Everyone’s talking about Millennials, and it’s clear to see why: they’re becoming the largest generation to hit adulthood, and will soon have more buying power than Baby Boomers. Over the next five years, Forbes reports this group of 19-36 year olds will be 50% of the workforce, jumping to 75% by 2020. While younger Millennials will be finishing college and getting jobs during that time, others will look to settle down, start families and buy homes. So, how do you take advantage of this shift in the market, and attract Millennial buyers? Here are 3 ideas:
- Meet them where they are. Even though many marketers, employers and even parents treat Millennials like they’re never going to grow up, many already have. Forbes also says Millennials have been “raised in a world of choices,” and “they have lots and lots of options in all aspects of their lives.” This means their path to adulthood will look vastly different from Baby Boomers’, and even Generation Y’s ascent to the top. This is why it’s imperative to focus your marketing efforts to where Millennials’ values lie, instead of where society expects them to be. This may mean more single person home buyers, or non-married couples with children who want a non-traditional home. As a real estate professional, you must tailor your tactics to give them exactly what they need. Provide this, and they’ll be social about it—telling their friends, and remembering you in the future.
- Give them what they want. One of the biggest “needs” for Millennials when they’re buying a home is affordability, according to Millennial Marketing. This means they see a home as a “lifestyle choice,” more than just a place to settle down, or as an investment in the future. Many Millennials are living closer to their work, and to activities and central parts of towns. Here’s a Millennial stereotype that fits: offer up the technology. Because this group has grown up with technological advances during their entire lives (and probably can’t remember not owning a computer), this will be a central need in any Millennial’s home. This can be something as simple as outlets that include USB ports, to smart appliances. If you’re selling a home without these features, play up the possibility of enhancing current technology in the future.
- Connect on Social Media. Most Millennials are active on social media, whether it’s Facebook, Twitter, Instagram or Pinterest. Connect with them on these sites, and prove to them why you deserve their business. To find out which social media sites are best for your company, check out HSA’s guide to selecting the right social networks for your business. It isn’t enough these days to market without social media, as the times change so should the way you market your business.
The possibilities within the Millennial generation are nearly endless. Because this is such a social generation, connecting now could mean exponential growth with your own business through referrals and repeat business in the future. For more on how to effectively use social media to enhance your business, check out HSA’s Social Media Resource Center.