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80 Million Reasons to start changing your marketing....Millennials.

I had a conversation with a colleague that I respect greatly today, Gary Miljour with Sunstreet Mortgage. Many of you know Gary, most days that I log into AR, Gary is there in the upper right corner staring at me. One of the reasons I respect Gary is because, even though he is a loan officer today, he is a former escrow officer. The fact that he was in the escrow world gives him a unique perspective on a Real Estate transaction. It also means that he understands what I go through on a daily basis as a title rep.

Gary responded to an earlier post of mine where I interviewed my 11 month old son Alejandro. The post was about social media and some of the challenges I face with getting my clients to understand its importance. Gary replied, in short: "I love social media, but I do not think I would ever divorce myself, from traditional print media, facetime, phone sales, pop bys and many other tools that work in conjunction with social media"

I understand where Gary is coming from, he has a business plan that is working for him, and as an excellent loan officer, Gary also has an established clientele.

When I discuss social media with my clients I try to get them to understand that typical marketing: print, phone, trade shows etc.. (outbound marketing techniques) are becoming less effective. They are becoming less effective for many reasons, one of them being social media. While I was responding to Gary's comment I was reminded of a 2008 60 Minutes segment I saw about the Mellennials. Below.

Watch CBS News Videos Online

The Mellennials are defined as Generation Y or "Generation Next". There were approximately 80 Million of them born between 1980 and 1995 and are beginning to enter the workforce in huge numbers.

"The Millennial Generation, like other generations has been shaped by the events, and trends of its time.The rise of instant communication technologies made possible through use of the internet, such as email, texting, and IM and new media used through websites like YouTube and social networking sites like Facebook, Myspace, and Twitter, may explain the Millennials' reputation for being somewhat peer-oriented due to easier facilitation of communication through technology.......To better understand this mindset, many large firms are currently studying this conflict and are trying to devise new programs to help older employees understand Millennials, while at the same time making Millennials more comfortable. For example, Goldman Sachs conducts training programs that use actors to portray Millennials who assertively seek more feedback, responsibility, and involvement in decision making." Wikipedia

What do you think , will typical marketing work to attract someone that is buried in a laptop, ipod, FB, Twitter etc.. and values friendship more than work?

mytitleguy.net

Posted by Stephen MyTitleGuy@Me.com Garner on 02/05/2010 12:15 AM

Comments (62)

mellennials, marketing, web 20, inbound marketing

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62 Comments on 80 Million Reasons to start changing your marketing....Millennials.

FEB

2010

A lot of truth in what you say. I have seen agents lose gen Y customers because they communicate with chisels and stone tablets!

That was a fantstic segment by 60 Minutes...Thank you for sharing it with us!

Hey, not everyone gets a trophy in real life!

Stephen,

This is an excellent post.

I have to agreed 100% about not being naive that social media is slowly becoming the trend. Just like I would not divorce myself from traditional methods, I also would not be naive to stop using social media. First of all its mainly free. Yes it can be quite time consuming, but that might mean to hire a good writer or marketing person to help you with creating your online marketing campaign. To be effective the 2 should be working hand and hand.

Stephen, the new social media are where the conversations are taking place. BUT, that said, the fastest growing demographic on Facebook is age 55+

I think traditional marketing working in some ways for some things, but think that it doesn't for the millenials.

FEB

2010

Generation Y is the next wave of real estate buyers so it would be wise to learn how they/we speak! Great stuff, thanks for the post.

There is not question that the trend toward online marketing is deeming some of the traditional methods less effective. Yet as it become easy and cheap to engage in online marketing, some of the old methods will stand out as less people with utilize them. As this wave is spending lots of time on the internet it is becoming extremely important to be online visible.

I remember when I was in the car business the first rule of lending was "no phone, no loan". This was for a landline phone. Boy we have come a long way.

Gary I agree that one has to adapt to the existing trend and I personally embrace social media for business and this is how I will connect with the Millennial. Hwever it would also be naive of me complely eliminate some of the tradition tools, there is a hold segement of the population that have not yet embraced the social media and some don't plan to.

Great video and post! I'm outside of this category by 5 years, born in 1975, and most of these kids would look at me like I had 3 heads. I never had trophies given to me. These people need to be slapped upside the head and told to get to work. As you can probably tell, I may have trouble communicating with them.

"I love social media, but I do not think I would ever divorce myself, from traditional print media, facetime, phone sales, pop bys and many other tools that work in conjunction with social media"

Stephen - if it works for Gary, great! Personally, I "advertise" exclusively online with websites, blogs and craigslist. Basically, you have to be where your customers are. When the National Association of Realtors statistics show that 87% of the people looking for a home first start online, it makes sense that they're also looking for mortgages online. They can research lenders, loan programs, and interest rates, and select the few that best meet their needs.

Also statistically, the percentage of people looking in magazines and newspapers for homes is in the single digits. If so, then it makes no sense to advertise there.

Facetime is still important, but you need a presence online in order to be found. And not just a presense - you also have to be found. I found that the best medium for being out front is Social Media. If you're not blogging, then you're not involved.

A couple of agents in my office do all their advertising on line. Print advertising is just about the thing of the past. I still advertise in the local properties magazine because there is several generations that picks up the magazines. I do see them being phase out over time.

Stephen,

You've hooked up with a winner in Gary Miljour! (Just my humble opinion...)

Mike in Tucson

Great post -- I have have pulled way back on print ads... I was getting nothing from them... I am now focusing on e-campaigns.. I remeber seeing that 60 minutes segment -- thanks for the link

if you do not adjust your marketing to fit your market. . .you will go broke. Nothing stays the same and our whole world is about constant changes.

I would never consider going back spending hundreds of dollars in direct media ads when I can achieve for less than half and get double the results.

Cool post. I believe social media can only grow in importance as it becomes even more pervasive and common in use for all demographics. The thing to remember about any form of communication - facebook, email, twitter and others - is the message. A good message will be heard no matter the conduit and a poor or unclear message will simply create static so whatever form you choose to participate in have a good message and be heard.

What do you think of this message? Now is the time to buy real estate at the beach because it is way undervalued, interest rates are very low, inventory is high - these are all tried and true factors that lead to great deals for people looking for a place at the beach. Check out Destin Condo News for Destin Foreclosures and Short Sales or 30A Real Estate News for 30A Foreclosures and Short Sales or Panama City Beach Real Estate News for Panama City Beach Foreclosures and Short Sales.

Love this post. I hope to enjoy a few more years of selling real estate and continue to learn new technology. Keeping/ catching up with Gen Y is at the top of my to do list.

I think that maintaining a presence in traditional marketing has value. Being able to be flexible enough to see and adapt to changing ways of networking is a must. I find that keeping an eye on where clients are coming from should dictate where the money is being spent.

Text, Twitter, and Facebook. These folks don't like email that much. To them it is a new version of snail mail.

Born in 1995? That makes them 15 years old! And they'll be buying a house on their own when? As for the ones born in 1980, I have 7 millennials living in the 3 houses next to me, all in their 20's, all still living off Mom and Dad. I'll pay my mortagage attracting people who actually can afford to buy a house!

Gary I have found a combination of social media and the old way of print and face to face has the best results. My older clients (my age) preferr face to face, while my younger clients are comfortable with email and phone and other methods of non-face to face.

Adapt or go extinct. The business is changing.

Hi Gary. In my experience many of them cannot afford to buy a home so all the Internet marketing may all be in vain if one solely targets that segment. I have comes across many of them who are unable to qualify and/or afford to buy. Some still live with their parents. I am Generation X and can relate to Generations Y and Z but a lot can be said about targeting people who may not be able to afford to buy or in some cases they have not built credit to help buy a home of their own. ~ Lana

I love technology. I don't hate social media. I do think that right now, Facebook and the like are not organized enough to allow for business.

But, my husband just handed me Purple Cow and told me I must read it, so what do I know!

As a Gen Y person, even I feel when I talk to somebody who was born lets say around 1990 that they are operating on a different wavelength than me sometimes, but its all about comfortability. I am very comfortable with an online presence and its one of our strengths.

As a millennial I can attest to the fact that we love building relationships in non-traditional ways. But I also run a business that's not just millennial focused so I do a mix of social media and traditional media. And for the record, I was never given a participation trophy and I have been working since I was 14. So not all stereotypes fit. But I do value family and "life" over work. I enjoy working but love living.

Stephen,

I think you are quite right. If that's your target audience, then you won't reach them through newspaper ads. None of them have subscriptions.

Brian

Thanks for posting the segment by 60 minutes!! I think that people are going to have to be somewhat diversified in their marketing/communication with the consumer! It is almost frightening to see how quickly things have changed! Especially in the last 10 years!

I agree to an extent, I think a combination of everything, social media and print along with old fashioned notes and phone calls work. My market area is a lot of older people, some are very technical and others do not have a computer.

I need to get on board with more social media - I've seen some other agents fully embrace it and they seem to be doing quite well. It's maybe not as comfortable for some of us as the 'old' ways but all my millenial clients so far were sourced from internet sources. Thanks for the post!

Hi Stephen~ I find this very interesting. Three of my four children are Millennial's. I am busy trying to learn the best way to find and communicate so that I can do the very best for my clients in that age group and relate to them. According to the news clip, praise is so important to them!

Thank you for your replies. I am not advocating leaving traditional marketing techniques by the wayside. If its working then continue doing it. But, as you can see from the piece by 60 minutes and the replies from other agents around the country, traditional marketing is becoming less successful. Most agents will market themselves then slow down when they get busy with deals, this creates a seesaw of business, Up then Down, etc. Online marketing is always ON. Embracing other forms of marketing now will lessen the seesaw effect on your business.

I figure the best thing I can do is to lead by example, therefore, I don't market to Realtors in the traditional way anymore (donuts, postcards, etc..). I will show and support the agents I work with in their online marketing, educating them on new online possibilities and products.

Millenials will not respond to traditional marketing, because it's never been a part of their lives. They've never read a printed newspaper, rarely picked up free real estate listing magazines.

But they are not the only people on Earth that matter, despite what many of them may think! To appeal to the rest of the world, a mix of traditional still makes some sense.

Although we work with an older clientele-- retiring boomers-- it is vital to embrace the new technology to stay current and relevant. We mix the old with the new-- and it is FUN! Kathy

As a Gen Y, I also focus the majority of my markeing online because it is what I am familiar/comfortable with however I make sure to do print & other advertising as well. I dont want all my eggs in one basket! Great post!

I was just in the business about a year and had a millenium in the car who spent the entire time texting. Did not even look at the townhouses he said he was interested in. Before that I thought i wanted to market to this segment of the popluation, that changed my mind. As has been stated here in some of the replies not many can actually be buyers. I do need buyers and sellers to pay my daily needs. 4 years later he never did buy anything stayed living where it is cheep with Mom and Dad.

Great Post. but as with any advertising, you cant rely on just one form.

I'm lucky I have a 19yr. old at home who keeps me updated !!!!!

Great post today. Thanks for sharing today. It's appreciated.

Patricia/Seacoast NH

There's no question that millenials get their information through different channels, and that requires us to add new types of marketing. But real estate is still very much a ground game that values face-to-face contact. The agent who integrates both models into their business plan will be successful.

Hi Stephen ~ I remember being appalled by the 60 Minutes segment when it first ran. I can only hope that the recession is slapping some sense into them. Fingers crossed. Thankfully in most cases the inmates aren't running the asylums yet and one can only hope that they'll grow up and lose the sense of entitlement before they're in positions of responsibility.

Liz

for some its just a matter of find what works for them and being happy with it but we do also need to recognize when we should adapt

It's like anything, you are going to get what you focus on.

Great post. I am just starting to learn about social media. It is a bit overwhelming with all of the options out there.

Jump on the train because it is not stopping! Do as much as you can or you are going to get steamrolled.

Hi Stephen -- Interesting post. Have you watched the "shift" video on YouTube? Just Google: shift video and turn up the volume. Shift2 is almost the same, but not as powerful. A bit of similarity with this post, but it's showing how fast the world is changing.

FEB

2010

80 Million says it all. Outbound marketing techniques...I like that terminolgy....will use it hereon!

If you are right that "The Millennial Generation, like other generations has been shaped by the events, and trends of its time" You must understand that the years 1980 through the present (their time) are part of my time too and that we all have been shaped, at least in part, by the same events and trends that are shaping them.

Yesterday I sold a home to a high school senior (her parents are buying it, but she is the decision maker and it will be her home for the next four years as she attends one of the local colleges) We got along just fine. I was able to listen to her and understand her needs and she was able to trust my experience and expertise. We were able to do this acoss a generation gap (actually several generations) in a face to face meeting

The social media may be the current way and it may become the best way to meet and interact with potential homebuyers but its certainly not the only way. And contrary to popular belief, you can teach an od dog new tricks

I have always responded in kind, an eye for an eye, a twitter for a twitter!

Stephen:

If used properly and understood social media works,,,we have doubled our traffic and are reaping the results..

Recently introduced to Activerain & FB. Great experience and I'm back in touch with old friends, connected in a new way with business networking and above all, making a fun connection with my grandkids.

While gen yers do love their social media/technology, they still use the tv and radio. so a mix is still the best way to go

@ Richard, Nope. TV=DVR, Radio =Satelite either way, no commercials!

Watching that segment, all I could think of was the round of assistants I interviewed last year when I was hiring. That sure explains a lot.

The future of communication is already here. Gen X and Gen Y are adapting to new ways to communicate as are the digital natives. Check out the new pbs series on Frontline called Digital Nation and see how even IBM is using the virtual reality of SecondLife to connect its global company culture and innovate.

It is not only time to change, it is time to adapt and become part of the conversation.

Just another 80 million reasons to get a iPad.

In a recent report from the Urban Land Institute the author of the report John K. McIlwain refers to Generation Y (estimated at 86 million) and claims they are less interested in home ownership and states: "They will be renters by necessity or choice for the years ahead."

Can you say apartment building?

I am glad a few others thought the way I do. These generation x, y, z have little to no money to put down on anything. They spend it on the newest techie development. I have friends whose children are coming out of school with lots of debt and living 3/4 to an apartment or living at home. They want jobs that let them do whatever they want, and many times that means low pay. My marketing area is primarily retirees or people who are looking for a second home at the beach. An agent does need an online presence but I agree that in the current market some traditional approaches still work. We get many calls where prospect don't even have a computer or it is so old that have a hard time opening email attachments so I guess it depends upon your area.

FEB

2010

Great post as usual Stephen! Thank you again for lunch!

I agree with the lack of motivation to buy. I know a young couple, married, 2 jobs. They are renting a basement apartment in a cheap building and have no aspirations at all to buy. Their excess money goes to video games and tech toys.

FEB

2010

Lack of motivation to buy are lack of education on how to buy from real estate agents? Half full or empty. As an aside I am Gen X and bought my first home at 20. Now I can afford to do what I want to do when I want to do it. Teach Gen X and Y that home ownership can allow for a more better life. Like my neighbor who rents a couple rooms out in his house and lives 5 months out of the year in Costa Rico. When he is ready to settle down his home will be paid for by someone else. Don't assume Gen X and Y wont buy a home. They will if you can present it or teach them a new way to live.

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