Generational Sensitivity. Four Repetitive Generational Threads. Gian Hasbrock, MIRM Director of Training, Rose and Womble New Homes, Suffolk, VA

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1 Generation X and the Millennials: Unlocking the Secret of Sales Success Dawn Michele Evans, BA Vice President, Director of Marketing, The Evans Group, Orlando, FL Gian Hasbrock, MIRM Director of Training, Rose and Womble New Homes, Suffolk, VA IBS08 Orlando, February 15, 3:30-5:00 pm Generational Sensitivity Generations react differently than their predecessors or successors to Architecture Design Marketing Understand cycles to predict reactions Four Repetitive Generational Threads GIs Civic-minded heroes, Silents Adaptive artists, Boomers Reflective prophets, Generation X Reactive nomads, Millennials Civic-minded heroes,

2 Generation X Under protected in youth, they over-protect as parents Family focused Highly independent Society s s free agents Savvy, perceptive Self-confident, pragmatic No Excuses. Why Ask Why? Just Do It! Xers new slogans are more than ad campaign headlines Risk averse Exalt strength Elevate impulse Contemptuous of weakness and compassion Survivors, realists not idealists Looking for security Selling to Generation X Appeal to their emotional need for security Emphasize their purchase is protecting their family Right here, right now instinct for urgency Pragmatism will necessitate flexibility: the second generation suite Create sense of community; permit them to root Avoid moral authority Invoke their toughness 2

3 Tips and Strategies What works with Boomers will fail with Xers Remember their predisposition toward technology and diversity They are not anti-authority authority but do not like to be told what to do They will see through hype They re experiencers Home is no longer just a place to keep their stuff; it s s where their families take root Get Real The Millennials Now entering housing market in huge numbers Protected, pressured, celebrated in youth Confidently rebuilding institutions and community Wired worldwide through Internet global connectivity Influential, powerful in numbers, G2B Tired of culture wars, multicultural Selling to Millennials Not through Mass Marketing They ve been inundated with ads since birth and are over it Celebrities or authority figures don t t work Influenced by and Connected to their Peers Engage in viral marketing Use MySpace, Facebook and YouTube Make it easy to your floorplans so they can get their friends opinions 3

4 What Millennials Hate; What They Love They Hate to Wait They grew up with microwaves. Meal preparation of a half hour is so last century Insure your website loads quickly Respond to s the same day; even better, the same hour They Love Personalization Ringtones,, CDs, even shoes Show how options can change rooms Let them place their furniture on virtual floorplans Tips and Strategies Use guerilla marketing Equip the homes to handle electronics from laptops to ipods Accentuate a balanced lifestyle They are not hard-charging workaholics like Gen Xers Prime candidates for infill or transit- oriented development with amenities Maintenance free Uncompromising on quality Home as hang-out Fewer rooms, more flexible space The not-so so-big house Why should you care about these buyers? combined they are twice as large as the Baby Boomer Generation and buying homes at a faster rate; they make up 46% of the United States population, totaling 119 million buyers with an annual spending volume of over $700 billion; in the United States, 40% of buyers aged own their homes, while 57% of all year olds own their own homes. This market segment cannot be ignored and we must begin to understand their ideology, values, and rules to be able to sell them a home. 4

5 These buyers are highly educated individuals motivated consumers culturally aware tech savvy resourceful responsive to trends. Gen X ers X grew up with the advent of computers, cell phones, and the video games Millennials have never known a life without these conveniences As consumers: they don t t just give lip service to Free Trade, Animal Testing of Products, and conscience eating will spend the money on high-ticket items, but only after careful research they embrace technology and the benefit it brings to their lives,, not just professionally but also socially They thought: they would never live to see a war that terrorism would never touch our shores What defines each generation Where were you when...? For the Baby Boomers: the assassination of President Kennedy and the Vietnam War For this Generation: the Space Shuttle explosion and Balanced Lifestyle: They are returning to a balanced lifestyle, unlike the workaholics they call parents. They may work hard, but they don t loose sight of the idea that happiness in life is dependent on varied v interests and an active social life. Purchases Made Now: They do not wait until they are married to make major purchases. Do NOT Sell to Me: Defined by sarcasm and skepticism, they are not immune to marketing, they just won t t be sold hype and many companies have failed to adjust. I I hate being sold is very hard to sell to, so how does this relate to home buying/selling? 5

6 Their major motivating factor for home buying is: Equity! To them homes are a mechanism to build wealth. They fully intend to be in a new home for less than five years. These buyers intend to own more homes than any other Generation, equating to sales, sales, and more sales! But how do we take all of this market research and understand these buyers and provide them with appropriate, viable, and saleable homes. Energy Efficient & Sustainable A Balanced Lifestyle 6

7 Location, Location, Location Well Defined Style Style is Important in Every Aspect 7