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For the Builder: The Gen Y Home Buyers

Tag:site builders godaddy | 30 Viewers| kerrielkelly 2009-03-05 21:38:16 Publish:

Technology is critical to working successfully with the Y generation. Although different groups and individuals consider different ranges of years as constituting Generation Y, those ranges of years are almost always within the outer bounds of 1976 as the earliest possible year and 2001 as the latest.In sheer numbers, Gen Y, or the Millennial Generation, is as large a group of consumers as the Baby Boomers — and they've begun to come of age and purchase their first homes. But they have very different expectations from older home buyers about what they want in a home-buying experience. And, like it or not, they need to be handled differently if you want to keep them as home buying customers.

When Gen Yers want to order a pizza, check movie times or research a subject, they don't pick up a phone book, buy a newspaper or ask a librarian. They go online. And they expect your builder Web site to have all the information they want about your homes, your community and your company. If you don't provide what they need to know on your site, they're going to move on to another builder that does. Once they're customers, they're going to want to make the majority of their selections online, and they'll expect to be able to monitor the progress of their home from their computer.

While some builders still find it a challenge to communicate with customers via e-mail, the Millennial Generation has moved on to the next level. They tend to use e-mail very differently than Gen X or Baby Boomers, checking it only occasionally for official notices. That means it's not the best way to get in touch with them quickly.

To get a quick response from this group, you need to send text messages and write on their wall on Facebook. To do either of those things, you need to establish trust with them. Otherwise, you won't get their cell phone number or get them to respond to your Facebook "friend" invitation.

When Generation Y buyers show up at your sales center, you should expect that they've already visited your Web site, looked at all your floor plans and picked out their favorite home. They've probably gone to a personal finance Web site and used a mortgage calculator to figure out monthly payment, and read some blog posts about the neighborhood. Unlike older buyers who don't start the buying process until they visit the sales center, Gen Y buyers tend to be much further along in the decision process by the time they make a physical appearance.

While they're well-informed, Gen Y buyers know that buying a home is the biggest purchase they'll probably ever make. Using virtual tours and short demo videos explaining the various aspects of the process to respond to their desire for lots of information is effective.

Gen Y is incredibly social and relies heavily on the opinions of friends, family and peers when making purchase decisions. They'll look to social networking sites to support what they've learned about you online, especially from other buyers their age. If you want to score points with them, post testimonials from buyers in their age group on YouTube.

On the flip side, you can count on them assist in your marketing push by posting pictures from the community and the model of the plan they like on their Facebook page. They rely heavily on their social network, subscribe to blogs and find people who are living in that community. This alone can make or break you as a builder appealing to this generation.
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Comments:

Being able to step outside our own frame of reference is an important life skill, as well as a smart business practice.

Businesses that understand the newer generations, both X and Y, are the key to their growth and success will make changes to the way they connect with, and also influence customers.

These younger and highly communicative markets are powerful constituencies. Not only can they influence with their wallets, but now they can spread both praise and venom about prodcuts and/or services they love or hate via social networking sites like Facebook, Twitter or their own blogs. The speed at which this information travels is astonishing and the geographic reach is unbounded.

Clear understanding of information technologies and how a business' customers use them is vital.

Today is an exciting time for marketers willing to embrace change and augment old business practices. Taking risks in both the model and message can yield positive results and forge valuable relationships.

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