Brokers need to tailor their sales pitch to the generation they are selling, says one consultant, as a millennial has different listening skills compared to someone from ‘the Greatest Generation.’
“We have to address four generations at any one time,” says consultant Terri Sjodin, who was one of the main platform speakers at this week’s Million Dollar Round Table in Toronto, Ont. “There are four generations: the Greatest Generation, the Baby Boomers, Generation X and the Millennials. And they all listen differently.”
According to Sjodin, the Greatest Generation (those who fought in World War II born prior to 1946) are the most generous in their listening habits.
“They want us to talk slower; they want to get to know us better,” says Sjodin. “They are very generous in terms of listening.”
However, the millennials at the other end of the spectrum (born between 1983 and 2004) are more likely to be doing two or three things at once while you are speaking to them.
And it isn’t because they are disinterested, Sjodin points out.
“They are fascinating multi-taskers while listening,” she says,” and we need to be sensitive to this as speakers. They aren’t patient to sit through a power point presentation – they need to know the bullet points, usually while texting.”
The four main generational groups have the following characteristics:
The Greatest Generation (born prior to 1946)
Generous listeners, want a slower conversation. They want to get to know their insurance agent.
Baby Boomers (1946-1963)
Still rebellious, hip and edgy. Although generous listeners like their parents, they are looking for fresh ideas. They will want to go for coffee or break bread to discuss insurance.
Generation X (1964-1983)
We are the skeptics (Sjodin includes herself in this group). We start with arms folded. As children, we were given choices early on, so we want to have a choice of insurance product too.
Millennials (1983-2004)
Constantly texting, tweeting and apparently distracted, they need to multi-task while listening.
For old-school insurance brokers and agents, having someone staring into their smart phone while you speak to them can be disconcerting at least – irritating and ignorant at worst.
But brokers shouldn’t take it personally, says Sjodin.
“We need to be sensitive to this as speakers,” she says. “Millennials need to be doing two or three things at once, and it is natural for them to have a conversation in the same room with someone through texting, and never making eye contact.”
