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"Generation Y" Eric Papp: How many of you want to make more money this year by a show of hands?
How many people want to serve more clients this year by a show of hands? How many people
want to look and feel younger by a show? Okay, well I can help you out with the first two,
and that's what we're going to be talking about here today is successfully selling financial
services to Generation Y, and the tools and the techniques and the tips that you will
leave here today, you're going to be able to grow your business by 10, 20, 25, 30, and
some of you even double your business. You all remember Elvis Presley and The Beatles
right? Just by a show of hands. Elvis Presley? You ain't nothing but a- right, you remember that?
Or The Beatles? Yellow submarine, a yellow submarine. Okay, now my generation we have
our music as well. We have folks like Britney Spears and Eminem. How many people have seen
Britney Spears or heard of Eminem? Not so many. Okay, let's take a look at the differences
between Gen. Y and the baby boomers. You can see up here. Eminem dressed in a undershirt,
right? The Beatles, suit and tie, coat and jacket, button down, very prim and proper.
Some of the lyrics to Eminem's songs I can not have for you today. It would be very offensive.
Okay, some words that have been said. So big differences. Also Britney Spears, right? Oops,
I did it again, okay? So you can see the difference. There's a big difference between just in the
music. Now let's look at TV shows. Take for example what you grew up watching. How many
people remember The *** Van *** Show, right? Or maybe even perhaps The Beverly Hillbillies,
right? One of America's favorite families. We also grew up with America's favorite families,
and our favorite family was The Simpsons. Bart Simpson, yes, and Bart's tagline that's
known throughout the world and that is "I'm Bart Simpson. Who the hell are you?" Can you
imagine Jed from The Beverly Hillbillies saying something like that? It just wouldn't happen.
For many of you in here, you grew up with hard work. Work hard, right? Work long and
hard, that's how you're going to be successful. You've got to burn the midnight oil. You've
got to go in early, and you've got to leave late. Okay, hard work. That's some of you
right there at your desks, right? Working late at night, head down. My generation, we
grew up with that work is play, and it is! I'm actually up here playing right now.
I enjoy this. I love this. Okay, so work is play or work less, make more. That's kind
of what our opinions are on work, alright? Today, our young folks today are being told
you are special, you are a special person, you can do anything. It's like our speaker
yesterday, the gentleman from California and he was talking about his son with the baseball
team. How he struck out a lot of times, but yet at the end he still won a trophy for striking
out. He had the same size trophy for striking out as the other kid did for hitting home
runs. Gen. Y, we think of loyalty in terms of we have to see it to believe it. We have
to have loyalty demonstrated to us before we then demonstrate loyalty to other people.
Okay, and I think Generation Y is a very loyal generation, but they just have to see it and
believe it because we have seen companies not been so loyal. We are the generation
that we've seen our parents work 20-30 years for a company, come home and get laid off
the next day. Also, Generation Y influences about 324 billion dollars a year, and think
about that for a minute. The last major decision, the item, household item that you purchased,
who did you consult with? Did you consult with your son or your daughter? Maybe you were
going to buy a flat screen TV. Maybe you were going to buy a new computer. Did you ask them
about information? Chances are you did. So very influential when it comes to dollars
as well, and then also another very important about Generation Y money is they have money.
They have about an average of 100 dollars of disposable income per week. Really the
big question lies is this, how much money are you losing by not selling your services
to Generation Y? And the next thing after you connect with them, you need to do two
things, and that is be authentic and acknowledge them. Be authentic, be who you are. If you
are a little bit dorky or corky, and you wear old clothes that you bought back in 1976,
that's okay. Be yourself. You don't have to wear glasses or put your hat to the side or
start talking the way we talk. You don't have to do any of that, just be yourself. Be who
you are, and the reason why this is so important, if you're selling financial services, because
we want to see who you are as a person. We want to see the real you. We don't want you
to put on some fake disguise to just try to be liked, okay? And why it's so important
to be authentic is because Generation Y, what we're talking about here today, the young generation,
is the most marketed generation in history. Therefore, if we are the most marketed generation
in history, we can spot a "BSer" a mile away, right? So we know if you're coming in and
just want to get in our back pockets or if you really care about us. That's the idea,
and I believe a lot of you in here truly and really care about your clients. Okay, but the
idea is be authentic, alright? The other area that you see up here is acknowledge. Acknowledge
them. When you're talking to them, they necessarily don't want to hear how many years you've been
in the practice. They necessarily don't want to hear you know that you're a member of the
million dollar round-table. I do because I know what's that about, but they don't. So
when you're talking about them, acknowledge them, make the conversation about them, and
you do this by two ways. Watch your language is the first one. Watch your language.
Be cognizant and be aware of how many "I's" as opposed to "you's" of what you're saying in your speech
to them. "I'm a member of the million dollar round-table and I've been in insurance for
the past 17 years, and I did this and I did that." Who cares, right? Or are you going
to say "you", you can ask them a question. "What's important to you? Where do you see
yourself in five years from now? You're taking a great practical approach by
buying term insurance right now. You are going to be way ahead of the game." "Generation Y"