Reach various generations—especially millennials—with your message.

Mortgage professionals are typically savvy marketing people. They have to be. However, today there is somewhat of a disconnect in the way mortgage services are marketed across multiple generations. It is well-known that millennials are a buying force in real estate, but targeting this generation while ignoring others could be a profit killer. So, how are you structuring your multi-generational marketing approach?

Generational Marketing

Generational marketing is merely an approach to customer relations management, product presentation and communication that recognizes different generations as requiring separate marketing models.

Naturally, multiple generations make up the current real estate customer base, and they are uniquely different and require a marketing approach that matches their desires, beliefs and mindset.

The sidebar on p. 23 explores the characteristics that define each generation.

How Generations Communicate

Communication plays a key role in any sales operation, and the more you refine your communication techniques, the more business you will create.

It sounds strange, but with all the options available today to reach your customers and prospects, the question is still how to reach them. Recent surveys have shown that although most businesses communicate via telephone, there is a significant segment of individuals who prefer communicating online.

Learn to reach prospective clients via email, texting, Facebook, Instagram, Twitter and other social media platforms. This approach will allow you to contact more prospects and give customers a variety of options for communicating with you.

A Forrester Research Survey showed that for individuals preferring online communication, Generation Y was the largest group at 44 percent, followed by Generation Z at 41 percent and Generation X at 39 percent. Only 27 percent of Baby Boomers preferred online communicating over interacting by phone.

The survey demonstrates that many consumers prefer to be contacted and communicated with using email or text. If your business does not use this communication strategy, you could be missing out on a large segment of the real estate market. The solution is to implement a multichannel communication mindset and policy.

Growing Up in the Age of the Internet

Millennials grew up in the age of technology. They entered their teens during the tech boom of the 90s. They most likely don’t remember not having the internet and may well be the most technically diverse population in America. Marketing to this group is a wholly different endeavor.

Both millennials and Gen Zers grew up surrounded by technology and embrace it in their daily life. By the time most of them had reached high school, their education had evolved from written books to online studies. They were immersed in the technology realm by necessity, but they quickly learned that understanding and mastering technology was not only recommended but essential to success in today’s workplace. They communicate faster and more efficiently than previous generations, and they are ready to take on the next big technological advance.

By using more online communication channels, you will be able to relay information more quickly and be readily available to answer questions or address concerns with these generations. Although the older generations may prefer to converse by phone or in person, the largest segment of homebuyers and borrowers now relies heavily on the internet for their shopping, evaluation and navigation of lending and real estate offerings.

Mobile technology has made tremendous strides in the past 10 years. With their handheld devices, people can now shop, work, communicate, sign documents and interact quickly from almost anywhere. By taking advantage of this communication revolution, you can expand your reach and provide your clients with the most up-to-date information in the quickest possible format.

Millennials & Brands

Millennials have shown that they have a dedicated loyalty to a brand. Social media can help develop and deliver a brand millennials will want to participate with. Whether it is educational, social awareness or merely a feature article about their age group, a marketing campaign that resonates with this group will elicit participation.

Most millennials are looking for the following:

Trustworthiness // Millennials look to build trust with whom they do business. So, pursuing trust with millennial clients from the beginning is paramount to a continuing relationship. Upfront honesty and sincerity, truthfulness in the process, and finishing what you begin, will help lock up a customer for life.

Online Presence // Millennials do everything online. They work online, they shop online and they pretty much live online. A mortgage company with a strong online presence and brand, coupled with online processing and customer service, will earn the respect and the business of this generation.

Peer Support // Based on the popularity of Yelp and online reviewers, millennials value the input of their peers on all types of services and products. Mortgages are no different. When the time comes to purchase a property with a mortgage, this demographic will research, review recommendations and ask friends. A mortgage company with strong performance reviews will rise in rank.

Social Consciousness // Growing up during the war on terror, and beginning their careers during the recession, millennials have a keen awareness of how small actions affect world events. They seek out and do business with companies that have a social conscience.

Exceptional Communication // Raised on technology that allows people to communicate with anyone instantaneously, it is no wonder that millennials want to converse with their mortgage lender in much the same way. More than communication, for the most part, they want to be involved in the process. Providing up to date and accurate information will go far in earning their trust.

How to Make Generational Marketing Work

Millennials are the most prominent generational group since World War II. They will become the largest homebuying demographic by 2025. They are loyal but will also move on if they do not feel their needs are being met. Real estate professionals must understand that the younger generations are no different from those that came before them in that they expect customer service, to be respected and to be valued as a customer.

While the approach to marketing may be slightly different for each generation, the message about what you provide should remain the same—effective communication, clarity, transparency, responsiveness and finding the right solution. These elements transcend generations and will help you resonate with more prospects and earn business from all generations of borrowers.