Marketing Monthly | August 2017: Selling to the next generation
In this issue:
- Transferring the family cottage
- How to compensate and motivate millennials in sales
- Here’s what it takes to get a millennial to buy life insurance
- Why a millennial should have life insurance
Transferring the family cottage
The family cottage should invoke memories of warm weather, sunshine, and happiness. Unfortunately, for some, estate battles or family fights surrounding the cottage can tarnish these positive memories upon the death of the owner of the property.
Family fights over the cottage property may be contentious, as cottages can hold significant financial and sentimental value. Generally, cottages have been in the family for generations, and family members may develop an emotional attachment to the property, making it difficult for people to treat it in a rational fashion, as they might in respect of any other estate asset. Thinking about the cottage in an emotional rather than rational way may cause additional difficulties for individuals who find themselves in a fight over the property. Furthermore, with the recent boom in the real estate market, the transfer and/or sale of a vacation property can result in onerous tax liabilities for one’s estate or the individual(s) in receipt of the vacation properties. To assist in avoiding complications regarding the inheritance of a family cottage, it is advisable to plan for its disposition well in advance of the death of the owner of the property.
How to compensate and motivate millennials in sales
As the world of work becomes smaller and people become more connected, there’s a trend toward companies striving to create something that exceeds monetary value; from the culture, to the product, and everything in between. This is especially evident in sales positions, where mantras like “always be closing” might seem trite or impersonal to an engaged twenty-something.
As Millennials begin to gain majority representation in the workforce, it’s time to come up with some new sales aphorisms– ones that respond to this generation’s desire to learn and grow at work. As part of this process, we should recognise and address certain assumptions about Millennial workers.
Here’s what it takes to get a millennial to buy life insurance
Joseph Shonkwiler, the proud father of newborn twin boys, owns a life insurance policy.
Like many millennials, the policy was not a priority for the 34-year-old from Cambridge, Massachusetts, until the twins were due. He will start paying down close to $200,000 in student debt after completing his MBA from the Massachusetts Institute of Technology’s Sloan School of Management.
A study from Life Happens, a consumer group formed by insurance providers, and LIMRA, the life insurance trade association, found that 29% of millennials cited saving for a vacation as a priority over purchasing life insurance or increasing their coverage. And 60% of millennials said it was more important to pay for expenses like Internet access, cable, and cellphones than purchase some or more life insurance.
Why a millennial should have life insurance
Millennials have plenty on their plate as they save for retirement and pay down loans, but here’s another concern: Do they have enough life insurance?
It’s no secret that 20- and 30-somethings are holding off on some of the traditional milestones that would warrant buying life insurance. The median age in 2015 of individuals getting married for the first time was 27.1 for women and 29.2 for men. The mean age for women having their first child in 2014 was 26.3. This age group has also postponed homeownership.
Nevertheless, there are several reasons why you might want to consider taking out a life insurance policy when you are young — and you can do it on the cheap.
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