There has been a lot in the news lately about Millennials. The group, encompassing all those born between 1980 and 2000 includes a huge amount of people, great numbers of which have jobs, homes, cars, kids and a ton of buying power. It’s no wonder that more and more retail establishments are taking into account the views of this group.

In an article that appeared online in Forbes Retail last week titled Death to Dinosaur Brands: How Millennials are Redefining what it Means to be Loyal the author addresses issues typically associated with the Millennial group: technology, loyalty, and change. The Millennial group can be very brand loyal but are also very socially conscious and want to know that their buying power is going to companies that are re-investing in their communities. This group is also highly technologically savvy and uses their technology to price check, buy online and embrace social media opinion of businesses.

So, what can you do to ensure your brand stays strong in the face of Millennials and their buying power?

Connect to the Community:
As we have addressed in previous blogs, this is an easy way to create customers loyalty and not just with Millennials. It’s a simple enough process to use your brand but also embrace the community brand connection to create a unique experience at the store level. This is something we have helped retailers do time after time with excellent results.

Embrace technology:
We are all increasingly living in a now, now, now world where information and products are available with the touch of a button. As the article notes, “The Millennial’s expectation of immediacy, transparency, simplicity, and relatability are the mandates now driving disruption in every industry.” This is an adapt or die situation because technology is here to stay. Could your customers benefit from an App that gives recipes, tips or coupons? Does your website provide live stock information where your customers can check to see if you have a product before they even leave the door?

Take a look at your Core Offering:
According to Buzz Marketing Group from a March 2015 study on Millennials and Retail, “value for money, quality of products, promotions, store locations, even store hours were all prioritized noticeably higher” than brand loyalty. It’s not that Millennials are not loyal to a degree, it’s that companies need to offer them more than just a big box name to create a loyal customer.

We have ideas that can help your brand go to the next level. Want to know more about Connecting to the Community and Embracing Technology? Check out our Blogs on the subjects here:

Your Brand and the Community Brand Connection

Computer Interactive in the Brick and Mortar Store

Posted in BrandingTagged , ,
Facebook
Twitter
LinkedIn
Google+
https://cdscandoit.com/millennials-buying-power-and-your-brand/