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 Traditional marketing programs are not resonating with the lucrative Generation Y demographic. So last year a marketing executive at Camden Property Trust found out what to do to attract Generation Y.
Straightforward and somewhat predictable, the company's printed marketing materials used to feature shots of the façade of an apartment building, standard interior units and the beautiful pool. But these materials were not appealing to the Generation Y demographic Camden hoped to capture. So last year, Trisha Hoffman, Camden’s Vice President and Chief Marketing Officer, considered a fresh approach. Camden, with more than 65,000 apartment units nationwide, surveyed hundreds of potential residents under the age of 27 years and confirmed that Generation Y is media savvy, wants instant gratification, and is skeptical of packaged or vague messages. Instead, young renters want clear, concise facts about their potential homes. 7 Tips to Capture Generation Y - Keep It Simple. Young renters want something plain and simple. Camden used to distribute brochures with multiple page folds and pockets. Young renters didn’t like them. They wanted something easy to use—something functional.
- Be Honest. Integrity and authenticity in marketing collateral scored huge with Generation Y. Photos must include people—and more importantly, people who look like them, enjoying the kind of space they would be living in.
- Don’t Try (Too Hard) to Impress Them. Those surveyed said metallic inks and embossed fonts on printed materials were a turn-off and led them to conclude that the community must be too pricey for their budgets.
- Streamline the Web Site. Generation Y prospects appreciate the ability to see which apartments are available and to reserve them in real-time. Camden is redesigning its Web site to allow that function, and reduces the time it takes to get to the apartment from the home page from four clicks to one.
- Offer Them a Deal. Young renters shop around. Even after discussing price, they will always ask if there’s a “deal” or a discount.
- Back to Basics. While Camden had assumed young renters wanted “cool,” it instead learned they were more interested in the basics. For example, most wanted Wi-Fi capabilities but did not demand it be available in every square foot of the community.
- Know How to Follow Up. Generation Y does not like an aggressive sell. Camden had been stressing to its leasing consultants a “follow-up until they lease or die” mentality, but many young renters don’t like to be contacted more than once. If they are contacted, they prefer e-mail.
About the Study: Camden conducted focus groups in Houston, Southern California and Washington, D.C., of approximately 12 Generation Y members each. It also sent 900 online surveys per market to qualified men and women who live in each of those markets, of which approximately 300 were returned per market. In both cases, participants were prescreened to include only those who planned to shop for apartments in 2007. During the focus groups, participants were shown various collateral marketing materials and were asked which they preferred and what made them interested in living in the apartment. |
