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The Millennial Customer and Brand Loyalty
We live in an ever-growing digital world. Most people are never more than a phone tap, swipe, or mouse click away from almost any inquiry. In fact, many millennials don’t remember a world before Google, eBay or Amazon.
It’s no wonder, then, that many recent reports have found that Gen Y consumers are the most technologically engaged generation (compared to Generation X or Boomers). But did you know that millennials also are the most loyal generation when it comes to their favorite brands? According to surveys, millennials have the highest percentage of people who say they are ”extremely loyal or quite loyal to their favorite brands.”
One theory for why millennials are so loyal when faced with nearly unlimited choice is social proof. This concept means humans naturally look toward those around them to help make decisions. Research shows that millennials are more apt to seek outside input than are other age groups. And once they have made a decision about a brand, they stick with it.
Because millennials spend a great deal of time online, companies must not only be active on social media, but also find ‘social’ ways to get consumers engaged, to help build long-term relationships. Yet it’s important to remember that millennials also are looking for authentic and quality experiences in every customer interaction. That could be in-person, online, or on the phone with customer service. A company that can prove that customers are at the heart of everything it does will earn their loyalty.