In our last installment, we talked about what millennials want, what they’re looking for from you as a mortgage professional and how you can attract and engage them on their path to home ownership.
If you missed it, click here to view it. Now let’s take a look at what ‘not’ to do if you want to win the hearts and minds of millennials.
No one wants to be told what to do, what to like and what to think. That is especially true of millennials, who have an instant aversion to anything that smacks of ‘marketing’.
The ideal way for a Millennial to first experience a product or service is to discover it for themselves. Discovery is social currency; you can spend it with friends (or wider) and increase your personal brand.
With the Internet and social media playing a huge role in their lives, millennials are all about social status and sharing their personal information with others. They have a social network that is more than 4 times the size of the typical Gen-Xer.
A survey conducted by Annalect found that 47% of Millennials who owned a smart phone discovered brands from someone else following, liking, pinning or tweeting information on social media. This means marketers (you) need to create a positive and shareable brand experience that facilitates social sharing with other consumers. You need to give millennials a reason to spread the word.
Don’t just push “the lowest rates” or “fastest turn times.”
Don’t just tell them it’s a 30-year fixed FHA or 10/1 ARM. Demonstrate how selecting the right loan for their specific lifestyle and situation will make them feel.
This generation likes solutions, so your brand has to reassure them that you can solve their problems and prep them for the next life stage of home ownership.
Anyone can offer a loan programs. You want to position yourself and the content you produce as helping millennials to solve the problems they face on their journey towards home ownership.
Presenting Yourself / Mortgage Solutions:
Don’t cut corners on your image and customer facing engagements.
Good design and user experience is a minimum expectation. We live in an era that is extremely motivated by visual stimulation, which explains this generation’s craze over social media.
Presenting your loan scenarios, options and analysis in a visually engaging and professional manner will capture the attention of millennials and your content will be “share-worthy.”
Products like Mortgage Coach, video, web based meetings and others tools are a good resource for creating a positive and engaging visual experience that helps milliennials discover new things along their home-buying journey.
> Don’t attempt to succeed exclusively with direct mail because millennials do their research online.
> Don’t send mass emails because millennials are looking for personalized solutions to their questions.
> Don’t blatantly sell through social media.
Millennials don’t want to be sold.
They want to engage in a relevant, authentic exchange that educates them and provides meaningful guidance towards helping them make an informed decision.
So has this information been helpful? Would you like more content on millennials for yourself and to share with agents – to help them understand how to succeed with millennials?
Leave your comments or questions.