Millennials make up a large portion of first-time buyers, so naturally they’re a great demographic to market to. The worst marketing, in my opinion, is the kind that panders to stereotypes —and there’s no shortage of stereotypes when it comes to millennials. While I’ve written before about the importance of getting to know your target audience, relying on (or believing in) stereotypes is not an effective way to do that. So, how do we really understand a demographic in order to market to them in a meaningful way? The real key is remembering that you’re working with individuals. Here are a few common millennial stereotypes, and why they’re not accurate:
Millennials are Lazy
If you’re under the impression that millennials aren’t going to do their research, put in the work, and show up prepared, you’re going to miss out on many opportunities to connect with them. I find that my millennial clients are among the most informed borrowers I’ve worked with. They do more advance research than other groups, and they often want to learn as much as possible about the borrowing process. This is why sharing useful content works best. They want to learn, and are often grateful when we take the time to educate them. More on creating top-notch content, here.
Millennials are Obsessed with Technology
Many of us might think of millennials as being glued to their screens all day. And because of this, we might make the assumption that they would prefer text or email (over an in-person meeting or a phone call) for communication. But that’s not true. In my experience, millennials value authenticity and personal connection, and they want to get to know me in order to trust me. You may find that if you offer them a choice for connecting, that they’re going to choose a face-to-face conversation (or at least a video call) over email and text.
Millennials are Entitled
You may be someone who’s under the impression that millennials just want everything handed to them — that they’re demanding and don’t respect the experience of seasoned professionals. Speaking as a millennial, this couldn’t be further from the truth. The bulk of millennials that I come across are hardworking and eager to create good lives for themselves and their families. Most millennials put emphasis on “the why” that goes behind what is happening. I think this leads them to question if the current way is the most efficient and practical way to do whatever the task at hand is. And when I use that as the basis for my marketing, I get a much better response and convert more prospects to clients.
Millennials are Not Great with Money
Yes, there is a tremendous amount of student loan debt that effects millennials, but that doesn’t equate to them being bad with money. From living through a recession to having to pay off debt from a young age, this generation is often highly in-tune with their financial needs, and arguably frugal. They’re mostly cautious, responsible borrowers who want to fully understand what they’re getting into. Rather than marketing as if they’re somehow deficient in financial matters, tailoring your marketing to address the things that affect the group overall will resonate much more.
Always remember that you’re marketing to individuals and not entire groups that share one mind. This is how you’ll avoid the pitfalls that many marketers encounter when they rely on broad, often baseless, stereotypes to inform their marketing.
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