As we conclude our 4-part series, we examine the personal viewpoints of the millennial and the circumstances that formulated their collective consciousness. This plays a major role in explaining how millennials think when making decisions, and understanding this can help us in the mortgage industry formulate new strategies to focus on millennials’ needs.
Part 4-Viewpoints: The Socially Responsible Consumer
Millennials grew up witnessing the downfall of many conventionally accepted aspects of society. Politics became entangled in controversy, large corporations dissolved among rampant corruption, and the banking and housing industries went belly up. Disillusionment grew as fast as the technology that was spreading it. These societal failings left their antecedents, Generation X, with a jaded worldview. Growing up in an environment of apathy left millennials hungry for meaning and hope. Millennials rebelled against this, choosing optimism for a better world. This is the mindset that defines the millennial.
What we Know: Millennials are a diverse and socially conscious generation.
Millennials are the most diverse generation in US history. In terms of race, ethnicity, sexual orientation, gender identification and disability, millennials were exposed very early to a varied, non-homogenous world. This widespread diversity against a backdrop of the previous generations’ uniformity created an open-minded and aware individual, committed to social change. Millennials are fundamentally interested in equality, environmental sustainability and creating a better world. This results in a demand for personal service with a connection to societal improvement. The pull toward banking with credit unions, as opposed to traditional banking, is a great example of this.
What you can do: Develop a socially conscious marketing strategy.
Millennials want to do business with a clear conscience, free from money-centered exploitation, and look to deal with real people that give back to our society. One valuable marketing approach you can adopt is to illustrate your company’s willingness to invest in your community. Philanthropy goes a long way toward showing you are an organization with a heart. Share blog posts and articles on social media to represent your core beliefs in social issues. Your clients will have a vision of you as a business with a deep social message. Notable examples are companies like Warby-Parker and Tom’s shoe company, who have both become massively successful placing social concerns at the forefront of their business models.
Prize respect above all in your corporate culture, and treat your clients and employees with the same level of consideration and appreciation. Monthly staff appreciation posts on your site or social media account will show your clients that you are not just interested in making money, but rather the people you work with.
What we Know: Millennials have been lied to countless times. They demand authenticity above all else.
For years, millennials have been lied to: from the promise of the never-ending real estate boom to the idea that a university education would guarantee a future. Millennials have an inherent, understandable skepticism. This skepticism, combined with a vast intelligence, have formed a strong-willed, informed consumer. Millennials can easily smell a rat; when they feel a company is lying, cheating or exaggerating, they’ll instantly turn on it. However, nothing is a stronger attraction to this group than a perception of a company’s authenticity.
What you can do: Be personal. Be honest. Be authentic.
Millennials are drawn toward authenticity. After experiencing so much corruption and dishonesty, realness is like a breath of fresh air for a millennial. An example of an authentic marketing campaign is when Domino’s Pizza took on a major rebrand in 2009. The restaurant had been severely struggling with its image – it was seen as a completely unremarkable fast food, with a crust like cardboard. Instead of trying traditional marketing approaches, like offering better prices or changing the new logo; Domino’s went a different route entirely – the CEO apologized. The company put out a message that they knew Domino’s was an average pizza, but that it was time for them to change. The company reinvested in recipes and processes, and put a major focus on the quality of ingredients they used. The theme was: Domino’s uses authentic ingredients to make a better pizza, and the results were staggeringly positive. Domino’s story perfectly reflects what can occur in many businesses. When marketing mortgages to millennials, we must strive for the same level of honesty in order to truly reach our clients.
Truly reaching millennials through marketing is the new challenge we all must face. Create an authentic, honest story for your brand with a strong social conscience. Show that you care more about relationships (both with clients and your own employees), than you care about money. Remember, honesty will be rewarded, so don’t be shy. If millennials relate to you on a personal level, they will respond with their business.
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.