We hear about Millennials a lot these days. It feels like they are everywhere. A generation born between the ‘80s and 2000s has entered the market as the main buying power. According to Zillow, “an overwhelming majority (69 percent) of Millennials believe owning a home is an essential part of the American Dream—more so than any other generation.” This means that you need to learn their language to make your mortgage business successful.
As a Millennial myself, I would like to say that there is nothing to be scared of. Here is our 3-step Mortgage Professional’s Guide to help you with Millennial marketing.
A digital generation
The very first step is to understand your target audience, Millennials. What do we know about them, apart from birth dates? The most important thing to remember: Millennials are a digital generation. Typically they use multiple devices and they love to be online, so they will look to find you on the web. That’s why it is very important to build your online presence and to let them get to know you before they even have a meeting with you. Get ready to use all your digital tools, like your MortgageCircles website and social media presence. There are also a lot of “email marketing is dead” discussions these days, but according to a survey by Adobe, 58 percent of Millennials say email is their preferred way to be contacted by a brand. So keep your BNTouch email campaigns tool busy and be constantly in touch with your audience online.
Personalize your content
It’s tricky to do marketing targeted to Millennials, because they love a personalized approach. Standard “one size fits all” tools won’t work here. You need to create valuable content for them. For example, you can share mortgage industry trends and insights to help them with their decisions. Here is a good one: according to Ellie Mae’s Millennial Tracker, refinances accounted for 11 percent of all Millennial loan activity in July alone.
You also need to be less about selling and more about well…let’s say “human” while talking to Millennials. So use your own words for communication and talk to them like you would to a friend. It’s also a great idea to target your audience with some non-selling content, like holiday greetings or just fun facts. You need to earn their loyalty and trust here.
Make it simple and…fun
Well yes, we know the mortgage business is not always that simple, but at least try to make it easier for your Millennial customers when you can. For example, use online forms, like our upcoming improved 1003 form. Help them with the paperwork and try to take care of things during the mortgage application process. Nobody likes to be bored with paper bureaucracy, but Millennials are even more sensitive to it. Try to make the process more fun when possible. For instance, you can use BNTouch short and fun videos to explain the mortgage application process.
Still don’t feel confident while talking to Millennials? Please don’t hesitate to contact us should you have any questions or suggestions. Reach us via phone 888-971-1117 or via email info@bntouchmortgage.com
Thank you, and let’s bntouch!
