Event Recap: YPN Presents | Generational Sales with Justin Knoll
Missed the event? We got you covered. See presentation highlights below.
On January 11th, Justin Knoll of The Knoll Team, and president of Madison & Company taught the class, Generational Sales: Working With Every Generation of Real Estate Consumer. In this class, Justin outlined the five core things that make up who we are as individuals:
- Adversity
- Diversity
- Technology
- Economy
- Complexity
With these core facets of human interaction, Justin proceeded to explain how they relate to each generation and how it helps us get answers to three big questions: How to people spend their money? How do they make decisions? And how to they communicate?
Understanding how all this relates makes it easier to build a foundation of knowledge important to each generation group, and to facilitate meaningful and profitable relationships.
GI Generation
The GI generation is made up of the individuals who fought in World War II, and are often called "The Greatest Generation". Today, their buying power in the marketplace is largely negligible, however they are very influential in the buying decisions of others, specifically their family members. While as a whole, this generation is the most price-sensitive, they are extremely loyal to brands.
The Game Plan:
- This generation can almost exclusively be reached via traditional efforts. Direct mail, note cards, and drop by's are some of the best way to begin a connection with them
- They trust their life experiences and gut feelings. Take this opportunity to listen to their stories, and apply it to their search and process
- Always remember the power of influence; build a relationship with their family as well
Silent Generation
As the smallest generation of the 20th century, this group is often overlooked or grouped into the GI or the Baby Boomers generation. However, they have their own preferences like any other group does.
95% of this generation is retired, and as such, they are slightly less price-sensitive, though still require the same "tangible relationships".
The Game Plan
- Similarly to the GI Gen, they have mostly negligible buying power, however have strong influence on their families.
- This generation prefers smaller, simple, and maintenance-free homes.
- Build real relationships - make time for a 60 minute coffee meeting at the least.
- Follow up using phone calls, along with handwritten notes.
Baby Boomers
This is the second largest generation, with 75.4 million individuals in America. Additionally, they are one of the most coveted consumer bases - second only to Millennials. Unlike previous generations, this group is open to new media, so much so that the are considered "Digital Immigrants". They are focused on every type of real estate opportunity, which makes them a deeply valuable base.
The Game Plan
- Mail and note cards are a must - as a generation that is open to multiple types of media, this helps solidify a personal relationship.
- Text, email, and social outreach campaigns do well. Social is a great platform, as most of them use social tools to communicate with their kids and grandkids.
- Direct mail with a CTA to a deal, a newsletter with a video can prove to be effective tools.
Gen X
One of the first generations to be considered "Tech Bilingual", they straddle the line between traditional and new media marketing efforts. However, this is the most split of all generations, with some being tech savvy, while others lag behind. As such, they are rarely targeted with purely digital campaigns. While they are sandwiched between the two most influential groups, they have more discretionary income than most, and should not be forgotten as part of a marketing plan.
The Game Plan
- Being "Tech Bilingual" lends opportunities to market from many different channels.
- Most responsive to consistent branding efforts. The more they see you, the more it builds credibility.
- The most responsive to "teaching". They make decisions based on information and guidance.
The Millennials
This is the big one - the largest generation with 90 million+ people strong. This is also the most coveted buying group, as they are x5 the consumers that Baby Boomers are. They have the greatest effect on all industry, and the future of them. Notable for their education, they are considered the "Digital Natives". Attracted to products with a social or environmental consciousness, they are similarly inclined to be consumers of real estate that is low on maintenance and sustainable. Quick to learn rapidly, this group will get information from every available source, starting with internet research, and reaching out to friends and relatives for insights.
The Game Plan
- Do not waste time and money on direct mail or any physical marketing piece. It will not help, and may be seen as offensive and wasteful.
- Ask who is involved in their decision making process. They will include friends and family members to open houses and conversations. Be ready to speak to different generations with them.
- Millennials are not loyal to brands, and will shop around you. Give clear, short and honest information to keep on their radar.
- Quick and rapid response is a must. Text and videos are great ways to touch base, and even email is antiquated to some.
Gen Z
Really, it is up to REALTORS® 10 years from now, to really understand how to communicate with this group, though we can examine their processes now, to help transition this generation into qualified buyers. They are the most tech-savvy, and can exclusively be reached through digital mediums. This type of marketing has helped even the youngest make their first transactions - usually through in-app purchases.
The Game Plan
- Be ready to bring on new people to your team that have experience working purely in the digital realm
- They are used to gaining and exchanging knowledge through collaborative effort. When you speak to one, you may be speaking to a million.
- Become the bridge - you are the fountain of knowledge they will be looking for. Join their platforms and share what you know.
Big thanks to our breakfast sponsor:
