Millennials are frequently viewed as lacking loyalty. However, in a recent study published by the Whitehouse their findings contradict this perception. They found that Millennials are more likely to stay with their employers longer than their Gen-X parents did at the same age. This benefits employers by reducing training costs that comes from employee turnover. It also builds the foundation for a strong workforce that meticulously know their job. With this loyalty in mind, what then can we as researchers and businesses do to hone in on Millennials’ loyalty as consumers?
Captivating Millennials and their loyalty is essential due to this generation having the largest population in the U.S. Their purchases extend $45 million more per year than Gen-X. A good place to start looking at Millennials loyalty is what brands they love and are loyal to.
Ad agency Moosylvania carried out studies that consisted of 1500 Millennials in order to dive into this idea of Millennial consumer loyalty. Their current top five brands are Nike, Apple, Samsung, Sony, and Walmart. What makes these brands stand out to Millennials so much? The long and short of this is that people are talking about these brands!
Moosylvania further uncovered key media traits that will get Millennials talking and “transform a high-awareness brand into a beloved brand.” Millennials are looking for recommended brands that provide high-quality products or services, fit their personality, are socially responsible, and share similar interests. They also found that the way to true brand loyalty with Millennials is to provide products or services that make them look good, show the same interests, make them laugh, make them think, and back them up when they need it. When they find products and services that fulfill these needs then they are more likely to exercise their purchasing power along with recommending them to their friends
Millennials connect with brands through word of mouth, relying more so on recommendations from friends and family. Being a Millennial myself, and having recently moved to Colorado from Utah, I looked at how I’ve gone about finding where the best places are to eat and shop. You may think I’d start with Siri or searching Google but after looking a little closer I discovered that in reality I’ve been asking my millennial co-workers and the friends I’ve moved in with. They can tell me what I want to know better than a search engine. I like that I can ask questions and find a place that fits me and what I’m looking for. This empowers me to build my identity in Colorado in a way that reflects who I am. This reiterates that when trying to connect with Millennials you need to provide a product that is worth talking about and creates such loyalty that people will relentlessly recommend to their peers.
post by Camilla