In the November 2019 Snapshot Survey, we asked contractors about how they adjust their marketing message to appeal to millennials, whose buying power is set to exceed $1 billion by 2020. Here's one survey question and its results from the summary report, which will be available in its entirety to EGIA members on 12/13/19.
Question: How much of your overall customer base is made up of millennials?
Marketers must reach their target audience in a way they understand. Millennials represent the largest generation in the marketplace and are less likely to engage with traditional forms of marketing communication, such as print or radio. Because they represent 45% of all new U.S. mortgages, contractors who wish to remain relevant should find ways to communicate with this new generation of buyers.
It is helpful to understand what percentage of your total customer base is made up of millennials in order to begin to tailor your marketing message. According to the home services professionals who took our survey, 56% reported that millennials make up a small amount of their customers, whereas 32% said millennials make up a fair amount. Only 3% said millennials make up a large amount of their total customer base and 10% said they were unsure.
Here's what a contractor from Alabama has to say:
“Although millennials aren't really a target demographic for us right now, we know they will be in this upcoming decade. Therefore, we are beginning to look at ways to begin marketing to them.”
EGIA has created vast resources to help you set and reach your marketing goals - visit the EGIA Best Practices Library to access these valuable tools.