They’re known for their digital expertise and social prowess; but did you know they are also known as the largest percentage of homebuyers? According to NAR’s 2021 Generational Trends study, millennials made up 37% of home purchasers. Also, over 90% from this age range took out a loan to fund their new digs, which means the millennial market could still be your ticket to a thriving business.
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. Ultimately, creating empathy is where you begin to make a connection with prospects. So, when it comes to marketing to millennials, start by considering what they want.
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. That means helping your clients understand more about the process lands on your shoulders.
THE MARKETING SOLUTION: Be their 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.
Many millennials fear that their debt burdens or uncommon work situations automatically disqualify them from the opportunity of homeownership. However, from ages 31-40, about 90% of 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 loan.
THE MARKETING SOLUTION: 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. Using a combination of empathy and short, powerful social media posts can help you garner more interest.
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 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. Whatever the reason, historic nostalgia has driven a millennial obsession with mid-century modern décor and a resurgence of vinyl records.
THE MARKETING SOLUTION: Use nostalgic themes to market your mortgage services. Maybe it’s a blog post with a superhero theme or a social post comparing your services to a tv show. On Halloween, you could even dress up as character from the 1990s and share with your audience.
Despite the negative stereotypes, millennials are known for some positive obsessions as well. This age group’s consumer choices can be 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. While millennials are compelled by companies with philanthropic endeavors, don’t just do it to bring in business. Do it because you want to and it helps make a difference. This organic way of impacting your community can then in turn help customers know you care more people, not just business. 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.
*This blog post has been republished with permission from Motto Mortgage:
https://www.mottomortgage.com/blog/marketing-to-millennials-a-guide-for-mortgage-brokers