know and people relevant to your business on Twitter (for ideas on accounts to follow, head to our helpful Twitter Lists). Once you link your Twitter and Socialeads accounts, Socialeads’ AI will seek out your ideal leads. 

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