As citizens born and brought up in the Digital Age, Millennials are a tech-savvy generation that is hugely influenced by Social Media. Most of them don’t remember a time when it didn’t affect their lives and thought processes, and influence their decision-making about everything – from fashion to buying a home! With social media playing such an overwhelmingly vital role in Millennial decision making, it is no wonder that businesses are investing and relying heavily on online marketing strategies to corner this very crucial consumer group!
To target Millennial buyers, sellers must first understand their relationship with social media and then adapt their marketing strategies to take advantage of the information gained. That being said, it is not so much promotion and advertising that makes a difference. Instead, this generation values sincerity, peer and influencer recommendations, and values. Facebook, YouTube, Instagram, Twitter are some of the most popular media sites through which Millennials gather, communicate and share information, knowledge and opinions.
According to a Forbes report, 62% of Millennials are more likely to buy from a brand advertised on social media, so companies with effective online marketing strategies can expect to boost their sales considerably.
What Millennials Value
- Peer Recommendations – Millennials are heavily influenced by peer recommendations when shopping online. They trust peer product reviews over company marketing gimmicks and according to one Study, 71% of them are more likely to make an online purchase if it’s recommended by others.
- User Generated Content – Millennials are also strongly influenced in online retail by user generated content that is created by total strangers. This is a huge trend across businesses right now, from fashion to travel to real estate, where companies are partnering with social media influencers and popular bloggers to increase their visibility and strengthen their branding. So for example, a leading property developer may partner with a leading real-estate website in order to boost his sales or at the very least to increase the visibility of his projects. Companies may even elevate effective influencers to ‘Brand Ambassador’ status and use them in promotional content.
- Brand Reputation & Sincerity – Millenials prefer brands that engage with them meaningfully on social media rather than just straightforward promotions. A Gartner study indicates that 84% of Millennials are more likely to become brand loyal if a company engages with them, sincerely, on social media. Brand loyalty in turn can boost sales and recommendations.
- Value for Money – Value is Key! With the Internet at their fingertips, millennials have access to prices, consumer ratings, pictures, and user comments and are extremely effective at finding good deals. Businesses that showcase their competitiveness in these fields will benefit more than those that don’t.
Targeting Millennials in Real Estate
As an important consumer group, both globally and in India, Millennials are major drivers of the real estate market. They are at the age where they are advancing in their careers and improving earning capacity. Many of them live with family, saving money for down payment on their own future homes. They are also more financially aware than their predecessors and have made ‘work-life’ balance a priority. Most Millennials (almost 85%), begin their investment journey into real estate with an online search for properties, through websites and apps. Consequently, developers/agents without a visible and credible online presence can lose out on these crucial promotional tools within this important investor group.
- Facebook – Specific and targeted Ads based on location and interests on Facebook can prove very effective in generating interest in real estate projects. Facebook Live can be used for a more interactive experience and direct engagement with potential investors.
- Instagram – High-quality images and videos of projects posted on Instagram are also a great way to generate buzz around projects. Insta-stories can serve as an effective snapshot for projects and individual properties. Prospective investors can enjoy a virtual tour of the selected property with the touch of a finger!
- Twitter – A more general way to increase online presence is by setting up keyword searches and alerts for common real estate terms and phrases on Twitter and other search engines and answering property related queries that are asked on these portals. Over time, this can increase awareness and interest in your business.
- Websites & Apps – Although these cannot be categorised as social media sites, most large property developers and real estate companies now maintain websites that offer in-depth information, not only on projects, but also on the business itself and how it is run. Most sites also include a blog component where investors can find articles very much like this one, on every aspect of property investment!