School is back in session and it is time for your first assignment. Ask yourself: Is adding “Millennial Marketing” to the top of your to-do list way past due?
Why “Millennial Marketing” Is Important
Numbers matter and money talks. Millennials have just squeaked by Baby Boomers as the nation’s largest living generation, according to population estimates release in April by the U.S. Census Bureau. It is also projected that by 2018, Millennials will be bring home an annual income of approximately $3.4 trillion as a generation – while Baby Boomers will have a generational annual income of $2.8 trillion at that point. If that’s not motivation enough, think how the technology industry flexes to the preferences and needs of Millennials… not to mention the fact that a large part of the tech world is actually run by them as well. If Millennials don’t matter to your brand, they just might leave you behind.
Millennials Value Connected Relationships
Millennials were the first generation that grew up “connected,” a great deal of them being exposed to the internet very early on in childhood. It was quick and simple to create relationships not only with individuals in their schools and communities, but with people across the country and even the world. As a result, Millennials value relationships. Not just with people, but also with brands. They want to feel a real connection with the companies they do business with.
Modify Your Marketing
You might be surprised to learn that growing up this connected actually has a profound impact on a person’s development. “Technology has altered cognitive functioning for everybody, but nobody more so than youth,” states Kit Yarrow, author of Gen BuY and former Chair of the Department of Psychology at Golden Gate University. “Our brains are forming when we’re young, and because they’re so immersed in technology, their brains are literally different than other people’s.” That’s right, millennial brains are actually different. And so must be your marketing.
It’s a no-brainer that your first step should be going social. It’s where Millennials live. But what you do after setting up your Social Media accounts matters the most. Millennials are experts at sniffing out sincerity. You will need to find a balance between establishing yourself as genuine while also not spending every waking moment focusing on it.
Kill Two Birds with One Stone
Consider moving some of your usual activities online. Social Media tools are constantly expanding and being refined to provide a personal experience with wholesale value. Let’s talk Snapchat for a second. A opportune series of snaps can provide an excellent picture and narrative of the listing, and additionally even your style and personality. With the added bonus that Agents can review who viewed each snap, it provides a simple way to start a conversation about a property and follow up with interested parties. Have you heard about Facebook Live? You can easily schedule and broadcast a live video tour directly to your followers on Facebook, whose users lean heavily towards the Millennial generation.
If you haven’t already reached out to the Millennial generation, the time is now. Because by 2018 Millennials will hold more buying power than any other generation. Begin building relationships today – and you won’t regret it.