The millennial generation: how brokers can adapt

by Julia Corderoy25 Mar 2015
The millennial generation is growing up, and they are going to have a huge impact on the way financial services connect with consumers. So, how should you adapt? 

According to US mobile advertising technology company Marchex’s 2015 Mobile Advertising Performance Report, financial services and insurance companies should be investing in click-to-call mobile search advertising. 

“In 2015, consumers will click-to-call directly from a mobile search advertisement more than 1 billion times,” the report says.

“In addition to mobile search, consumers will place a phone call from a variety of mobile publishers. Directories, such as Yelp or WhitePages, receive a significant percentage of their traffic from mobile consumers who will often click-to-call directly from an app or mobile web page.”

The data – which included more than 1,000,000 phone calls from January-July 2014 to Marchex advertisers in the financial and insurance industries – also revealed that more than 31% of these phone calls were from potential customers with purchase intent. Even though most advertisements were “acquisition-oriented”, a further 24% of phone calls were from existing customers.

The median conversion rate – defined as the percentage of callers that become clients or policy holders – is 9.5%.

The most effective type of click-to-call mobile advertising to attract new customers are mobile display ads, with 37% of calls from potential customers with purchase intent coming through this channel. 

“Mobile display can be an effective way to attract new customers, especially considering that by definition it is not a brand or category search,” the report said.

This is followed by mobile voice search ads (35%), regular mobile search ads (32%) and mobile directory site ads (11%).  

Millennials widely refer to people born between the early 1980s to the early 2000s, although there are no precise dates when the millennial generation starts and ends.