A recent report from Adroit Digital surveyed 2,000 Millennials to gain a better understanding of how they view brands and their general feelings about brand loyalty. Results indicate that they see themselves as loyalists, but in a different manner than their Gen X siblings or Baby Boomer parents.
A big difference in the way Millennials determine brand loyalty is that they have much higher expectations about how a brand should behave. “They (Gen Y) are really leaning into corporate conscience,” Glenn Humble, director of marketing at Adroit, told Marketing Daily. “They expect brands to be eco-friendly, to care more about the planet. They expect them to be willing to change.”
Part of the survey looked to explore which advertising medium most influences millennials. While TV is still the most influential at 70%, social media is close behind at 60%. Surprisingly, mobile influence is 33%, lower than most marketers might expect.
Some other findings of the report include:
- 20% use most of the same brands as their parents
- 24% feel they are even more brand loyal than their parents
- 56% say they would change brands if they experienced a change in their finances, citing money as the biggest reason for switching loyalty
- 52% say that for brands to maintain relevance, they have to be willing to change based on consumer preferences
- 44% expect brands to have open dialogue through social channels
In regards to where Millennials place their loyalty by industry, 59% said they are most loyal to their cell-phone providers, followed by fashion at 56%. Hotels and airlines fared much worse, coming in at 16% and 25% respectively.
How does your company go about gaining the trust and admiration of the next generation of consumers?
Want more information about marketing to millennials? You also find these articles of interest:
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Filed under: Brand Loyalty