How to do it successfully
From Baby Boomers to Boomlets, every generation has a name and develops an identity. For those running a business, understanding the upcoming generation is critical to successfully grabbing market share. The key generation of today? The Millennials or Generation Y. This generation was born between 1981 and 2000, and these are the young adults of today.
Millennials are a different breed compared with previous generations. With more than 80 million of them in the country alone, it's important for the Airbnb host to understand this demographic group and what they are seeking in terms of the growing travel industry. Here's a snapshot of this generation:
The Typical Millennial
Entitled. Unlike the generation before them that saw the age of the latch-key child, the typical millennial was raised by omnipresent parents. Although more parents were focused on child development, they also earned the title of "helicopter parent." This parenting style has resulted in a general feeling of entitlement throughout this age group.
Focused on Safety. The average millennial grew up understanding tough issues like violence in schools, teen pregnancy, and drug and alcohol problems. As a result, this generation has more respect for authority and is aware that the world is not a safe place. Recently, the desire for "safe spaces" at college campuses illustrates the millennial's desire of personal physical, emotional and intellectual "safety."
Pressured to Perform. The typical millennial faces a great deal of pressure to perform well in school, jobs and life. Expectations are high while work ethic is low.
Always Connected. As the first adult generation to have grown up completely in a world of computerization and connectivity, the millennial relies on technology for everything from shopping to socialization. They expect 24/7/365 service and immediate response to their needs, concerns and questions.
So what does this generation mean for the Airbnb hosts? It means a different type of traveler, a completely new kind of customer. For those property owners who are ready to tap into a growing market, this generation means a new opportunity to secure bookings and generate revenue.
HOW TO TARGET MILLENNIALS
Market To The Individual. The typical millennial enjoys traveling alone, not necessarily with friends or family. With their social life on their phone, the young adult today seeks exotic, unique adventures. Find ways to market to the individual and the desire for that adventure.
Create Experiences. Doing something different and then posting their accomplishments on social media is popular. Property owners who can link their rental to local unique experiences will attract more customers in the millennial generation.
Ignore Seasonal Travel. When it comes to this generation, there is no vacation season. Flexibility is the new norm in the workplace, and this generation will take advantage. Vacation and travel no longer need to be confined to typical breaks or summer months. Whenever an adventure calls, the millennial is likely to respond.
Introduce Customers to the Locals. While older generations loved traveling like a tourist, the average millennial wants to understand the local culture. Property managers who can help customers find the favorite restaurant that locals love will attract this new traveler.
Stay Connected. The typical millennial expects immediate response from everyone they contact. As a property manager, that means answering questions as quickly as possible and tailoring your marketing directly to them. Once you know what they want, contact them with targeted messages, opportunities and offers, and you'll likely capture their attention and vacation budget.
Ask for Feedback. With strong opinions, the average millennial is ready and waiting to tell you what they think and why. Be sure to take advantage of platforms that encourage customer review and that engage this generation in an online conversation about travel, lodging and adventure.
This generation is hitting their prime earning and spending years. Studies show that more than 60 percent of Airbnb bookings are currently from millennials, and that number is expected to grow in upcoming years. It's time to prepare to serve this new generation!
Need help marketing TO millennial travelers? As Airbnb experts, we can help you secure more bookings and increase revenues.