Do Millennials Refer More Than Everyone Else?
The consensus seems to be “Yes.” We know that Millennials, having recently left their family nest, are on the lookout for brands and companies (including lenders) that are going to be the big, stable influencers in their independent adult life, which means winning their business early can be a potential goldmine for lenders. We also know that they use the internet more than other age groups. According to The Statistics Portal, 99% of Americans age 18-29 use the web, compared to just 84% of all Americans. 30 to 49 year olds hold a strong second place with 96%. For Millennials, going online is the natural way to do virtually everything: to shop, for news, for education, to date, to order food, book vacations, to be entertained and…to give their opinions on products and services. So, the question is: Does higher usage translate to a higher likelihood to refer business?
Why is this important?
As your firm looks for ways to leverage social media for organic growth, you must make a decision on how to allocate limited financial and marketing resources.
To answer the question of the day, Millennials appear to be only marginally more likely to comment on social media than borrowers in the 35-44 and 45-54 age brackets. The drop-off is only noticeable past age 55. What’s more, their brand loyalty (“Likelihood to Use Again”) is no different than any other age bracket and their Likelihood to Recommend is actually slightly lower than their elders.
Estimates of the impact and buying power of Millennials have been largely over-inflated. While Millennials are impressionable in their post-nest phase, their impact is tempered by the fact they are taking longer to “grow up”. They are getting married later and having children later and settling into careers later, and most importantly…buying homes later (if at all). They’re also saving less than previous generations. Yet, we’re temped think of them as “adults” in the old sense of the word (settling down, having families, buying homes, etc.) and cater to them as the most influential buying market. This is simply not the case…not yet anyway. You will reap greater rewards spreading your marketing resources over multiple age groups, particularly those with buying power and the intention to use it.
Learn More about MortgageSAT and how it can impact you.
Ready to learn more about STRATMOR’s turnkey survey solution called MortgageSAT, and how rich, drill-down data can help your company? Contact MortgageSAT Director Mike Seminari at firstname.lastname@example.org to learn more.