Wednesday, August 28, 2013
“Generation Y” has become the term commonly used to describe what is currently a very powerful and important marketing demographic. Ad Age magazine is credited with coining the term in 1993 to identify the generation that was born in the late ‘70s and early ‘80s.
That generation now comprises a good bit of the very valuable 18-35 age demographic that marketers are always fighting for. Whether it’s a young professional with new-found affluence or a college student who has very specific spending needs, multifamily housing developers need to understand that it’s important to appeal to the needs and wants of this group.
It might seem simple enough to give them what they want, but it’s not. Gen Y-ers can be needy — especially when it comes to their technology. This generation likes speed, access and reliability. According to Multifamily Executive magazine the best way to do that is to provide them with four specific things that could make or break your property.
The first thing to consider is a strong mobile presence. Be sure your web presence is optimized for mobile. This generation does plenty of research on their smart phones and a good experience via mobile is vital. Also, be mindful that this generation loves to blog and tweet about what they experience at your location.
The second is to know that Gen Y-ers prefer “e-communications” (instant messages, email and texting) over phone conversations. So, managers should consider accepting scans of documents instead of making residents deliver them to the office. Having a secure option for submitting important paperwork is a convenience that can mean a lot to a busy student.
The third key technology consideration is online payment capability. This generation of apartment dwellers does not carry a checkbook. Remember how they like things speedy? There is nothing speedy about a check. Simple — and mobile — payment options are a win-win.
Finally, managers must have flexible office hours. Students don’t function on a 9-5 schedule. Instead, they should be able to contact you at any hour — online.
With these few simple steps, property owners will see success with this valuable demographic.