Learn How to Differentiate Your Marketing Efforts with These Two Generations
The differences between Millennials and Baby Boomer homebuyers are numerous. Their likes, behaviors, and views vary drastically, all of which comes down to one main variable: Experience.
When we say “Experience,” we’re not talking about age and wisdom. Yes, these are important factors, but what truly differentiates Millennial and Baby Boomer homebuyers is “what they have experienced.”
Baby boomers were born post-WWII during a cultural enlightenment period. Television and the news drastically changed the way they saw the world. Throw in other “shared experiences” like the Cold War, music revolution, the emergence of technology like the computer, and several stock crashes, and you end up with a mentally-disciplined, hardworking person who is self-assured in their decisions.
Meanwhile, Millennials are a group who have seen the world transition from a basic computer technology weighing 20 pounds to a globally-connected smartphone with more computing power than what led to the first moon landing. In turn, this led to tech-savvy, team-oriented people who value convenience and experience over materialism.
A good example of this can be seen in real estate technological advancements like iBuying. Even though most Millennials know using this tech could lead to the potential loss of tens of thousands of dollars, the options of convenience and ease are sometimes valued higher by them.
That’s why understanding and implementing strategies that account for the differences in buying behavior between these groups is more important than ever for your success.
How to Market Real Estate to Millennials
Selling real estate to Millennials in Phoenix (or to any segmented group) relies on understanding how experiences fuel their behaviors. Many Millennials are much more concentrated on experiences, like concerts, than saving for a new home. Regardless, Millennials are becoming the largest homebuyer group in the country and require specific strategies and tactics for moving them away from technology and into your digital rolodex as long-term clients.
Strategies for Targeting Millennials
You need to give your brand a human face. In order to do this, figure out a way to create a two-way conversation that feels natural. How do you do this? Here are some examples:
- Write blog posts about your opinions on Kyler Murray’s season with the Cards.
- Share photos on social media of you snowboarding down Kendrick Peak.
- Create a social media post about your favorite non-profit organization asking for donations.
- Send out a local newsletter that doesn’t sell, but entertains through engaging content.
- Respond back to anyone who Likes or Comments on your content on social.
- Highlight user-generated content from clients posting about their new house in Scottsdale.
You should always consider self-promoting your brand and listings, but this should not be your main focus. Millennials do not want to be sold to; they want someone who converses through interesting content. By initiating this top-of-funnel strategy, you’ll, in turn, grow your social presence, expand your marketing outreach, and grow your Millennial homebuyer leads.
Looking to understand and expand your social presence? Check out Top 3 Social Media Platforms for Realtors. Our social media expert explains what you need to do to expand your real estate empire.
2) Optimize for Mobile and Tablet
This tactic also applies to Baby Boomers and other generations but is most important with Millennials. Your website needs to be dynamic so potential clients can look you up. The majority of Millennials use their smartphones or tablets to do research. Creating a user experience that caters to their needs will help you gain their business. The best way to see if your website is optimized for mobile and tablet is to simply take out your smartphone and go to the webpage. If you’re seeing issues, you can learn more about how to fix them here.
3) Go Where Millennials Are Socializing
The majority of Millennials are on Instagram but this could easily change over the coming years. Other social media platforms, like Youtube, could emerge as the go-to place to find your target market. You should also strongly consider being active and searchable on Facebook and LinkedIn.
The best thing to do is keep your ear to the ground and constantly keep track of where Millennials are frequenting. To keep up with social trends, use sites like Social Media Today for insight into what’s expected to be trending in 2020.
4) Create Video and Easy-to-Consume Content
Creating your own content is an amazing way to build trust with your potential leads. Simple, entertaining, and engaging material that goes beyond the “sale” and, instead, focuses on you as a brand resonates extremely well with Millennials. Yes, you should still be marketing your business. However, Millennials don’t want to be sold to. They want a story or surrounding narrative that gets away from your service and focuses more on your personal brand. Build that brand through video and written content, and you will relate better to this target market.
Learn more about how to create amazing content for real estate agents in our Ultimate Guide to Becoming a Real Estate Agent ebook.
5) Offer Them Value and Convenience
Millennials want to see the immediate value you create. Providing them convenience is a quick, sure-fire way to make an impact. Convenience can be many things. Having a user-optimized website, streamlined Customer Relationship Management tool, and a direct line of contact will make it easy for them. The less effort they have to put into decisions the more they’ll be able to concentrate on the biggest choice at hand: will they purchase/sell the home or not.
How to Market Real Estate to Baby Boomers
Baby Boomers, in many ways, have adapted to how Millennials function in both the virtual and real space. However, their differences in experiences lead to differences in their behaviors. Here’s how to target this market in a 21st-century environment.
Strategies for Targeting Baby Boomer Homebuyers
1) Direct Mail Still Works
Yes, believe it or not, direct mail is one of the best ways to generate leads from Baby Boomers. Unlike Millennials, Baby Boomers actually check their mail every day of the week and aremore likely to respond to traditional marketing like direct mail. This sales approach has lately gotten a bad rap, especially when you consider the high cost of stationery, mailing services, and your effort compared to email. Regardless, Baby Boomers feel a much stronger semantic value to this marketing tactic due to their familiarity with it.
When creating direct mail pieces, make sure to inform them in the most condensed way possible. Highlight the important benefits of your service while providing an easy-to-view phone number and email.
2) Customer Service is Everything
There’s nothing worse than a keyboard warrior posting a bad review of your customer support. Whether it’s you, a secretary, or a whole team of customer service reps, you need to make sure you have the best customer service possible for your Baby Boomer clients. Not all of them are fluent with today’s technology and will have many questions that may seem obvious to some but are not to them. Your customer support needs to be trained to deal with this target market. Otherwise, a snotty or unhelpful representative could be the difference between getting the client and not.
3) Go Where Baby Boomers Are
The best places to find Baby Boomers are on Facebook and LinkedIn. Be certain to have a strong business page presence on both, and include all the necessary information Baby Boomers may want, including your contact information, work address, and a 2-3 sentence description about your services. Be willing to reply to messages or requests. These types of inquiries are a great way to generate new leads.
Being on other social media tools, like Instagram, should also be considered. However, these media-based sites are designed for selling yourself and not your products. Consider being more explorative and personal in this space.
Other Advertising Mediums: Local Television, Traditional and Satellite Radio
4) Be Informative, Friendly, and Professional
Baby Boomers respect those who know more than they do. They are not looking for a friend or a personalized brand nearly as much as they want an amiable professional who knows what they are doing.
To convey your authority, avoid slang, cultural lingo, and pretty much any marketing that shouts “amateur.” This generation has gone through financial rollercoasters time and time again. At this point in their lives, they cannot afford to take any risks, including choosing the wrong real estate agent.
5) More Disposable Income=More Opportunity
The Baby Boomer generation has received or will be receiving the largest inheritance of money ever, giving them ample amounts of disposable income for investing. The best way to capitalize on this opportunity is to find those looking to invest and, more specifically, invest in rental income properties.
Rental income provides them the ability to create a constant revenue stream while seeing moderate growth in their property investment. If you have clients or wish to target leads like this, you should look into getting multistate licensed, as a good percentage of second homeowners buy out of state. This extra credential could help you attract and retain Baby Boomers looking to invest in a rental home.
The differences between Millennials and Baby Boomers can seem staggering, but in the end, clients are clients. They need to be cared for like any other business contact. Displaying sincerity and passion for your job and their needs will always overcome any disparities between the two groups.
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