“Millennials are tough to convert.”
“Millennials are critical for our health care enrollment,” says a marketing manager for a major healthcare insurer. “Besides being an important audience, Millennials are tough to convert. In fact, they’re 34 percent less likely to be medically insured.”
According to the Pew Research Center, besides having higher student debt and lower job prospects, Millennials show little brand loyalty and are cynical about most advertising. Some health care analysts call them “Young Invincibles” because, as one put it, “Most 20-year-olds aren’t walking around worrying about being sick or injured.”
“Neustar is helping us understand that audience.”
“Neustar’s audience data is very useful to us,” says this marketing manager. “Basically, Neustar is helping us understand that audience. We can segment out that 18-34 or 18-44 bucket and understand the sub-segments within that population.” Neustar customer intelligence helps to identify, verify and segment audiences. It blends demographics with data on consumer attitudes and behaviors to deliver finer insights marketers can act on.
To reach Millennials, they went beyond basic household-level data.
“We know that not all Millennials are living on their own,” he says. “A good portion lives with their parents. Neustar has a household-level file that gave us access to up to seven members per household. This let us know, for example, that two other Millennials lived in a given household. We’d have totally missed that if we just looked at household-level data.”
“With Neustar’s data we’re seeing positive results. In fact, we’re beating the national average in bringing in Millennials for applications.”
Looking ahead, “We’re going to apply what we’ve learned.”
November 2014 will bring a new round of open enrollment under the Affordable Care Act. “Neustar is providing the insights to help us understand who bought insurance during the first enrollment,” he says. “We’re analyzing those buyers, creating segments and looking for trends.”
Since so many Millennials don’t show up as heads of household, he notes, insurers need to explore newer media opportunities. TV, radio and basic online channels aren’t enough: “You need to take a certain angle with people who might be disconnected from traditional channels.”
His company is working with Neustar to ensure that ads hit their marks, largely by using pixels. “We want to know that an ad created for an uninsured young person with no children is getting clicked on by him or her,” he says. “With that kind of knowledge, available in real time, we can understand our audience’s attitudes and behavior and adjust ads in mid flight.”
As this healthcare leader continues its efforts to reach Millennials, “We’re benefiting from a whole new level of understanding.”
Pew Research on Millennials: http://www.cnbc.com/id/101476005
“Young Invincibles” analysis: http://behaviorchange.net/how-get-young-invincibles-care-about-obamacare/