A couple of weeks ago we posted the latest in a series of blogs about the tastes of the millennial generation and how to appeal to them. It's always interesting to lift the lid on this much-discussed generation, especially when it gives us insight into the kinds of experiences that they like - and more to the point, don't. But it isn't always clear what multifamily operators should do to cater to these tastes. Below we relate some of the findings of the previous post to some actionable recommendations.Read More
I’m an avid reader of The Economist, and I recently read an interesting article on how marketers are trying to address the Millennial generation. As readers of past blogs may recall, I’m a confirmed cynic that the generation represents a fundamentally different species (metaphorically); so, I was immediately drawn in by the observation in the article that the reason so many companies struggle to understand the differences between Millennials and other generations “may be because such differences are overblown.”
Ipsos-MORI is quoted as saying that Millennials are “the most carelessly described group we have ever looked at.” The article quotes a MillerCoors failure to sell to Millennials by creating TwoHats, a light-flavored fruity brew they said would appeal to Millennials taste and budget with the tagline, “Good, cheap beer. Wait, what?”Read More
A week or so ago, I blogged on my daughter’s reaction to a study allegedly sharing insights into how you need market to millennials differently than everyone else. I got so many responses to the raw honesty and insight, I thought I’d go back to the D2 Demand Solutions Millennial Focus Group (again, really just my 23-year old daughter who is a renter) and ask her what she thought about the buzz around micro units and co-living concepts.
The good news is that, unprompted, she’s heard plenty about both of these. The not-so-good news? Just read her response:
Literally every millennial I have seen comment on them thinks they are glorified college dorms, and no one wants to live in them over a normal apartment. People just have to in places like San Fran because rent prices are ridiculous. There is a lot of grumbling about how baby boomers screwed over the housing market and now they think we want to live in dorms forever. Seriously, no one wants a communal bathroom and kitchen.Read More
A few days ago, I was catching up on my reading and downloaded a white paper from one of the many marketing vendors in multifamily housing. As with so many of these, the paper purported to unlock the secrets of marketing to millennials. I’m always a bit skeptical of these sorts of buzzword-laden attempts to claim that somehow this strange beast, homo millennius, is a completely different offshoot from the rest of homo sapiens and thus needs special care and attention.
The paper started with some basic facts that seemed reasonable, though hardly differentiating. For example, Milliennials have been slower to marry than earlier generations. A true statement that means they will probably be renters longer than prior generations; but it hardly seems to indicate that we need to do something different in marketing to them than everyone else.Read More
Typically, press releases in our industry are more “promotion” than news, but a press release this past December 18 might just be a critical exception to prove that rule.
This release announced that Brookfield Properties has invested $200 million in Niido, a new home-sharing concept launched in partnership with AirBnB. The investment will fuel developments and acquisitions of communities that will be branded as “Niido powered by AirBnB.” Residents in these communities will be able to rent their units through AirBnB for up to 180 days a year. The communities will also be “optimized for home sharing and flexible living,” though details were not provided in the release.
Why might this be a tipping point? Up until now, participation with AirBnB has seemed to be mostly smaller operators. I have a strong sense there are some bigger players testing out allowing various forms of homesharing, but they’ve been doing so in a very quiet and secretive manner. The only large company to publicly stake out a strong position is Aimco, and they did so by suing AirBnB in an effort to prevent homesharing.
Now, for the first time, a large company is publicly on record that they are openly investing in this concept, and in partnership with AirBnB; and few, if any, companies are more well respected and more thoughtful about their approach than Brookfield.Read More
This week's blog post was written by our guest author, Ellen Salzler from Imagine Business Development.
Google search the app, Slack and you’ll find that there’s plenty of debate on how it affects work communication. The most frequent topic I’ve come across is the battle between Slack and email. “Is Slack killing email?” and, “Will email be nixed now that Slack is available?” As we’ve written before, email is a powerful tool. But adding instant communication tools like Slack to your workspace is far from a bad thing. Here are a few pros and cons of both.Read More
I was recently reading the April issue of Harvard Business Review (yes, I know it’s September now; that’s just how behind on my reading I am), and there’s a fascinating article by Bruce Pfau entitled “What Do Millennials Really Want at Work? The Same Things the Rest of Us Do.”
Those of you who know me know that I typically take a skeptical view of any and all claims of how something (or someone) is “different” until I see data as evidence to back up the assertion. While it makes me occasionally be a bit of a curmudgeon, I find it also serves me well in avoiding lurching from one “shiny new bangle” to another.
This has never been truer than with the plethora of articles and consultants exhorting us to understand the strange, exotic beast known as the Millennial. When I read how Millennials want purpose in their jobs and like to work in teams, I immediately think, “Don’t baby boomers and Gen Xers want purpose? And don’t they enjoy working on teams? I know I do.”Read More