Ever been around someone who tried too hard? It's painfully obvious.
The financial services industry is guilty of this kind of behavior. Need proof? Just google the term “society of grownups” and you will need no further evidence that we're telling you the truth. I could link to them here but we make it a policy to only send our visitors away from our site when there's something useful on the other end.
Why in the world would the financial services industry be so intent on trying to hip? Well, they're scared of Millennials (the generation that spans ages 18 to 34 in 2015) are projected to number 75.3 million, which surpasses the projected 74.9 million Boomers (ages 51 to 69).
And according to research from LIMRA (Life Insurance Marketing and Research Association), life insurance companies in particular are concerned because millennials just aren't buying life insurance. At least, not as much as life insurance companies want them to.
So, a handful of companies have decided that they need to do a little skinny jean, long beard, coffee shop, wine tasting sort of thing to appeal to these youngsters. I'm not being critical of fashion choices, facial hair, or beverage choices.
But what do any of those things have to do with selling more life insurance?
When large companies try this sort of marketing it just comes off as patronizing. We have plenty more to say on the subject but you'll have to listen to the episode.
Here's a full rundown of what we discuss in episode 180:
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