When it comes to millennials, there is often a misconception surrounding them, but just like all demographics, they have their own preferences. If we want to ensure we can cater for this demographic, it’s important that our brand strategy is tailored to suit them. Below we consider five essential things that millennials want from brands.
1. Give them something they know
A company’s reputation is extremely important when it comes to millennials selecting brands. This also goes hand-in-hand with familiarity. Heritage breeds loyalty, as reflected in a survey of the best food brand category. Cadbury came out on top, and feedback was focused on it being a “local” brand that people remembered from their childhood days. If another brand wants to gain more market share, they need to disrupt the market with other things that millennials love.
2. Offer experiences
By continuously including promotions in your marketing mix, from winning free items, discounts or winning experiences, you can not only boost your sales throughout the year when they are due to dip, but you can draw in the experience-seeking consumer group. If this is something your competitors aren’t doing, then you should be.
3. Offer loyalty perks
Millennials are opting for retailers and brands that can meet their demands for variety and loyalty perks. Loyalty perks are increasing in importance for this group. In order to attract this market, you can introduce personalised communications and rewards via a loyalty platform. Loyalty perks could be in the form of prizes, free next day delivery, monthly discounts etc.
4. Be human
If you consider any successful brand or business, you will know that the need for a ‘human’ approach towards consumers is blindingly apparent. Consider Airbnb and how it’s transformed the way in which customers enjoy their holidays. It is challenging competitors in what it takes to be a travel brand, by completely transforming the whole experience. Appeal to millennials by offering them the human side of your brand.
5. Customer service
When something goes wrong, millennials feel strongly that the problem is rectified quickly and efficiently and with someone who is kind and considerate. Customer service and a dedicated customer service team are essential to tap into the millennial market. This is something they value over everything else.
Follow these tips on what millennials want and your brand has a far higher chance of success with this demographic. For a unique and effective way to try out loyalty marketing on the millennial demographic, check out SwiftReceipt today!