You are currently viewing What Kind of Marketing Turns-Off Millennial Borrowers?

What Kind of Marketing Turns-Off Millennial Borrowers?

  • Post author:

It’s common for loan officers working to build their millennial client base to focus on what the demographic wants. What are they looking for in a loan officer? What kind of marketing will be most effective? And these questions are certainly important. But understanding what millennials don’t want is of equal importance. Approaching the problem from this reverse perspective can give us new insight from which to revise our outreach efforts. Here are a few marketing mistakes that can turn-off millennial borrowers:

Trying to Be Trendy

Some originators think that to get the attention of millennial borrowers, they need to speak their language and stay on top of the latest trends. Whether it’s by trying to actually speak their language by using certain words, or if it’s by playing up typical millennial generalizations, using external trends to shape your brand is almost never effective. Millennials will see through the attempt to get their attention, and they might see it as disingenuous. They want authenticity, transparency, and clarity from brands. Make sure your brand is centered on the values that matter most to you in your business, and millennials will appreciate the confidence and stability that you’re conveying.

Having an Impersonal Online Presence

Millennials aren’t visiting your website or social-media profiles just to see your hours of operation or to get your contact info. They’re looking for a way to get to know who you are and what you’re about. When you create an online presence that utilizes things like original content and client reviews, you help millennials get a glimpse of the person behind the presence. If your online pages are impersonal, they’re not going to contribute very much to building a foundation for trust.

Applying Pressure

It’s important that we avoid making any prospect feel pressured, but this is one the biggest turn-offs for millennials. Originators need to find the right balance between following-up effectively and giving their prospects some space. A great median point is reaching out to share information of actual value. Sharing helpful information can ensure you stay on their minds without making them feel pressured to start the process before they’re ready.

Not Customizing Their Approach

When you connect with a millennial prospect, you need to actively listen to what they have to say. Give them a short overview of what you do, and then ask more questions than you normally would. This is how you’ll get the most information on their needs and the experience they hope to have. The more you tune in, the more you demonstrate that you seem them as individuals with unique needs. Whatever information you glean from this allows you to create a client-experience catered just to them. This is especially important for the longer-term, as millennials are generally active online — and if they’re suitably impressed, there’s a high probability that they’re going to share closing pictures and tell others about you. More on getting more millennial referrals, here.

Millennials are largely like any other demographic, but there are some nuances to be aware of if you want to have the greatest success with them. Avoid these mistakes (and any that you’ll, no doubt, uncover through trial and error), and you’ll find that your experience with millennial prospects will improve immensely.

If you’re considering a move, we have some terrific business opportunities for loan officers, sales managers, and branch managers that will take you to the next-tier mortgage banker. I’d love to discuss with you.

Don Riggs

NMLS 132702