4 ways to increase Millennial loyalty
Born between 1980 and 2000, Millennials have long been a topic of marketing conversations. At roughly 80 million, Millennials comprise the largest generation living in the U.S. today — and they’re making a big impact on the marketplace. Not only does this generation spend approximately $600 billion dollars annually, but their spending is expected to account for 30 percent of all retail transactions in the U.S. by 2020.
It’s no wonder businesses are tripping over themselves to attract the loyalty of Millennials. But what’s the best way to go about it?
Developing strong brand loyalty is key to targeting Millennials, and it requires revisiting traditional marketing practices. While retail leaders have expressed concern that Millennials lack brand loyalty, research from global consulting firm Accenture reveals that Millennials can be exceptionally loyal, so long as they get the personalized attention they are looking for.
To that end, business’ loyalty programs must transcend the transaction to involve customized experiences that promote engagement and facilitate convenience. To attract Millennial shoppers, brands must offer a shopping experience centered on the customer. They need to offer targeted promotions and discounts that reach Millennials wherever they are—online, in-store, and on their mobile devices.
With these things in mind, here are four things to consider when designing your loyalty program to attract Millennials:
- Connect it to a social cause. Millennials are more loyal to brands that support the issues they care about.
- Don’t be afraid to ask for personal information, but be prepared to offer a customer-centric experience. 59% of Millennials are willing to share more personal information with a business so long as it enhances their shopping experience.
- Include targeted rewards in your program. 95% of Millennials expect brands to actively court them with emailed and mailed discounts and coupons.
- Connect with your customers wherever they are—online, instore, and on their devices. 68% of Millennials expect a seamless shopping experience across all channels.
With millions of Millennials looking for an interactive loyalty program, shouldn’t yours be at the top of their list?
For more information contact us at 866-622-2201 or visit us online at www.vantiv.com/financial-institutions.
Senior Product Manager
Loyalty and Rewards
Lora started her financial services career in 2002 at Fifth Third Bank in Cincinnati, Ohio. After 14 years in several roles including sponsorships, retail, mortgage, and investment advisors marketing management, she moved on to Vantiv, now Worldpay, in 2016. At that time, she began supporting the company’s loyalty programs through executing marketing campaigns and provided service, training and sales support. Lora was recently promoted to Senior Product Manager role for Loyalty and Rewards. Her new role supports the existing rewards programs and launching new enhancements, as well as providing strategic guidance financial institutions and sales teams.