With the housing market on the rise again and social media gaining an even greater presence in the business world, knowing just who you’re targeting and how to reach them effectively has become increasingly important. Currently, two of the largest generations in history are in the housing market at the same time, and they both have their separate wants and needs. These generations are the Baby Boomers and Generation Y.
The Baby Boomer generation is considered to be the 76 million people who were born in the period between 1946 and 1964. This generation grew out of a period of dramatic social change. They were the first generation to experience rock n roll and broadcast television, but they also experienced de-segregation and Vietnam.
Generation X are the 41 million people who were born between the early 1960s through the early 1980s. People in this generation tend to be individualistic and skeptical. They are considered the MTV generation, and they are highly educated. This makes them not brand loyal or receptive to traditional advertising methods.
The 80 million people born between 1979 and 1994 make up Generation Y. This generation is highly dependent on team work, and they have a deep trust for authority. They are influenced by the War on Drugs and September 11, 2011. They are more socially liberal, and are constant communicators who are connected 24/7.
With all of this information in mind, members of the housing industry need to be where their buyers are but still remain true to themselves. You need to have an online presence and be able to respond to potential homebuyers in their chosen medium quickly. Buyers today expect us to already know about them, and they want to be engaged in a conversation with you, not just being hassled to buy a product from you. Establish your expertise with them through credibility and transparency, and customize your presentation to prove you know what they want and what they need.
Your marketing plan should be one cohesive unit with your website or blog in the middle of it all. Everything you as a company post online automatically becomes part of your brand, and your brand should not just be limited to one outlet. You also need to be dedicated to the social media outlets you choose because your potential homebuyers will notice. Your clients will engage you in conversations through these outlets, and they will pay attention to how you choose to and how quickly you respond to them.
With all of these different generations and their varied wants and needs, it can be hard to pinpoint how to best reach them. In general, Boomers are better reached through more traditional marketing methods such as referrals and open houses, as well as traditional ads on the web. Generation X prefers looking at listings and photos online or at blogs that offer expert advice, while Generation Y wants to learn more through social media outlets and videos.
In terms of the housing market, Generation Y members are buying homes at an earlier age than Generation X did. This generation wants to be close to their friends, family, jobs and social centers, but they are also willing to spend more on their first home to get everything they want. They expect the same amenities they had in college such as a gym, walking trails, pool, etc., and they are more likely to search for information online and to be influenced by their parents.
As far as amenities go, Boomers expect state-of-the-art kitchens, large walk-in closets, whirlpool bath tubs, fireplaces and swimming pools. These same amenities are the top expectations for Generation X. However, Generation Y also wants a games or billiards room because they are all about the social aspect.
Responsibility to your client doesn’t end as soon as you make the sale. You need to keep them engaged. Make sure your new homeowners are connected with you in all of your various social media outlets, and update these outlets with information relevant to them as homeowners. Provide them with information about ongoing activities, special events, new local businesses and more. You need to maintain your relationship with them through all stages because they are going to be your biggest advocates for potential new homebuyers.
Whoever you are trying to market, one thing is for certain, you need to make sure you are connecting with your client in a way that makes sense for them and in a way that establishes you as their go-to expert and even friend. You also need to have an online presence because all of today’s generations are online. But, your online marketing strategy is going to ultimately depend on just who you’re trying to reach.
For more information on this topic or to get your online marketing campaign going, contact Marketing RELEVANCE.