Building brand loyalty in today’s young customers isn’t as
easy as one may think. Given that the world is made up of a wide range of
customers that differ with generations, we now see the youngest generations,
including Millennials and Generation Z becoming the future of the marketing
landscape. With thousands of brands competing in the marketplace, it is
essentially important for companies to cultivate a strong following amongst
these two (2) groups of consumers by reinforcing its brand loyalty strategies
in order to get its brand to the top.
As a familiar sight in 2016, Millennials, comprising of
people between 18 to 34, make up the largest consumer pool with frugal spending
power worth $600 billion each year. However, what you may not have realised is
that, there’s an even bigger demographic for target marketing on the horizon –
Generation Z, which now wields $44 billion spending power in the United States.
Loosely defined as being born anytime from 1997 to 2016, most of which are
college age or younger, they are now the central focus of future marketing
initiatives.
But, “Is it too early to start building brand loyalty with
this consumer groups?” Without overthinking things, brand loyalty starts to set
in from a very early age. As these young consumers grew up in a different
environment, and begin to have distinctive viewpoints of the world, these in
turn shape their habits and lifestyle choices as a consumer in the future. McDonalds
has, for years, been targeting younger customers, as did the cigarette
companies back in the 1990’s.
To stay ahead in the branding game, start looking into the
future. It can pay off handsomely as you invest sufficient time and effort to
get your message across to these demographics. Deep Patel, a contributor from Entrepreneur
recently sat down with Caroline Beaton, a workplace-psychology writer to
discuss how brands can capture the attention and loyalty of these two
burgeoning segments of the population:
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Keep It Simple
Younger
generations may think they want an endless supply of colours, flavours and styles,
but as Beaton points out, research shows that an overload of options psychologically
paralyses people or pushes them to make bad decisions.
“Despite
our idealisation of choice, we actually dislike too much of it,” Beaton said.
“When overwhelmed with options, we tend to regret our decisions, obsess over
foregone alternatives or simply not choose at all.”
Instead,
focus on having fewer selections, but that are done really well. According to
her, quality will ensure satisfied
customers who keep coming back.
Focus on Quality
Younger
generations are also looking for authentically
valuable products. Beaton says young consumers tend to shun marketing plans
that rely on gimmicky sales pitches or slipshod products, cheapening the brand
in the process.
“Promote
your signature products as simply and honestly as possible. Don’t give us
‘last-minute offers’ or anything that looks cheap, imported or hastily made,”
she explained.
Beaton
cites the sleek, no-fuss design of Apple’s iPhone as an example.
“When
I think of Microsoft, by contrast, I think of 'plasticky' parts and too many
products,” Beaton said. “I’ve literally never met a Millennial who prefers
Microsoft.”
Invest in Consistent Creativity
One
of the best ways to capture the attention of younger consumers is to
consistently offer creative and unique
marketing plans that appeal to them.
Younger
generations aren’t interested in the same old sales pitches. Instead, they want
brands that find new ways to engage them.
“The
companies with the best brands show their commitment to their customers by
doing things such as blogging a few times per week or
creating a commercial series with a plot that builds off each instalment and
tells a story over time,” Beaton said.
Take
note of successful personal brands that use daily vlogs or send out frequent snapchats
or tweets. They are consistent in their marketing efforts. And, according
to Beaton, consistency works.
“Marketing,
like everything else, becomes exponentially impactful the more you invest in
it,” Beaton says.
So
ditch the one-off articles in favour of a dedicated content marketing plan with
scheduled posts, and make sure to include guest blogs.
Beaton
notes it’s important to use platforms like YouTube that appeal to younger
generations, and commit to posting for a period of time.
Stays Authentic, but with Mood Lighting
“Millennials
and Generation Z want authenticity in their brands, but too much transparency isn’t effective either,”
Beaton said.
She
gave the example of companies that launched campaigns using “real-looking”
models. Beaton explained that, with the notable exception of Dove’s Real Beauty
campaign, most of these efforts have flopped.
“If
companies are too authentic, younger generations won’t see the brand as having
something they don’t, and they’ll therefore have no incentive to buy,” she
said.
Younger
generations aren’t aspiring to be average looking, or lead mediocre lives. So
why would brands offer them a product that feels ordinary or common?
“Companies need to be authentic enough for
younger generations to relate to them, but not so authentic that younger
generations see them as having nothing novel or superior to offer,” Beaton
said.
Tech that Makes Your Life More Meaningful
Beaton
believes that the most successful emerging technologies won’t just focus on
making our lives easier. Instead, they will help us bring deeper meaning to our lives.
This
idea stems from Steve Case’s book "The Third Wave,"
which posits that we are entering a third wave of tech entrepreneurship that
will unite societal forces, like public policy and healthcare, with technology.
“The
emerging technologies that Millennials and Gen Z will engage will be less
political and more socially conscious: modern charities, social-good organisations,
meaningful in-depth connections with marginalised people,” Beaton said.
“For
example, if an app could combine the perks of today’s social media with the
altruism and charity of working with non-profits, and merge these experiences
into a simple, fast, easy-to-use and addicting design, I think it would be
highly successful.”
Inspiration: 5 Ways Brands Can Build Loyalty With Young Consumers
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Source:
mymommystyle.com
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