Generational Brand Loyalty: 25 Vs. 50 – Is There Really a Difference?
It seems as though generational brand loyalty has become a hot topic in the retail world –and we agree that this is for good reason. It is more than obvious that buying behaviour differs depending on age, but it isn’t enough to just accept that they need to be catered to in different ways. Without knowing what is important, how can you even begin to understand and develop a plan if you don’t know what this age group wants?
Check out this great infographic from XYZ University: http://xyzuniversity.com/2014/04/millennials-and-brand-loyalty/. Based on the responses of over 2000 Millennials (aged 18-33), the survey found some interesting and insightful information that you can take to the bank.
Findings:
- 64% of Millennials responded that they believe they are just as brand loyal, if not more so, than their parents.
- 52% say that brands really need to listen to customer feedback and respond to it.
- Women are more concerned about consumer-focused brands, eco-friendly brands and those that have a focus on fair business practices.
- Why they choose certain brands:
- 62% responded that price or value is a factor
- 55% take recommendations from friends as serious influencers
- 47% say brand reputation is a key factor
- As far as what influences brand perception, social media (60%) follows only television (70%) as the most important outlet.
Ignoring generational differences can be detrimental to your overall marketing campaign, not to mention your brand loyalty. Making use of these findings and catering to those generational differences can make a big difference.
For more about those generational differences that influence brand loyalty please contact Storesupport Canada today by calling 905.847.6513.
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