According to Pew Research, millennials have officially eclipsed Baby Boomers as the largest generation. What this means from a business standpoint is that the audience you are marketing to has changed. And given the fact that the younger generation that now wields the strongest buying power also happens to be a relatively fickle group, this can be a challenge.
Add to this the fact that millennials have markedly different opinions and preferences about housing, and property managers have had no choice but to shift gears. If you’re looking for newer (or better) ways to reach younger prospects, here are a few suggestions.
Millennials are the first native generation that was brought up on social media. It’s all they know and it’s a substantial part of their lives. In fact, the average American adult spends about 142 minutes on social media every single day. This provides tremendous opportunity for marketers of every industry – property management included. If you aren’t already, make sure you are incorporating social into your marketing strategy.
When people talk about content, they tend to think primarily of written and visual material. But there’s another angle to take here, and it’s one that happens to be quite popular amongst Gen-Yers. We’re talking about podcasts. And you don’t have to host your own, either. To the contrary, getting a popular host to mention and/or promote your property management services could do wonders for brand recognition and lead generation.
Become a Sponsor
Video is among the most heavily consumed content today, with YouTube running the show. But managing a channel isn’t easy and it’s becoming increasingly difficult for content creators to profit from their work. As such, more YouTubers are turning to businesses for sponsorship. For property managers looking to reach more millennials, this is a match made in marketing heaven – especially since YouTube sponsorship doesn’t have to be a long-term commitment. (Check out Collabspace to get started.)
If you’re not yet familiar, native advertising is a form of paid ads that’s designed to closely match the host content. If you’ve ever been on social media or reading a blog post and noticed links to other “recommended content,” congrats. You’ve experienced native advertising. Simply put, native ads are less salesy and more natural. And because of this, they tend to be much more successful – particularly with millennials. For property managers looking for an edge, it’s well worth looking into.
Given the fact that they’re now the largest generation, marketers can no longer afford to ignore millennials. Employing the four strategies above should help forward-thinking property managers gain the traction they need to remain competitive, both now and in the future.