According to Goldman Sachs, the millennial generation is the largest in American history! Although exact dates that define this generation vary, this demographic is generally made up of those born between 1980 and 2000. Many of these are in their prime purchasing years, specifically home-buying years. How can you reach out to this demographic? Here are a few things to keep in mind when marketing to millennials.
You’ve probably heard a lot about millennials, and the words entitled and lazy may have even been used. Although this generation kind of has a bad rap, it’s important to realize that they’re also one of the most educated and socially adept generations ever! Along with this, they are reaching their prime consuming years, and, more specifically, their prime home-buying years! How can you adapt your strategy when marketing to millennials? Here are some things to consider when you advertise to millennials.
Who Are Millennials
This generation spans about 20 years, from around 1980 to 2000. But, stop and think about that for a minute. That’s 20 years! Although they may all be lumped into one demographic, 20 years is a long stretch of time. An Entrepreneur article, “Never Say ‘Millennials’ Again — They’re Not a Single Demographic,” reminds marketers that this generation contains very different types of people. Just marketing to “millennials” in general isn’t going to work. With some of the generation being in their mid-thirties and others just getting out of their teens, they have had very different life experiences and have different goals, wants, and needs.
According to Goldman Sachs, Millennials are more connected than any other generation. With their smartphones always within reach, this generation is constantly texting, emailing, instant messaging, posting, and blogging.
This generation also has less income and more debt than any other generation at this age. They are facing low employment levels and high rates of student loan debt.
What Millennials Want
Millennials want transparency. They want an honest conversation. When marketing to millennials, throw out the sales pitches and cheesy ads! They want more personalized information.
Millennials are extremely social, especially when it comes to social media. According to Goldman Sachs, 34% go to online networks before they make a big purchase. In fact, an Inman article said that millennials are more likely to trust a brand that is active on social media and will do online brand research before deciding to become a client. Make sure that your online presence is strong and will result in a good first impression.
This generation extensively focuses on health and wellness. They put a lot of time, resources, and energy into this portion of their lives.
One other thing to keep in mind with millennial marketing is their financial situation. Because millennials have less money and more debt, more are choosing to rent for the time being, but hope to buy in the future. The American dream of owning a home isn’t dead; millennials are just having to put this idea on the back burner for a little while. HousingWire found that those millennials who are making home purchases are usually turning to FHA loans.
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What You Need to Do
As I mentioned before, this group consists of a lot of different people. Instead of focusing on an age group, find your own niche and then market to those that fall under it. For example, if you love the look of ranch-style homes, focus on those that love these homes as well. Make sure that you use social media to post photos, and maybe post a video of you touring one!
To really hone in on this generation though, you must BE WHERE THEY ARE! Millennials are online and are mobile. Make sure that you are active on your social media accounts, that you have a strong online presence and that your website is mobile-friendly! Doing this will make sure you STAND OUT!
Remember, millennials have a lot of debt and not a lot of income. Be aware of this, and showcase homes that they could afford.
Most of this generation was also affected by the 2008 crash and remember it well. It’s important that you build up their trust. Show them that you know what you’re doing and can help them! Build a relationship with them (virtual or personal). The importance of this cannot be overlooked! When it comes to marketing to millennials, it’s all about the relationship!
Don’t overlook this powerful generation coming to the surface. Find what you do best and start to reach out to them. Build their trust and make sure you have a strong brand. Although many millennials are only renting now, maybe you can help some fulfill their dream of owning a home!