Marketing to Millennials has been an industry buzzword recently; much due to the recent downturn of the economy where marketers looking for specific ways to reach out to customers. Thanks to data available on customer behavior and insights derived from the trends.
Marketing to and acquiring millennial customers have significant impact on the future of many businesses including banking due to;
- The sheer size of millennials - 83.1 Million in 2015
- Influence on family and friends, leading to their impact decisions
- Known to be “Digital Natives”, they are tech savvy
- Easy to reach millennials - internet on mobile
- Brand loyalty and promoting the brands they follow
- Highly educated, gradually leading to higher purchasing power
- Millennial women have a strong start in the labor market leading to greater household income.
- Though millennials have joined the workforce during a tough economic period, they are optimistic.
With a traditional industry such as mortgages, ongoing customer acquisition is vital. Positioning to the expectations of the customers, just like any other industry, makes mortgage companies rethink the overall business strategies. Since millennials have different expectations in the way how they are marketed to, delivered services, serviced after sale and how the company is perceived by the public, changes in strategy and attitude across business functions have become mandatory for survival, then to thrive.
With a web and mobile friendly platform that enable millennials to apply and track their loans, the strategy is only half way. The other half, convincing millennials that how doing business with a mortgage lender fits into their life, beliefs and culture can be done through reaching out to them, engaging and conversing what is important to them.
Here are some of the major Go-to Market strategies to reach out to millennials;