There’s no denying it. Millennials rule the homebuying market. According to NAR’s 2019 Generational Trends study, Millennials made up 37% of home purchasers. That 37% represents the largest generational group of the house hunting bunch. What’s more, over 90% of this age range took out a loan to fund their new digs. As someone in the business of facilitating home purchases, it’s more important than ever that you slip on those vintage shades and start marketing to millennials. Those selfie-snapping, Instagram-scrolling homebuyers could be your ticket to a thriving business.
Marketing to Millennials
When it comes to marketing, empathy is where it’s at. Put yourself into the shoes of your target audience and you’re onto something. Everyone just wants to be understood and if you can solve the problems or bolster the dreams of your clients, you’ve created a win-win situation. Jeff Bezos, CEO of Amazon, insists that every company meeting be attended by his customers. But, it’s not quite what you think. Amazon customers aren’t entered to win a golden ticket in order to attend a coveted Bezos affair. Instead, Bezos places an empty chair in the room to remind employees of the desires of their target market(s). To him, it’s all about customer empathy. So, to begin marketing to millennials, start by considering what they want.
Millennials want to comparison shop
Millennial shoppers are used to browsing options on the web, comparing user ratings, contrasting prices and then making a decision. And, the booming subscription box industry has taken the convenience of the personal shopping experience to a whole new level. Millennials have driven this digital-convenience age of consumerism but may not be familiar with financial specifics. Now, it’s your job to bring their shopping desires to the mortgage world.
THE MARKETING SOLUTION: Be their home loan personal shopper – Broadcast that you are a home loan personal shopper. In fact, shopping for home loans based on unique client needs is what mortgage brokers do best. Why not leverage that for the perfect marketing win-win situation? You can be your millennial client’s expertly curated, one-time mortgage subscription box. That little package of suited-for-them home loan options allows your clients unique solutions, accessible information, and comparison shopping in one convenient location.
Millennials might need to take a different path
Many millennials fear that their debt burdens or uncommon work situations automatically disqualify them from the opportunity of homeownership. However, almost 80% of 2019 millennial homebuyers purchased their home without 20% down. And yet, the messages persist that they need 20% down and a w-2 paycheck to get a mortgage.
THE MARKETING SOLUTION: Banish the mortgage boogeyman – As a mortgage professional, you know that there are many ways to qualify for a mortgage. Use your expertise to banish the mortgage boogeyman. The fears listed above may not be founded. Can you help someone who has less than 20% down? Let your community know about it. Can you find a loan that qualifies someone using bank statements instead of tax returns? Market the heck out of it. Blogs and social media posts are effective venues for educational marketing like this.
Millennials crave nostalgia
Does millennial pink look eerily familiar to you? That’s because when millennials were little tots, it was known as 80s pink instead. And those live action animated movie remakes and superhero flicks didn’t make their way to the film scene by accident. It’s all because millennials – who largely drive the consumer market – are itching for heart-warming reminders of their whimsical childhoods. Millennials are even drawn to relics of the 50s, 60s, and 70s, a phenomenon known as historical nostalgia. This affinity for decades past could be a product of the millennial connection to things beloved by parents or grandparents. Again, a reminder of the warm, hazy enjoyment of their youth. Whatever the reason, historic nostalgia has driven a millennial obsession with mid-century modern décor and a resurgence of vinyl records.
THE MARKETING SOLUTION: Tap into nostalgia – Use nostalgic themes to market your mortgage services. Consider a mid-mod home tour or a superhero themed home loan education event. If you have an obsession with characters or items from the past, incorporate that old-timey connection into your public image.
Millennials want to support good causes
Despite the negative stereotypes, millennials are known for some positive obsessions as well. This age group’s consumer choices are driven by humanitarianism and sustainability. The social media age has lifted the curtain on undesirable business practices and shone a light on companies who invest in the betterment of society and nature. A 2017 study on corporate social responsibility reported that 68% of the millennials surveyed bought a product with a social or environmental benefit within the last year. The study also found that nearly 90% of consumers surveyed indicated higher levels of loyalty toward companies that support social or environmental issues.
THE MARKETING SOLUTION: Do good for the world – we’re back to a win-win situation here. You get to do good for the world and those actions should bolster your business efforts. Millennials are typically compelled by philanthropy and sustainability. Pick something dear to your heart and involve your (future) clients. For example, the Motto Mortgage network founded Motto Mission Against Hunger as a way to give back to the communities the offices in the network serve. Not only do employees volunteer at local food banks, but Motto Mortgage offices are encouraged to include their neighbors, friends, and clients in food drives. This strengthens their local ties, gets the word out about their business, helps those in need, and fulfills everyone involved.
A final note on marketing to millennials
While all the suggestions above will likely help you reach and connect to your millennial client base, there’s one more thing to consider; millennials tend to crave authenticity. It’s actually a buzzword in this generation’s vernacular and something that can make or break a purchase decision. That means that whatever marketing you decide to execute, if you want to earn millennial business, you’ll have to be yourself.
Published on October 1, 2019
