Millennial Marketing 101: How to Connect With This Unique Generation
Call it a generational hand-off.
In 2014, the National Association of REALTORS® (NAR) reported that Millennials overtook Generation X as the largest share of U.S. homebuyers. And ever since, Millennials have been the dominant buying force in the housing market.
In the latest Volly Insights post, we will examine what makes Millennials so unique as well as share creative marketing techniques for better connecting with this influential generation.
A deep look at Millennials
The NAR’s most recent Home Buyers and Sellers Generational Trends report showed just how Millennials are driving the U.S. housing market. Here were the key numbers:
· Millennials made up the largest share of homebuyers at 37%. This marked the eighth consecutive year that Millennials were the #1 buying generation.
· Buyers ages 31 to 40 (classified as Older Millennials) comprised 23% of U.S. homebuyers. Meanwhile, Younger Millennials (ages 22 to 30) represented 14% of homebuyers.
· Eighty-two percent of Younger Millennials and 48% of Older Millennials were first-time homebuyers—more than any other age group.
The NAR’s report also took a deep look at this generation’s income, education levels, and buying behaviors. Check it out:
· Millennials were the group most likely to purchase in urban areas. Convenience to work and commuting costs were both more important to this generation than any other.
· Older Millennials were the most educated demographic among homebuyers. Eighty-nine percent held at least an associate degree.
· Older Millennial households had the second highest annual income ($105,600).
· When asked the most difficult steps in the homebuying process, Older and Younger Millennials were the groups most likely to cite “understanding the necessary steps,” “saving for a down payment,” and “the required paperwork.”
A unique generation
Now that you have a better understanding of Millennials, let’s dive into what you need to keep in mind when crafting marketing strategies to better connect with them. While this demographic does share many of the same values and beliefs as other age groups, it also has many unique priorities and concerns that sets it apart.
Take advantage of social media
Millennials frequently rely on social media outlets like Facebook, Twitter, and Instagram for recommendations, advice, and ideas. Therefore, maintaining a social media presence that’s professional, relevant, and engaging is essential.
Potential clients want to work with a loan officer who can guide them through the more complex aspects of the home financing process. Be sure to focus on your professional strengths and areas of expertise. Also, don’t be afraid to inject a bit of personality into your content. Doing so will help customers get to know you better, resulting in stronger personal connections.
Embrace the right website strategies
The NAR reports that 70% of Older Millennials and 65% of Younger Millennials used a mobile device for their home searches—highest among all demographics. If your website is not mobile responsive—meaning it adjusts to fit a screen, whether it’s being viewed on a smartphone, tablet, or desktop—visitors will quickly leave.
Incorporate white space and graphics to guide visitor eyes to important information. Avoid long pages that are heavy on text. And consider calls to action that feature contact forms, click-to-call buttons, and links to social media pages.
Finally, the Millennial generation is known for watching videos for information-gathering purposes. So, consider embracing video content strategies for your website. The result will be better connections with your brand and increased landing page conversions.
Take the right approach with content
The NAR reports that 70% of Older Millennials and 65% of Younger Millennials used a mobile device for their home searches—highest among all demographics. If your website is not mobile responsive—meaning it adjusts to fit a screen, whether it’s being viewed on a smartphone, tablet, or desktop—visitors will quickly leave.
Incorporate white space and graphics to guide visitor eyes to important information. Avoid long pages that are heavy on text. And consider calls to action that feature contact forms, click-to-call buttons, and links to social media pages.
Finally, the Millennial generation is known for watching videos for information-gathering purposes. So, consider embracing video content strategies for your website. The result will be better connections with your brand and increased landing page conversions.
Give Millennial buyers a helping hand
According to the NAR’s Home Buyers and Sellers Generational Trends report, Younger Millennials were the largest share of first-time homebuyers (82% distribution); Older Millennials came in second (48%). Consider sharing tools and resources that will prepare first-timers for the home financing and buying processes.
The NAR’s report also revealed that Younger and Older Millennials were the two demographics that had the lowest down payments when making their home purchases. Therefore, another example of impactful marketing content to share would be helpful tips for saving for a down payment.
Ready to connect?
We hope these marketing ideas help you better connect with Millennial clients. However, if you want to position your business for greater success, you may need to work with an industry-leading marketing partner.
This is where Volly can help. We can assist you with all your marketing needs—whether it’s social media strategies, website content, or a library of videos. Contact us today!
