Do you really know your target audience? Your demographic is always changing and their demands move with the times, so it’s vital to know your customer and their needs. For example, do you know millennials as well as you should?

Born between the early-1980s and mid-1990s, millennials account for about a quarter of the world’s population and are defined as being particularly adept at using technology and social media platforms. Loan officers and entrepreneurs: here’s everything you need to know about millennials to support your marketing efforts.

Do traditional marketing methods work?

Almost 85% of millennials don’t trust traditional marketing, so it’s important to know the best way to reach them. Authenticity is much more effective, not the traditional hard-sell advertising that many other businesses have been taught.

In a report conducted by SmarterHQ, only 6.5% of millennials identify themselves as brand loyalists, and 74% of those asked said that they receive far too many marketing communications from companies. So, traditional marketing methods don’t work, but what does?

Be sociable

Millennials are big users of social media – entrepreneur and Facebook co-founder Mark Zuckerberg is a millennial himself, so it’s hardly surprising. So be active on social media and focus your marketing on reaching millennials via these platforms. Subtitled videos that can grab their attention within the first ten seconds, for example, is a valuable marketing tool.

Be sure to optimize all content for social media, but be aware that millennials are more likely to respond to shared content and recommendations from friends rather than interact directly with standard Facebook ads. So, user-generated content such as reviews, vlogs, and sponsored posts with influencers are all well worth investing time and money in.

Make a difference

A strong social presence and a brand making a difference will be what stands between you and a competitor when attempting to appeal to millennials. Many millennials want to align themselves with brands that are doing their best to make a difference.

For loan officers, it’s well worth noting that millennials are slower to buy a home due to financial challenges, which include student loans and credit card debt. Appealing to them is more difficult, which is why being a brand that is making a difference may just push them and their money in the right direction.

Be transparent

Millennials expect transparency, optimized websites, and an instant response to enquiries, complaints, and questions. Whether that’s a direct message on Twitter or a comment on Facebook, brands notice an increase in sales when the marketing process is transparent and interactive.

Your millennial demographic might very well make up a big part of your target audience. Loan officers and entrepreneurs need to be conscious of portraying themselves and their brand as a brand that is looking to make a difference – whether that be by helping the community, by donating money, or just by being very transparent and current via social media.

Do you know your millennial demographic? Do you consciously adapt your campaigns and strategy to cater for various generations’ shopping or spending habits?

https://static1.squarespace.com/static/5c61c52811f78475c8a8a6c5/t/5c6c23f16e9a7f0b4e4ad353/1550590961706/millenial+survey.pdf

https://smarterhq.com/assets/Millennials_Report.pdf