Millennials are numbering close to 80 million in the United States at this point according to Forbes. With unique characteristics and a purchase power of around $200 billion/year, it poses a unique question. How on earth do we sell homes to them?!
Let’s break down some sweeping generalizations about millennials – and address how you can fix those issues in your marketing.
Three Millennial Marketing Myths
#1. “They’re so flighty! Why can’t they just commit to a sale?”
In fact, millennials as a whole are dealing with more financial hardships than the previous two generations. Since they need to be frugal, millennials are much more likely to perform extensive research before making a purchase. Buying a home is a huge financial decision, and not one they’re likely to make on a whim.
For homebuilders, this means making sure all your information is easily accessible and correct. Your website is one of your most important tools here. Make sure buyers can read about your business, your process, and easily search through all the items you offer.
Keep in mind that research won’t be limited to just your website. Any buyer, but particularly millennials, is likely to back up their research with a third-party. Keep tabs on reviews of your company online, and make sure to respond in a timely manner to any negative comments. Many times you can turn a negative review into a positive one with some stellar customer service.
#2. “Millennials just don’t appreciate things. Why do they have to protest everything?”
Wow, talk about sweeping generalizations here. Just like the generations that came before, not every millennial is exactly the same. More and more, millennials are defying labels.
SC Media recommends keeping these items in mind when targeting millennials:
- Stay authentic – nothing discourages buyers more than a brand trying to pretend to be something they’re not. Don’t feel like you have to use “cool kid slang” to fit in. If that’s not your brand, don’t fake it!
- Research your competition. How are they attracting millennial buyers? Alternatively, how are they driving them away? Learn from their successes and mistakes.
- Invest in content-driven advertising. A strategy, not a tactic, content-driven marketing really boils down to giving out help before receiving any payment. A good example is this blog post. Millennials are far more likely to share items on social media, so easily digestible posts, tweets, and more are good ways to connect with this desirable market.
#3. “Their parents trusted us, so they should too!”
Actually, millennials are less trusting than older Americans, according to a Pew Research Study. While 40% of Baby Boomers said most people could be trusted, only 19% of millennials surveyed agreed.
Millennials can often tell when they’re being marketed to (and from personal experience, it’s an immediate turn-off when it’s far too obvious). What works instead? Befriending your millennial buyer and establishing an actual relationship will go much farther than a simple advertisement.
And it’s rewarding! Millennials are the most brand-loyal generation. Only 1% of millennials report being affected by advertising, but 62% are loyal to brands that directly engage customers on social media. Millennials don’t want to be sold to, they want advice.
Earn devotion from your millennial customers, and you could see a return beyond your wildest dreams. A brand-loyal customer is far more likely to talk you up to their family, friends, and coworkers.
What Are You Waiting For?
Get out there and revamp your marketing strategies! The millennial market is huge – make sure you’re not letting sales fall by the wayside because you don’t know how to land them.