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At 35% of the labor force, millennials comprise the largest cohort of homeowners, and they prioritize energy efficiency. Millennials (29%) are six times more likely to own solar panels than baby boomers (5%) and three times more likely to own them than Generation X (10%). With millennials predisposed to investing in solar and improving home energy efficiency, they stand to be your most lucrative market segment.
Like all of us, millennials experience financial anxiety and stress over high costs of living, and on top of that, many still owe on college loans. But during the COVID years, millennials spent four times as much on home improvement compared to other market segments, including baby boomers. As first-time homebuyers, millennials frequently purchase properties that require upgrades as opposed to move-in ready homes. As such, they need your services and are the generation most willing to pay for them.
Across generations, U.S. consumers report they are willing to pay at least 10% more for sustainable products. Millennials far exceed that threshold with 86% of the generation reporting they are willing to pay more for eco-friendly products. With sustainability so high on millennials’ priority list, emphasizing the green aspects of your products and services will likely improve the effectiveness of your marketing efforts to millennials.
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With millennials seeking a hassle-free existence, solar subscription and leasing models appeal to them. Offering millennials the right financing package, complete with a maintenance plan and warranties, may secure the sale.
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In contrast to previous generations, millennials highly regard social justice and societal values, including that of their employers and the companies they spend money with. To demonstrate to millennials that your values align with theirs, celebrate your charity contributions, volunteer work, and other giving activities on your website and social media. Or if philanthropy isn’t currently part of your business culture, perhaps consider incorporating it. Supporting your local community can improve your business’ reputation, aid marketing efforts, attract millennial customers, and foster a sense of camaraderie and purpose among your employees.
Millennials want experiences and to share them on their social media. Make their home improvement projects an Instagram moment by requesting a photo of them in front of their new HVAC system or solar panels. After completing the project, send a follow-up survey email and encourage them to share their experience on social media.
Keep in mind that your customer service directly affects what millennials will say about conducting business with you to their friends and family. Their customer experience dictates if they will become brand ambassadors of your business, and with enough word-of-mouth testimonials, your customer service could become a key market differentiation for your business.
Every ad and every social media post doesn’t have to appeal to every market segment. Maximize on these generational priorities and tendencies to create a custom marketing campaign tailored for the key high-spending millennial demographic.
Pearl is transforming the housing market by scoring, verifying, and certifying the performance of homes across the country.