MARKETING Gen X and Millennials ( Gen Y )
There are two generations that fall between Baby Boomers and the up-and-coming Generation Z : Gen X and Gen Y ( also known as Millennials ). Gen X was born between 1965 and 1980 , and Millennials were born between 1980 and 1994 .
Millennials are often the most buzzed-about generation , and rightfully so with $ 1.3 trillion in buying power . Millennials increasingly prefer an urban lifestyle ( i . e ., prime rental locations , public transportation , and smaller units ).
Gen X are often bundled in with the Millennial generation when it comes to marketing because although Gen X didn ’ t grow up with smartphones and internet at their fingertips , they quickly caught on in later years . Gen X ’ rs now enjoy many of the same social media platforms and advertising mediums as Millennials do .
According to Daymon Worldwide , only 29 % of Millennials purchase or support the same brand , which is a lower brand loyalty score than any other generation . As such , multifamily brands must do more to attract and retain Millennial residents .
As a brand , you will have to constantly innovate and alter your apartment marketing strategy for this generation in order to earn and keep their loyalty .
Marketing to Millennials & Gen X
Generation Z
Generation Z — born between the mid-1990s and 2010 — are beginning to come of age , with the oldest members in their early 20s . And if they aren ’ t already , Gen Z will be the next slew of renters at your properties .
It is no longer efficient enough to list your apartment online or use traditional methods of marketing , as Generation Z has specific expectations for their new pad . From smart technology appliances to shared-space amenities , Gen Z is looking for more .
Marketing to Generation Z
Where Should You Advertise ?
Growing up in the age of technology , Gen Z cannot comprehend a time before the digital age . As such , they are often less focused and have a shorter attention span as compared with Millennials and other age groups .
They spend considerably less time accessing the internet via PCs as the vast majority of their time is spent on mobile devices . Marketing should therefore focus extensively on the most popular social media platforms ( i . e ., TikTok , Snapchat , Instagram , and Reddit ) and continuously adapt as new ones gain in popularity .
Where Should You Advertise ?
These generations enjoy most social media platforms , especially Facebook , Instagram , Pinterest , LinkedIn , Twitter , and YouTube . Some of the younger Millennials even enjoy Snapchat , Reddit , and TikTok . With such a broad range of platforms , it ’ s best to conduct interviews with your target audience to learn greater insights into the social media channels that interest your prospective and current residents .
What Should You Advertise ?
As millennials tend to wait longer for marriage , purchasing a house , and having kids , they ’ re staying in the renting sphere longer .
Similar to Baby Boomers , Millennials and Gen X are interested in communities with a prime location near major highways and area hotspots . Many are also huge pet lovers , so it ’ s important for your property to promote its pet-friendliness . They are also more in-tune with sustainability and enjoy apartments that offer recycling and eco-friendly options .
How Should You Advertise ?
Gen X and Millennials especially are tech-savvy and frequently keep up with their email . As such , email marketing and drip campaigns are a great way to stay in front of this audience . Facebook and LinkedIn advertising can also be an advantageous venue for promoting your property . While snail mail isn ’ t as important to this generation as the Baby Boomers , direct mailers can still yield results with the right design and messaging .
32 | TRENDS JANUARY 2022 www . aamdhq . org