Millennials Love Loyalty Programs
Millennials are known for being an individualistic, free-spirited generation. They’re also known for being a loyal bunch. Whether it’s to their friends or their favorite brands, Millennials will scratch the back of anyone who’s willing to do the same for them.
Loyalty programs provide businesses a way to leverage customer loyalty by offering something in return for their commitment to the brand.
Millennials are now the largest generation America has ever seen. With over $200 billion in spending power at their fingertips, Millennials represent a massive part of the market share. In news that’s great for businesses, 60% said that they are often or always loyal to brands that they currently purchase.
Loyalty programs are a great method to build trust with Millennials. According to a recent survey, 66% of millennials would switch brands and change where they shop to get more loyalty rewards. Simply offering a loyalty program may be enough to get that consumer coming back time and time again.
In days gone by, punch cards were the preferred loyalty program format. Customers would receive a punch or stamp with each purchase. It’s time to rethink this system in a format that works for Millennials. A recent survey’s results showed that 97% of Millennials reported having used their smartphone at some point while shopping in-store.
Mobile is increasingly the avenue of choice for anything from shopping to staying connected or doing research. By providing a mobile-based loyalty program your business can engage consumers where they’re at. These mobile based options are highly customizable, easy to use, and cost-effective.