Baby Boomers. Pre-Millennials, this was the largest generation in America, and also the most talked about. However, with the incoming sweep of Millennials, the generation that ranges from the 1980’s to mid to late 90’s, the discussion has changed from focusing on the baby boomers, to how to better target the Gen-Xers and Millenials. While baby boomers may seem to be on the verge of retirement and have no need to buy a home, it’s important for us to remember the size of this generation, and the impact they still have on the mortgage industry.
According to Freddie Mac, you may expect to see more and more Boomers interested in trading spaces, and bringing their business to you. There are three reasons for this:
- A great deal of Boomers (approx. 25 million) have reported that they are likely to move at least once more in the future.
- Movers need money—with Boomers deciding they want a change, a majority would have to look into financing options.
- Baby Boomers are a “financially confident generation.”
Now just may be the time to focus a little harder on attracting the attention of Baby Boomer movers, and here are five ways in which you can maximize your efforts:
- Stay visible
Information pulled from a study conducted by Millward Brown Digital, the majority of Boomers are more responsive to marketing campaigns they search for online, see on television, and through email. This information makes it easy to see that using one (or all) of these channels can be effective—however, it also shows that direct marketing may work as well. In order to attract the attention of your ideal Boomer, they must be able to see you.
- Share your expertise
One easy way to not only grab the attention of potential clients (in any generation), but to also gain their trust is to share your expertise. Roughly 6 in 10 Boomers read blogs or articles routinely, so this may be a strategy you can use. Blogging or guest writing articles for other publications (whether print or online) allows you to set yourself apart as an “industry leader” – someone who is experienced, knowledgeable and reliable. This is the kind of partner homebuyers are looking for.
- Understand your audience
Many of the demographics used to describe Baby Boomers are both accurate and beneficial to the way you attract their attention. Still, you must take into account what motivates the Boomers who are more likely to become your clients. Understand where they are located and how the financial services you provide can benefit them where they are (or where they wish to end up). There are certain aspects of our potential borrower that you must appeal to in order to gain their business.
Whether the reason is that they are looking to downsize after kids move away, or if they simply need a change of scenery, the Boomers are booming once again. In order to establish yourself as a trustworthy partner for the financial needs of Baby Boomers, you must first understand how they work. Doing this will give you an advantage as you begin to see more movement from this generation in the upcoming years.