Unless you live under a rock, you know that Millennials are buying a record amount of homes. The perfect storm has converged with one of the largest generations entering the home buying phase of life, combined with an unprecedented opportunity for homebuyers to capitalize on work from home opportunities which has allowed them for the first time to truly live anywhere. This has provided an opportunity for a generation that struggled to afford homes in the large cities where they work to move to areas that are more affordable. Millennials will be the dominating generation for a while and it’s worth understanding what makes this generation tick!
Have you wondered what motivates millennials? We pulled a few pieces that we think are key from a Gallup report, How Millennials Want to Work and Live. We will also dive into some of their favorite brands and what they are doing right to engage this highly sought after age group. We will also give you some advice on what our industry can do to reach them.
Key Things To Know About Millennials
- Millennials are not as brand loyal as previous generations.
- Millennials value a balanced life and are more likely to chart their own course even if it is different from their friends.
- Millennials demand a lot from the brands that they do business with and have an expectation that brands design the customer experience around their needs.
Top Brands That Millennials Love
Amazon is a no-brainer and on the top list for most generations these days, but how did Amazon oust favorites like Apple?
Our thoughts: Amazon is the place where you can find everything. Millennials have been called the “Kaleidescope generation.” The vast uniqueness of what they want has made it difficult for single brands to reach. In addition to having everything, we think personalization and an intuitive design has been the key to success. Amazon curates content and suggestions based on user behavior making it much easier for buyers to make decisions. Easy access to reviews also makes it easy for home shoppers to make a decision.
Key Takeway: Homebuilders should consider making sure that they are listing their homes on a major hub like NewHomeSource which is where most home shoppers will end up searching for a new home. Having interactive content and ratings and reviews from a Third Party verified site like TrustBuilder will also help Milliennials quickly make a decision on whether or not they feel that they can trust the brand to deliver on their expectations.
Apple wins an easy second as a favorite brand. Who else can deliver a social life in the palm of your hand?
Our thoughts: Apple delivers on the promise to blend work and play. For a generation that does everything online, Apple provides a way to do everything and do everything well. The seamless way that devices connect makes it a complete solution that doesn’t leave room for competitors.
Key Takeaway: Millennials really do want to buy everything online and in their own way. Builders that adopt technologies that allow them to edge closer to buying a home from start to finish online via interactive floor plans, interactive site plans, room visualizers, and online design centers all with a single sign-on will win over this generation. Holding out on content in hopes that they will schedule an appointment is a tactic that will likely frustrate more than help.
If the rise of athleisure wear wasn’t enough, Nike is a brand that Millennials believe lives up to their promises and makes the world a better place.
Our Thoughts: Nike understands that talk is cheap. Most millennials are skeptical of marketing and are less likely to take a brand tag line at face value. Nike chose to influence through consistent positive messaging and values that are near and dear to Millennials' hearts.
Key Takeaway: Millennials have a strong preference for companies that are committed to making the world and their lives better. Builders that invest in communicating how new homes are better for the environment, are designed for modern living with updated floor plans, and gives them options to design a home in a way that adapts to their needs will win this group over.
About the AuthorMore Content by Alaina Latiolais