Keeping your customer base engaged and preventing them from straying to your competitors is a vast and important task. And with millennials beginning to make up a large percentage of that customer base, what can you do to catch and keep them?
Statistically millennials are a fickle bunch. They’re a group that often exhibit little brand loyalty and themselves admit that there’s little that can be done to retain them. That being said, 80% of them participate in loyalty and reward programmes, and 68% modify when and where they buy in order to maximise the benefits they receive from these programmes. They’re a moving target in a constantly changing market. Both brand aloof and fiercely loyal, you can understand why it’s hard to pin them down.
Millennials like exclusivity. They want to feel like they’re part of an elite club receiving preferential treatment - and why not? But with just over half of millennials stating this as an important factor in a loyalty programme, what can you add to your programme to make it cliquey?
As always, communication is key but it’s important to stray off the sales path once in a while. Millennials appreciate it when you send them communications that aren’t related to selling. It shows you care about them and not just making money. It makes them feel valued as a customer, and is another step towards creating a new brand ambassador in them.
Gone are the days you can win over a customer with a free branded cap or a mouse mat. Your customers want you to work for their loyalty, especially if they have to work for their reward. They know for what reason you’re dangling the carrot, and to offset this a mutual level of effort is required. 95% of millennials say they want brands to actively court them. They want you to work for their loyalty, and their loyalty is your reward. And when you do, they’ll share their preference for your brand online.
Millennials really respond to brands that speak to their values. They like brands that are easy to relate to and who will interact with them via social media. Considering the average millennial is so strapped for cash, they will still spend the money required to support a brand that echoes their lifestyle or ethical values.
The millennial generation is complex and confusing, but so important to your business. If you can grab their attention as they come into their own, working, running and owning businesses themselves, you can hold onto them for the long haul. But only if you appeal to their sense of value, effort and make them feel special. They are not to be ignored.