When it comes to moving, millennials just may be the next big thing. Not only do millennials represent 25% of the U.S., they also wield more than $200 billion in buying power (source). And to think… many of them haven’t even graduated yet.
So how can you reach the millennials in your neighborhood? How does this demographic approach the big moment of moving? And how can you make sure your company is offering a set of benefits that really resonates with them? Read on.
Millennials on the Move
While people of this particular generation have gained a name for moving back home – “boomerang” being the operative word – millennials aren’t staying in their parents’ basements.
They’re not necessarily buying houses… yet. Many millennials will be renting for a while. But over the next five years, they’re projected to spend $1.6 billion on home purchases, and whether buying or renting, this trend away from parents’ homes means that millennials are moving.
How to show them you have what they’re looking for? Two things.
1. Get your values in line.
What do you stand for? To millennials, it matters. If your employees are unhappy, and it shows … or if your communication practices are deemed less than authentic … then be warned, millennials are likely to distrust you.
2. Speaking of value… bring it.
Study after study has shown that millennials are not boomers. The idea of “brand loyalty” is kind of illogical: They’re not in it with you till the end. Millennials are constantly scanning for value. Which means, to build a millennial customer base, you’ve got to bring value, every single day.
- Competitive pricing. Millennials are happy to browse your offerings, but they’re going to price-shop before they commit. Make sure your rates can stand the test.
- Straightforward pitch. If you’ve got a competitor who can beat you on cost, don’t hide from that. Instead, make it clear why you’re charging more. With a logical pitch that’s both upfront and unapologetic, you project a straight-talking business personality that resonates with your audience – while simultaneously differentiating yourself based on the value you offer.
- Social presence. Millennials use digital media to talk about their experiences and to research their options online. Be there for them. Make sure your website is easy to find online and that your social media is active and current. Create a robust online presence to answer questions, resolve concerns and offer deals.
- Value-added options: Be ready to offer Millennials every service they may need – from packing their boxes to insuring their valuables.
While you’re sharpening your competitive edge, don’t overlook the value of a strong insurance partner. Ask us about third party moving insurance, self-storage insurance and full value protection insurance options.