As we continue this 4-part series, we look deeper into the mind of the millennial to discover who the new consumer really is. We also share the steps we as mortgage professionals can take to adapt to this new generation’s behavior in order to actually reach them.
Part 2-Technology: A childhood in HD
What we Know: Technology has changed how we live, and not always for the better.
Previous generations can remember a time before technology dominated daily life — millennials can’t. They were raised during a time when technology was beginning to monopolize our culture. Now, technology pervades every aspect of the millennial’s life, simply because it seeks to fulfill every need they (think they) have. Social media fills the role of community by keeping millennials connected, informed and involved with what’s happening to everyone they know and everyone they are interested in. Online retailers have replaced brick-and-mortar shopping with a simple click. Entertainment is now instantly delivered to us via computers and mobile devices. According to a study by Innerscope Research, people now switch between 27 different media outlets per hour when not at work. Furthermore, 65% of people’s time is spent on media platforms. Having access to infinite information meets our need to be immediately satisfied. Even though technology has made our lives easier, this constant influx of instant gratification has left its mark. Millennials have shorter attention spans, and incredibly high senses of entitlement and expectation. With so many options available to them, millennials are harder to attract and are becoming more demanding consumers.
With the advent of Yelp and other crowd-sourced review platforms, millennials have access to public opinion on almost every product or service. If they need to complain, they will do so publicly. And because internet content is permanent, a bad reputation is seen as almost a death sentence for companies. And the reverse is also true: a positive experience will lead to glowing reviews, which will amplify any company’s business. Before they invest in any product or service, millennials will do their own research, trusting their peers much more than the advertisements aimed at them.
What you can do: Dive deeper into social media.
Millennials discover and research companies on social media, so simply having a website is no longer enough. Millennials can tell instantly if a company embraces social media or not. Build your brand with a strong social media presence. Post on social media platforms daily to connect with your clients, keep them engaged by regularly writing or sharing interesting blogs, tweet weekly and speak directly to millennials. Be at the forefront of your field and you will build trust and credibility among your clients.
Positive reviews work wonders for your company, so it’s important to encourage clients to write about the experience they had working with you. You can expect their peers will be reading these reviews, and they will base much of their decision to work with you solely by reading others’ opinions. A study by Crowdtap and Ipsos Media CT revealed that millennials trust peer reviews 50% more than traditional media sources. Truth is key in today’s market and any hint of dishonesty in your organization will be met with much disdain. Now more than ever, be respectful and honest, and you will build a solid reputation for your business.
One final note: embrace e-signatures and digital transaction software. With the passage of the Federal Electronic Signatures in Global and National Commerce Act in 2000, this technology has become completely safe and secure, and is another small way in which you can update your business to meet the demands of today’s technological world.
In Part 3 of this series, we will examine the economic profile of millennials. Faced with crippling student debt, a bleak job market, and one of the worst recessions in history, millennials struggle with buying a home. By understanding and working with these issues, you can update your approach with millennial clients, and ultimately, thrive.
About Jungo Jungo offers pre-built Salesforce apps and accelerated implementation services for financial service verticals – including the mortgage, real estate, and wealth management industries. Jungo works with the World’s #1 Customer Success Platform and Partner Ecosystem to optimize its array of cloud based tools. With more than a decade of experience creating and integrating solutions for the financial services industries, Jungo is the preeminent expert in the field. Jungo’s innovative approach to Salesforce implementation helps businesses connect with customers and drive sales.Click here to schedule a live demonstration of The Mortgage App for Salesforce. Click here to schedule a live demo of The Marketing Platform.