Gen X oft-overlooked, but potentially valuable market
Posted On June 27, 2013
In a recently issued report, “Life insurers cast the net wider net for growth: Enter Gen X” the Deloitte Center for Financial Services touches on many of the reasons why life insurers should put more resources behind targeting Generation X buyers, a market segment they have typically eschewed. The report is applicable beyond the life insurance industry, however, as it hits on several of the stereotypes that have kept Gen X out of the spotlight for many professional services. Namely, they have a different buying structure and skeptical nature, which makes for a longer, less easily controlled sales process.
But as is the case with nearly everything generational – different isn’t wrong, just different. The company that can recognize opportunity and adapt to the preferences and idiosyncrasies of a each new generation in the workplace – or marketplace – is the one that will gain advantage.
Deloitte understands that a different sales cycle requires different tools and techniques – and a willingness to let the consumer have more control. This is the same premise behind our “Selling Across the Generations” presentation and workshops. Just because a new generation doesn’t respond to the same approaches that have worked in the past doesn’t mean they are not viable buyers; it may just require looking at the sale from a different perspective and adapting business models to meet them where they are.