New Customers, New Expectations
Things are changing in the building industry, and anyone who has worked in it for a long time can see it. Whether it’s the trend towards outdoor living or intergenerational living, there is a common thread: Millennials. And now, Millennials are moving into home buying roles, with their own unique demands and expectations. Building products marketers hoping to grow their business—especially those in renovations and remodeling—would be remiss to ignore the advantages of catering to this growing audience, which is showing strong preference for home restoration.
A recent article in Builder Online discusses some of this generation’s demands as they become homeowners, and how these demands will (or at least should) impact how you do business. Here are a few key takeaways:
- Millennial homebuyers want authenticity: “They favor character over convenience, and history over homogeny.”
- Millennial homebuyers want fixer-uppers: “They see themselves as modern day stewards, charged with bringing their home to its original glory.”
- Millennial homebuyers want you to listen: “They represent the first generation that is aggressively challenging the home building industry to listen to their needs.”
As customers, Millennial homebuyers offer great promise for building products marketers focused on renovations and remodeling. There is one caveat: people in the building industry will have to move “from a ‘push strategy’ (buy, stock, and sell) to a ‘pull strategy’ (listen, inspire, and care)” if they hope to capitalize on this opportunity.
Clearly, this group is affecting the buying process as consumers and customers. But Millennials are not just your customers—they also represent a growing part of the workforce in the building products industry. For more on that, see my blog post here. As the industry grows and evolves, Millennials will also begin affecting your business as employees—at all stops in the channel.
Part 2 of this series (coming next week) will tackle the importance of incorporating Millennial employees—and their values—into your business, and how that just might impact your customers as well…
Make sure to read the full article for further insights into the minds of Millennial homebuyers.
