How can we create brand loyalists among this unique generation?
The concept of brand loyalty is undergoing a generational shift, as a result of the widespread use of social media and rise of the ‘always connected’ consumer.
Market research shows that Millennials expect brands to offer both compelling incentives that reward them for shopping and activities that engage them too.
At least half want rewards or experiences after interacting with brands, and more than two thirds are loyal to brands that engage directly with customers on social media.
However, engagement with more functional institutions is tenuous. Millennials aren’t sure what supermarkets can offer them on social media, and think that it makes financial institutions look “silly” to engage with them online. Current research and understanding is supported by vox pops market research from Vox Pops International.
There isn’t an exact, winning formula to achieve loyalty among this category – but to maintain loyalty, brands must offer numerous ways to engage them, and provide appropriate and captivating rewards.
Brands that successfully engage Millennials in this way will be able to foster brand loyalists, who will be compelled to return to that brand.