We now exist in a world where technological innovation is empowering customers to expect more from the brands they deal with, to switch when they’re not happy or satisfied, and share their negative experiences online. Here is what retailers need to know in order to keep the millennial generation brand loyal and happy.
Today loyalty is a fusion of emotional engagement, trust and the ability to engage, meeting or exceeding customer expectations. Brand love reinforces trust, long-term relationships and faith in the future of a brand. See how leading brands like Sephora, Nike and TOMS have created emotional bonds that drive loyalty and CLV.
Gen Z and young millennials aged 18-29 have a much greater price sensitivity and lower brand loyalty than previous generations, presenting a challenge for brands aiming to sync with this demographic. Here is a look at how the group of young adults learns about brands and what it means for retailers.
It’s time for retailers to drop their expectations – of loyalty, that is. Too often, rigidly focusing on the best, most loyal customers leads to ignoring others who are worth pursuing. Winning in retail today requires keeping an eye on all customers, even those not living up to loyalty expectations. Here’s how to take an approach that balances both loyalty and engagement.