{"id":2483,"date":"2023-02-28T08:00:07","date_gmt":"2023-02-28T13:00:07","guid":{"rendered":"https:\/\/www.thelightstreamgroup.com\/?p=2483"},"modified":"2023-03-09T13:25:56","modified_gmt":"2023-03-09T18:25:56","slug":"get-gen-z-and-millennial-prospects-engaged-with-spotify-part-1","status":"publish","type":"post","link":"https:\/\/www.thelightstreamgroup.com\/old_bak\/blogs\/insurance\/get-gen-z-and-millennial-prospects-engaged-with-spotify-part-1\/","title":{"rendered":"Get Gen Z and Millennial Prospects Engaged With Spotify (PART 1)"},"content":{"rendered":"

Could targeted Spotify ads help your insurance company to break through the noise?<\/p>\n

With over 240 million listeners enjoying an average of 25 hours of ad-supported content every month, Spotify is the world\u2019s leading music and podcast streaming platform. And while online and mobile streaming continues to grow in popularity across all age groups, most of Spotify\u2019s users are under 35, making it the perfect medium for reaching Gen Z and millennial prospects as they go about their daily routines.<\/p>\n

What\u2019s more, Spotify makes it easy for advertisers to fine-tune their audience with advanced targeting tools that go beyond the usual demographic and geographic parameters. With flexible creative options, a minimum spend of just $250, and access to real-time analytics, it\u2019s easy for insurance companies to get started with their first Spotify campaign \u2013 and Lightstream is ready to help.<\/p>\n

Sound intriguing? Read on for more info about the importance of engaging Gen Z and millennial consumers and how Spotify can drive that goal.<\/p>\n

\ud83d\udce3 FAST FACT: Audio ads drive <\/em>24%<\/em><\/a> higher recall on average when compared to display ads.<\/em><\/h3>\n

 <\/p>\n

5 REASONS TO DIAL INTO GEN Z AND MILLENNIAL PROSPECTS<\/h2>\n

While they may not have hit peak profitability yet, reaching and retaining younger account holders is vital for future growth. Here\u2019s why:<\/p>\n

    \n
  1. They Dominate the Population: <\/strong>True to their name, the Baby Boomer generation (born 1946\u20131964) was the biggest in the U.S. until 2019. Since then, they\u2019ve been gradually overtaken by millennials (born 1981\u20131996) \u2013 and when you add in Gen Z (born 1997\u20132012), these younger generations make up the majority of the population. For insurance brands looking to forge enduring relationships, demographics are destiny.<\/li>\n
  2. Many Are in Their Prime \u2018Adulting\u2019 Years:<\/strong> The term millennial<\/em> might still conjure up images of disaffected youth, but many are now nearing or over 40, well-established in their professions, raising families, and in the market for insurance products such as auto, renters or homeowners, and life insurance. A significant portion of Gen Z is entering the workforce and holds immense potential for driving the growth of insurance companies.<\/li>\n
  3. They Desire Security: <\/strong>For many in these generations, the Great Recession was a formative childhood memory or a major roadblock on their early career path. Whether their parents were among the millions who lost their jobs or homes, or they experienced serious setbacks themselves, Gen Z and millennial consumers crave the kind of stability that an insurance company can help them achieve.<\/li>\n
  4. They Desperately Need Guidance:<\/strong> A study<\/a> found that 80% of Millennials and Gen Z wanted to talk to an insurance agent to get a better understanding of their insurance plans. What\u2019s more, only one-third of Millennials surveyed felt that they were \u201cinsurance savvy.\u201d Insurance companies have a valuable opportunity to build brand awareness and trust as a guiding voice on these topics by reaching Gen Z and Millennials on their preferred channels.<\/li>\n
  5. They Value the Service at Which You Excel:<\/strong> For all their talk of tech, younger consumers desire genuine human connections for more complex topics\/purchases. When it comes to insurance needs, they\u2019re more likely than their Gen X and \u201cBoomer\u201d counterparts to demand personalized attention, continuity, and convenience. As a member of an industry focused on customer service, that is already one of your strengths.<\/li>\n<\/ol>\n

    \ud83d\udce3 FAST FACT: 47%<\/em><\/a> of Gen Z and Millennial insurance policyholders are open to sharing data from their smart home devices with their insurance provider to receive customized products and services.<\/em><\/h3>\n

    \u00a0<\/em><\/p>\n

    5 WAYS TO AMPLIFY YOUR MESSAGE WITH SPOTIFY<\/h2>\n

    Here\u2019s how you can use this popular audio platform to engage with your ideal audiences:<\/p>\n

      \n
    1. Go Mobile-First: <\/strong>What better way to promote your company\u2019s digital services than on a digital channel? Position your Spotify ads to focus on your tools that make common tasks easier, like making payments, receiving quotes, reviewing policy limits and coverages, and filing claims. In combination with broader messaging, this can boost brand awareness as well as your credibility as an insurance company that keeps up with people\u2019s busy lives.<\/li>\n
    2. Focus on Device Type: <\/strong>As we\u2019ve noted, Spotify\u2019s overall customer base trends young. But you can further home in on Gen Z and millennial audiences \u2013 while avoiding any potential age-related targeting restrictions \u2013 by sending ads only to mobile devices. Boomers may be the fastest-growing segment of smartphone owners, but they\u2019re still at 61%, while Gen Z and millennials make up the bulk of the market, holding steady at around 95%<\/a>.<\/li>\n
    3. Target by Topic:<\/strong> Most people equate Spotify with music, but it\u2019s also increasingly the go-to platform for podcasts \u2013 especially for members of Gen Z, who prefer Spotify to Apple\u00ae Podcasts by a wide margin<\/a>. This presents an opportunity for highly granular targeting, like serving up more sophisticated messaging to fans of business, investment, and insurance podcasts. It\u2019s also a good way to educate younger consumers about the importance of life insurance and other types of protection.<\/li>\n
    4. Seize the (Micro) Moment:<\/strong> Audio is integral in many everyday activities like driving, studying, cooking, cleaning, and exercising. Many users have specific playlists for these tasks, and you can target them by keyword to deliver perfectly timed pitches. Plus, you can take advantage of Spotify\u2019s contextual targeting capabilities to deploy multiformat campaigns that display complementary video and still-image content when users are actively scrolling.<\/li>\n
    5. Tap Into Psychographics<\/strong>: Custom playlists can also reflect transitory moods and mindsets. Someone listening to a playlist named \u201cCalming\u201d might appreciate a lowkey message of reassurance, while \u201cSummer Dance Mix\u201d might call for something more irreverent and celebratory. Creative options like these are great for A\/B testing \u2013 you can try out two very different approaches and see which one drives more conversions.<\/li>\n<\/ol>\n

      Stay tuned for Part 2<\/u><\/a>, where we\u2019ll cover the different types of Spotify ads and tips for crafting ads that inform, entertain, and convert.<\/em><\/p>\n

      \ud83d\udce3 FAST FACT: Lightstream currently serves dozens of insurance companies from coast to coast.<\/em><\/h3>\n
      \n

      Since the earliest days of streaming, search engine marketing, and social media, we\u2019ve been helping insurance companies use powerful tools to their fullest potential. What are you hoping to achieve with your next marketing initiative? Reach out<\/a> to our digital strategists today, tell us your story, and find out how we can support your goals.<\/p>\n","protected":false},"excerpt":{"rendered":"

      This leading music and podcast streaming service can be a valuable channel for insurance companies to reach Gen Z and millennial prospects.<\/p>\n","protected":false},"author":7,"featured_media":2491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wds_primary_category":9,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-2483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/posts\/2483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/comments?post=2483"}],"version-history":[{"count":2,"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/posts\/2483\/revisions"}],"predecessor-version":[{"id":2519,"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/posts\/2483\/revisions\/2519"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/media\/2491"}],"wp:attachment":[{"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/media?parent=2483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/categories?post=2483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thelightstreamgroup.com\/old_bak\/wp-json\/wp\/v2\/tags?post=2483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}