Building Brand Loyalty with MillennialsLeave a Comment
Brand Loyalty is that magical stuff that makes a consumer choose your brand. Brand loyalty is the faithfulness a consumer expresses from path to purchase. If you work for a brand, your marketing team probably uses this buzz word a lot. Brand loyalty is your brand’s equity: the value that carries the life of the brand.
Older generations have strong ties to brand loyalty. The advent of the world wide web and social media platforms brand and consumer interface has transformed. Younger generations are less likely to be loyal to a single brand and when they are loyal, it takes a tremendous amount of effort for the brand to achieve.
Millennials are “free agents” who can be very fickle.
So what is the psychology behind developing brand loyalty? Independent researchers Michael Syrett and Jean Lammiman outlined the Millennial Generation’s behavior toward brands. Because Generation Y, or Millennials, have such rapid access to information they are a inoculated against most advertising. So brands must step up to the challenge to change the way they reach this segment of the population. Syrett and Lammiman outline primary identifiers of the Millennial Consumer:
- Intimacy: the ability to establish and sustain close relationships over the internet
- Loyalty: to their own closely-guarded personal networks and, less consistently or reliably, to brands and employers
- Awareness: of social issues inside and outside work, of the need for transparency and honesty and awareness of hypocrisy in brand management or human resource strategies
- Balance: in the interface between work and personal life, millennials are also willing to embrace 24/7 lifestyles
- Risk: in their openness to frequent change and their willingness to be open, flexible and mobile.
The first step to building Millennial Generation consumers who are brand loyal is to understand how they prefer being advertised to. We want access their attention with mass mailers anymore. If we want to amplify our brand messages, we must consider our audience. Millennial consumers have unique needs, and deserve unique advertising.