A recent survey from the National Retail Federation (NRF) gives hope to marketers attempting to gain brand loyalty among Millennials. The survey reveals that even though Millennials have been perceived to be less brand loyal than other generations, that is quickly changing.
Within the Millennial generation, Millennial parents, more so than any other demographic, are more likely to stay loyal to a brand. Demonstrating strong brand loyalty, about half of Millennial parents stay true to a brand despite cheaper or more convenient options.
A whopping 64% of Millennial parents would choose to shop with their favorite brand before considering competitor options (compared to 54% of other parents).
Millennials are parents to half of all children, translating into positive news for brands looking to connect with this generation, and in particular, the introduction of a million new Millennial moms each year.
The survey also found that Millennial parents are highly educated and affluent, more so than parents of other generations (69% earn more than the average income of $59,000, compared to 53% of other parents).
Key to Winning Brand Loyalty of Millennial Parents
Brands are determined to figure out what attracts brand loyalty among Millennials, specifically the parents of this generation. The path to this answer lies in finding out the priorities and needs of Millennial parents.
Customer service and convenience rank as the most important factors in determining brand loyalty among Millennial parents. Price is still high on the list of priorities, but brands need to provide both price and quality. Without good customer service or convenience, parents are more likely to wander to a competitor.
Following excellent customer service and convenience, such as overnight and free shipping, Millennial parents are more socially minded, playing a big role in what brands they pay loyalty to; Millennial parents are especially loyal to brands that share the same values and social stances as they do.
To keep up with Millennial shopping needs, brands need to make sure that their mobile sites and apps are performing top notch, as the majority of Millennials purchase items via their phones. The mobile buying experience ranges from searching for a product and checking prices all the way to completing a purchase.
The good news moving forward is that Millennials feel they are in a better financial situation than ever before and are positive about the future, offering plenty of opportunities for brands to connect with their needs.