BANK AND CREDIT UNION MARKETING

The Right Way to Approach Millennial Homebuyers

The Right Way to Approach Millennial Homebuyers

With Millennials now representing one third of all homebuyers in the U.S., it’s time to get serious about attracting these potential mortgage customers.* But where to start? After all, research has made it abundantly clear that Millennials typically don’t respond well to traditional marketing tactics. (We’ve discussed the matter ourselves both here and here.)

However, just because traditional marketing tactics are ineffective for Millennials doesn’t mean you should write off promotional efforts altogether. It just means you’ll have to get a little more creative when trying to connect with this generation. Here are some ideas:

1. Prioritize information.
Though Millennials hold little to no regard for blatant advertising attempts, they feel very differently about helpful, relevant information – and that’s where our millennial home-buying guide comes in. Containing articles related to credit scores, house-hunting tips, financial guidelines and more, this guide will serve as a useful tool for Millennial homebuyers. Plus, it will illustrate your mortgage expertise and clearly demonstrate your commitment to going above and beyond to truly help young buyers. (Bonus: Our guide is available in both printed and digital form, so you can connect with Millennials via multiple channels.)

2. Show your personal side.
Millennials want to feel a personal connection to their financial partner, instead of having the sense that they’re working with a faceless, money-hungry, corporate banking goliath. With this fact in mind, consider sharing videos of your mortgage lenders (either on your website or via social media channels) where they offer insights about themselves and the home-buying process. This will help Millennials develop trust in your lenders and in your financial institution as a whole.

3. Host an event.
It’s no secret that Millennials value “experiences,” so why not host an event at your financial institution? An educational homebuying seminar will offer Millennials an opportunity to meet your lenders in person while experiencing first-hand the in-depth knowledge of your staff members. However, keep in mind that if you market the event as educational, you should follow through on your promise. Don’t use it solely as an opportunity to market your mortgage products, or your audience may feel tricked into attending and no longer trust that you have their best interests at heart.

4. Follow up.
What’s one of the best ways to earn the trust of Millennial homebuyers? By checking in with them after they’ve already closed on their mortgage. Your gesture – whether it be a phone call or letter – will show your Millennial customers that you truly care about their long-term well-being. This, in turn, will hopefully lead those customers to seek you out again for future financial needs, and it may even motivate them to recommend you to their friends and family members.

Need help with your Millennial marketing efforts? We’re here for you! Just give us a call at 800.777.1663 or email us today at info@imageworksdirect.com.

*Source: https://news.cuna.org/articles/115110-connect-with-millennial-homebuyers?utm_source=real_magnet&utm_medium=email&utm_campaign=4%2520ways%2520to%2520connect%2520with%2520millennial%2520homebuyers

Posted by Molly Kant - April 10, 2019