If you want to reach the younger generation, called Millennials, which is made up of young people between the ages of 18 and 29, then the best way to build loyalty for your brand is to give them a reward. So says a new survey.
I find two things really interesting about this survey, both pointed out by Marketing Pilgrim.
First, in all but one survey category, there’s not a big gap between Millennials and non-Millennials. On questions pertaining to doing business with a brand after being added to a loyalty program, the two groups compare on key questions like this:
- Question: Do business with a brand after receiving a reward?
Millennials: 78% likely; Non-Millennials: 72%
- Question: Tell friends about positive reward experiences?
Millennials: 78% likely; Non-Millennials: 75%
- Question: Be or feel more loyal toward a brand after a reward?
Millennials: 75% likely; Non-Millennials: 71%
All of this can be summed up with one statement: Do something for me and I’ll do something for you. While everyone seems to have that attitude toward brands, Millennials have it more than everyone else. But when it comes to the question, “Would you promote products or brands through social media in exchange for rewards?” there is a much bigger gap between Millennials and non-Millennials.
Millennials are 44% likely and non-Millennials are 29% likely to use social media to promote brands in exchange for rewards.
It’s interesting also to note that Millennials outpace non-Millennials in reasons to join a rewards program in all reasons except two: Rewards are relevant to their lives and they are connected to a social cause. In those two categories, Non-Millennials are more likely to join your rewards program.
Lesson to learn: When promoting to Millennials, it’s got to be all about them.