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Customer Loyalty: How to Thrive Among Millennials

 

TL;DR

Why is thriving among Millennials important?

Because millennials are now the largest adult cohort worldwide, surpassing the baby boomer generation. Millennials today make up almost 22% of retail spend in the UK, and this figure is expected to increase to 28% by 2030. Therefore, thriving among Millennials is absolutely crucial for retailers to remain strong and competitive.

Why do brands need to take a stand on social and environmental matters to attract Millennials?

Millennials prefer brands that not only talk the talk but also walk the walk. If you are genuinely interested in making a real connection with Millennials, it is essential that you create consistent and sensitive messages and earn their trust. If your brand remains unresponsive to significant world matters and social or environmental crises, you are not perceived as a neutral brand, but instead, as a brand taking sides with the opposite views. Taking a solid stand in controversial matters is one of the key factors in creating a lifelong relationship with Millennials.

For what reasons do Millennials prefer a particular brand over others?

It is less likely to thrive on Millennial loyalty only through affordable pricing. While Millennials may seem very price sensitive, they are, in fact, more sensitive to the authentic and frictionless experiences you provide across channels, as well as the reliability and integrity you promise and deliver. Millennials are very active social media users, which makes TV commercials and traditional advertising a less practical part of marketing efforts in reaching them. Your social media presence is vital if you are interested in being a love brand for Millennials. Instead of spending a large share of your marketing budget on TV commercials, you can spare it for a 360-degree social media presence catering to each social media channel and creating authentic content using new formats and product features. As Millennials have grown up with video games, they are great fans of gamification as adults. Emphasizing rewards rather than discounts in loyalty programs and giving them a chance to “unlock new achievements” as tier rewards would be a great element for stronger bonds. In addition, as a generation predominantly led by dopamine and instant gratification, it is hard for Millennials to stay off of smartphones in general. Therefore designing a smart loyalty program with real value that enables making purchases and earning rewards anytime, anywhere, with a single click would look appealing.

Author: Gizem Terzi Türkoğlu

Published on: Aug 11, 2022