Making up over 28% of the population, millennials have become a market segment that can no longer be ignored. In the past, HVAC contractors and contracting companies have focused their marketing efforts on the older generations due to their established presence in the housing market and their disposable income.
While doubling down on Baby Boomers and Generation X-ers may have worked for your business in the past, continuing with this methodology could lead to the demise of your company’s long-term success. Ignoring millennials indicates that their preferred marketing channels are being ignored as well. Investing all your resources in traditional marketing techniques and failing to expand into non-traditional channels has proven to be a costly mistake for companies across all industries.
So know that you know you NEED to be marketing to millennials, the question becomes HOW?
80 million millennials in the U.S. are approaching their peak spending years; 36% of all home purchases in 2015 came from our cell-phone loving friends. You might be surprised to know that the second largest group was the Gen X-ers at just 26%, quite the gap. Millennials get a bad rap for being the generation that moved back home instead of into their own homes after graduating college. However, most young people chose this option to pay off student loans or to save up money but are now heading into the housing market in droves.
A study showed that 38% of millennials said they would rather delay a wedding to purchase a home, and the group as a whole is delaying marriage/starting a family by 10 years in order to become more stable financially before doing so.
While painted as irresponsible spenders, millennials are actually more cautious and frugal than their Baby Boomer and Gen X counterparts. While this might seem like a negative because, well, customers have to spend money for you to make money, it is very beneficial for HVAC companies who utilize discounts and rebates in their marketing tactics.
Millennials will put in the time to seek out deals and discounts and will choose the company that is willing to offer the cheapest price for the same product the competition is offering. They’re also painted as the generation with their faces in their phones, and boy will they use them to find a great deal. While they will snag a deal where they can, this generation said they care more about the quality of a product or service than the price. If you can demonstrate how your HVAC company can offer better products and service, they will spend the extra money to buy a system that will last long-term.
This younger crowd connects best with emotional appeals and creativity as well as individuality so your message strategy should tap into that if you want it to leave a lasting impression. If your products and messaging strategy are already geared in this direction, then the next step is to seek out the target market where they shop – online.
Your website should be user-friendly, mobile-friendly, and easy to find by Google search. An engaging and interesting social media presence isn’t only helpful, it’s required if you want to pull in this crowd. Be sure to monitor and encourage reviews as well, as this market rarely makes a purchase without reading what others have to say about your company.
While finding and marketing to the millennial consumer can be challenging, it has great benefits when done properly. 60% of millennials said they are loyal to their brands and will give recommendations to their peers when they have a good experience with a company – a huge benefit for technicians and companies that rely on word of mouth to keep their businesses thriving.