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Loyal customers \u2014 the Holy Grail for retailers.<\/p>\n
Repeat shoppers are a source of recurring revenue. Smart businesspeople know that success lies in cultivating loyalty, and that means more than creating programs that simply collect customer information.<\/p>\n
Today’s educated customers understand loyalty programs are often of more value to retailers than to customers.<\/p>\n
Millennials in particular are sensitive to that value proposition, and retailers are starting to serve up programs targeted toward the specific desires of this demographic.<\/p>\n
A quarter of millennials and 19% of Gen Xers like to shop with family and friends. It’s a social activity that’s enjoyed at a brick-and-mortar storefront.<\/p>\n
But, while Gen Xers value the relationship with a store, Millennials value experience and don’t have the same brand loyalty as the older generation.<\/p>\n
It’s easier to get a millennial to try a competing brand, so it’s more difficult to retain millennials as customers.<\/p>\n
Retailers have to work at providing customers perceived value consistently to earn their loyalty.<\/p>\n
3 things Millennials look for:<\/p>\n
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\nHow does a retailer make it easy for customers?<\/p>\n
Millennials are dependent on their phones; 84% of them in a recent study said their mobile devices were the most important thing in their lives.<\/p>\n
Retailers can use that knowledge to their benefit by, for example, offering mobile apps that are easy-to-use and relevant.<\/p>\n
Many say that shopping is easier through an app than through a web site; by offering a digital experience that reduces purchasing friction and makes shopping easier, a brand can improve its relationship with millennials.<\/p>\n
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What matters to a brand, matters to Millennials.<\/p>\n
For example, Patagonia has supported grassroots activists working to find solutions to the environmental crisis.<\/p>\n
Shake Shack’s ethos is “We stand for something good,” which is reflected in its carefully sourced premium ingredients from like-minded purveyors as well as in its community support.<\/p>\n
Customers feel good purchasing from companies that align with their world views.<\/p>\n
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\nYes, for customers, it’s all about “me.”<\/p>\n
That doesn’t mean obsequious associates greeting customers they don’t personally know by their first name or creepily sending birthday cards to clients they’ve barely served.<\/p>\n
Rather, it means positioning the company in a way that feels customized.<\/p>\n
That includes having Instagram-worthy products, immediate customer service response and marketing that focuses on word-of-mouth.<\/p>\n
Influencers \u2014 high-profile customers whose style is “gospel” \u2014 can be more powerful brand advocates than any type of advertising.<\/p>\n
But it’s not all about celebrity: For example, Carter’s apparel encourages Millennial parents who want to share photos of their Carter’s-clad babies to use its hashtag #lovecarters.<\/p>\n
Retailers can have paying customers, or they can have loyal customers.<\/p>\n
High quality products and experiences encourage loyalty in Millennials, who tend to be more easily swayed by special promotions and lower cost than previous generations.<\/p>\n
However, loyalty can be earned: Retailers with compelling brand stories and experiences that regularly exceed expectations are positioning themselves to welcome the elusive repeat millennial customer.<\/p>\n","protected":false},"excerpt":{"rendered":"
Loyal customers \u2014 the Holy Grail for retailers. Repeat shoppers are a source of recurring revenue. Smart businesspeople know that success lies in cultivating loyalty, and that means more than creating programs that simply collect customer information. Today’s … Continue reading