Over the last year, interest rates for home mortgages have been at an all-time low, coming in at as little as 2.68% in December 2020. And with many people spending significantly more time at home because of the pandemic, buying a house — especially for those who have relocated out of denser cities — has […]
Over the last year, interest rates for home mortgages have been at an all-time low, coming in at as little as 2.68% in December 2020. And with many people spending significantly more time at home because of the pandemic, buying a house — especially for those who have relocated out of denser cities — has become a more practical option than renting. In August 2020, home sales shot up to reach a 14-year high.
Millennials in particular have made their mark on the real estate business, as they now make up the largest share of home buyers in the country, according to the National Association of Realtors. However, many businesses that service the home, like HVAC contractors, report that they do not make millennials a priority audience for their marketing campaigns. This is their loss, especially since millennial homeowners are at their fingertips on social media and digital platforms, where targeting younger demographics is a breeze.
So, if you’re in the business of home renovation, DIY tools, residential energy efficiency, or HVAC, consider the following when marketing to millennials — a generation eager to take you up on your services.
Millennials are a digitally native generation. A global survey conducted by the Global Web Index in Q3 2020 looked at more than 66,000 internet users and found that millennials ages 24–37 spent an average of 2 hours and 30 minutes each day on social media alone.
If your brand is not capitalizing on social media, digital ads, and OTT options like streaming channels to reach millennial homeowners, you’re missing out on crucial brand awareness and conversion opportunities.
In addition to actively targeting specific audiences, be sure your SEM strategy is up to par, as millennials are big online researchers. Back in the day, newspaper and yellow pages ads may have cut it, but that’s all switched over to online search engines now. Ensure that your areas of interest and/or operation are prioritized in any search your brand may be relevant to.
And once you’ve got your lead on the hook, you can ease their journey to conversion by communicating on the platforms that are most convenient for them; this may be SMS text, video chat, or a website chatbox. From getting a quote for a solar installation to matching a desired paint color, millennials value seamless communication that meets them where they already are in the digital realm.
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To accommodate growing families, remote work, and even houseplant obsessions, millennials are big into remodeling and DIY renovations — they’ve even been coined the “renovation generation.” Compared to both older and younger groups, millennials are 3X more likely to take on home office projects and additions. It’s imperative that contractors and home service providers take these trends into account when fleshing out marketing campaigns.
This could mean kitchen remodelers including messaging around spending more time cooking in the kitchen since dine-in options are still limited around the country; or perhaps construction companies advertising the ease of adding on a home office to accommodate remote work. Even video-based consultations can be a deciding factor for homeowners concerned about social distancing or eager for ease of access to an expert.
No matter the product or service, using digital marketing campaigns to introduce ideas for how millennials can improve their at-home lifestyles may spark interests homeowners didn’t know they had, bringing them closer to converting.
The millennial homeowner is no stranger to “going green” — this messaging has been prevalent throughout much of their life, so much so that 73% of the generation is willing to pay more for sustainable products. Green features are especially popular when they’re sure to lower utility bills in the future.
During the pandemic, 34% of homeowners have made their homes more environmentally friendly, with half of that percentage being millennials and Gen Z. On average, millennials are going to spend $10,000 this year alone on home improvement projects, and they recognize that their return is greater if those projects include eco-friendly materials and products.
So whether you’re offering the installation of more environmentally friendly heat pumps, solar panels, or even sustainably harvested hardwood flooring or low VOC paints, make a point to emphasize that your products are eco-friendly to further appeal to millennials. This angle may be even more effective if used to support social media campaigns, as those platforms serve as a hub for eco-conscious consumers proliferating sustainable home improvement solutions.
As a digitally native generation, millennials easily take to social media trends, especially those that are good for their wallets, the environment, and lifestyles at home. Tapping into the right channels with messaging relevant to millennial interests can improve the performance of your campaigns and attract the consumers who hold the most spending power in the economy.