Why (and How) to Target Your Mortgage Marketing to Millennials

The next generation of homebuyers are millennials, and you need to target your mortgage marketing accordingly. Here's how to do it.

Mortgage Marketing to Millennials

Traditional mortgage marketing methods may well have worked in the past, but in today's changing world, those methods simply no longer work.

Unless you've been living under a rock on a desert island in the middle of nowhere, you'll be all too aware that the marketing world has changed.

As a result, businesses of every kind, and all of their marketing efforts have got to change too.

Mortgage Marketing

For mortgage brokers, there is one undeniable certainty.

The next generation of homebuyers is millennials.

Millennials represent the largest pool of potential homeowners for the foreseeable future.

For you and your business, targeting this demographic isn't simply an option, it's essential.

But, where to even start?

If you're looking for some expert mortgage marketing advice, you've come to the right place. 

In this article, we're sharing our comprehensive guide on how you can boost your ROI and reach those mortgage ready millennials in the process.

Ready for your crash course?

Great! Let's get to it!

Mortgage Marketing and Millennials

Who are Millennials?

Born between the early 1980’s and mid-2000’s, Millennials are finally coming of age.

They are making career decisions, beginning to start families, and they're at a juncture in their lives where they're ready to make important decisions.

Millennials are considered the best-educated generation, but that education has come at a price. As a group, millennials are carrying some of the highest debt levels in history, including student loans, credit card balances, etc.

Millennials Grew Up in the Technology Age

Millennials grew up in an increasingly technology-driven world. This is one of the most important factors to consider in your mortgage marketing efforts.

They are not like previous homebuyers. They grew up surrounded by technology and it forms a huge part of their lives. In many ways, technology has shaped their life.

They interact through technology. They shop with it, work with it, and create with it.

The average person spends more than 118 minutes a day on social media. Millennials take this to another level entirely.

The average millennial spends 5.4 hours on social media a day. And, in total, millennials spend an enormous 18 hours a day consuming all kinds of media on their phones, computers, and tablets.

The average millennial spends 5.4 hours on social media a day. And, in total, millennials spend an enormous 18 hours a day consuming all kinds of media on their phones, computers, and tablets.

Millennials are truly the first tech-driven generation of our times.

This has major implications if you are to market them successfully.

Mortgage Marketing: Strategies to Target Millennials

So, now that we know all about millennials, let's have a look at some strategies to use to market them effectively.

1. Social Media

In terms of SEO, Social Media is the monster in the marketing room. Your task is to recognize the importance of that monster and to leverage it in ways that can help your brokerage business.

Social Media dominates the life of a millennial.

Because it infiltrates their life in such a profound way, you don't have an option here. You have simply got to implement a social media marketing campaign. It has to become a priority of the highest importance.

But, implementing a mortgage marketing campaign isn't enough. That campaign has to have specific goals.

It must seek to do all of the following:

  • Engage
  • Enthrall
  • Stimulate
  • Entertain
  • Inform

In the ever-transforming online world, if your mortgage marketing doesn't do all of these, it will not yield you the results you're looking for.

2. Content Marketing

In social media marketing and in all your marketing efforts, your content speaks for your business. The question is, what is it saying?

The past few years have changed the game in terms of content. It is a huge factor in all SEO services and consumers of all kinds have now become accustomed to receiving high-quality, high-value content across all the media platforms at the touch of their smartphone screen.

To reach Millennials with your mortgage marketing content, consider some of the following forms:

  • Blogs
  • Videos
  • Images
  • How-to Guides
  • Infographics
  • Illustrations
  • Case Studies
  • Ebooks
  • Memes
  • Newsjacking
  • Podcasts

As a rule, the content your business provides must be at the very least on a par with, but preferably, even better than everyone else's.

Many Millennials will be unaware of the advantages of home ownership. Many won't know how to even go about getting a mortgage to begin with.

This gives you a wonderful opportunity to feed their curiosity, to provide them with information, and all while you entertain them at the same time.

3. 24/7, 365

Millennials are very much an "on-demand" generation. They are used to receiving information wherever and whenever they want it, 24 hours a day.

If they reach out to you across any platform - be it social media, email, etc - be ready to provide them with a quick response.

This is absolutely vital for your mortgage marketing efforts.

Why? Because if you are not willing to provide them with the information they want, when they want it, be assured that somebody else will.

4. Stand for Something in Your Marketing

Your marketing efforts have got to do more than simply sell a mortgage product. They must speak to who you are and what you stand for. You must be authentic in everything you do.

One of the best ways to market your services is to tell a story about your business.

Storytelling is almost as old as the world itself, and all human beings are wired for good stories.

Stories engage us. They entertain us.

In some ways, they cast us under a spell.

When considering your mortgage marketing efforts, you must think about why your business exists and what values you stand for.

Millennials don't just buy a mortgage, they pay huge attention to the values your business represents.

Deciding what you stand for immediately allows you to differentiate your brokerage business from competitors. You can then set about crafting a story that articulates that message.

The story you tell must be compelling, it must be clear, and it must be spoken with one unified voice across all marketing platforms.

Mostly, it should speak to something greater than ourselves.

5. Consistency, Consistency, Consistency

Marketing to Millennials requires that you be consistent in all that you do. Now and forever.

Because Millennials are constantly engaged in all kinds of media across every imaginable platform, if there is even a hint of inconsistency in your message, they will spot it a mile off.

So, you must be consistent in everything you do. You must be consistent with every post you share, with every interaction you have, and with every advertising campaign that you embark upon.

Everything you do has got to be in complete congruence with your message all the time.

Consistency is key. Everywhere. All the time.

6. SMS Messaging

SMS mortgage marketing is a superb mass communication tool, and it's a fantastic way to get in touch with your prospects.

It's the ultimate in permission marketing because, in order to send out text messages, you first have to establish a database of subscribers.

As a result, the only people who will receive your messages, are millennials who have actively opted-in to your communication.

Using SMS marketing allows you to connect directly with your potential customers at a time that you find most opportune.

When you use SMS Marketing you have the potential to:

  • Instantly communicate with Millennials. They're always on their smartphone, after all
  • Increase your overall customer base
  • Provide rapid, important information
  • Increase existing sales
  • Promote loyalty
  • Reward loyalty
  • Establish a connection with Millenials
  • Nouris that connection

Of course, reaching the Millennials is only half the battle. Getting them to engage with your message is another important matter.

In this area, the true power of SMS marketing shines.

When you send an engaging text message to a millennial, they will almost certainly open it and read it. With other marketing options, customer engagement doesn't come close to this.

Consider email for example, where the read rate varies from anything from 20 - 30%. With email marketing, you might craft the perfect message, and you will probably pay to send that message.

But if your customers are not opening the email, you are not getting anything like the same level of engagement.

The shareability of your message is also of huge importance here. For Millennials, sharing is caring.

An interesting text message with great information presented in a superb way is easily forwarded to friends.

If you get your message right, - so if it's funny and engaging - the millennials themselves will share your message with their friends. In this way, they become your marketers themselves.

Mortgage Marketing and Millennials - Attracting Customers One Tactic at a Time

If you can find a way to put all or even some of these tips into practice, you will probably never have to do the hard sell ever again.

The Millennials will come to you themselves.

Attracting a large following of engaged Millennials takes time, effort, consistency and creativity.

But, you are in this for the long haul and you are more than up to the task.

We hope you've found this article helpful. Should you need any further expert advice, reach out and talk to us.

We're a true mortgage marketing agency, and we're always here for you.


Mortgage Broker SEO Guide

Optimize Your Website and Start Generating Targeted Traffic Today!