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The largest living generation on earth and a huge body of digital natives, are about to move into their prime spending years. Millennials living in the U.S. alone collectively have an annual spending power of $600 Billion. Worldwide, Millennial spending is estimated at around $10 Trillion.
With this in mind, it’s no surprise that companies across all industries are catering to the needs of Millennials and researching ways to earn their loyalty. Thankfully for brands, 80% of Millennials already participate in loyalty and rewards programs. However, 60% is only really active in around 3. As they have the latitude to choose and participate in a huge number of programs, Millennials will limit their participation to the Loyalty Programs that suit their lifestyles best. Although Millennials may be the most brand-loyal generation, it is imperative to note that Millennial loyalty is highly selective and they lean away from traditional punch-card loyalty programs.
While cultural commentators have pegged Millennials as unpredictable, recent market research shows that what Millennials want from brands is actually quite clear. The main reasons for Millennials to join a loyalty program are:
Interesting is the fact that Millennials score extremely high on the importance of ‘Perks’ and ‘Convenience’, more than any other generation. This means that Millennials value personalized offers and near-time rewards significantly more than their fellow consumers. These findings echo research from Forbes, stating that if millennials think a particular brand communicates with them using personalized messages, their brand loyalty increases 7% on average. More in general, research shows that there’s a positive relationship between personalized communications and brand loyalty — the more you connect with a customer on an individualized basis, the more likely they are to continue shopping with you.
Above findings indicate that besides offering Loyalty Programs, rewards and discounts, brands need to focus on creating a personal and on-demand experience to win over Millennials. Leveraging the power of personalized messaging, brands can engage Millennials -in a world full of distractions-, making them happy and loyal customers.
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