What You Don’t Know About Millennials and Loyalty

WhatYouDon'tKnowAboutMillennialsphoto

Millennials like me have grown up in an age where new technology practically grows on trees. This fuels an unrelenting “…desire to find new and better [ways] of doing things”.1 We race to buy the coolest new thing and have no problem jumping from product to product and brand to brand to get it. As a result, many view us as disloyal consumers. While there may be some truth to that, those companies that get us will find we’re actually quite loyal.

In fact, “The sooner you build a relationship and deep connection with millennials, the better because they will continue to purchase from you as an adult”. 3 In Fact, studies show that “80% of millennials will keep coming back” if they are satisfied with their purchase.4 However, if a company fails to deliver a deep connection, we have no problem cutting ties. Given the growing buying power and influence of millennials, it’s imperative companies understand our desires if they want to have us as loyal customers.

Here’s three things companies MUST understand about the millennial consumer:

#1 We don’t want complicated processes

Me and my people have “…the attention span of a Goldfish” 5, and we don’t have the time or desire to learn how to use products. Rather, we value applications like Pokemon Go that, in contrast to games from prior generations that forced users to spend the first hour reading an instruction manual, allow us to purchase the product and start using it, with confidence, almost instantly.

#2 We can’t stand waiting

Our crew leads fast-paced lives and “cannot be patient like past generations”.6 This is especially true when it comes to technology. We want to use our toys when, where, and how we want. Don’t force us to endure lengthy multiple-step upgrades, especially when we can’t see the immediate value.

#3 We change our behavior in the blink of an eye

Perhaps, the most important thing for businesses to understand is our attitudes, beliefs, and desires can, and often do, change quickly. In fact, “66% of millennials may have abandoned what had been their brand of choice…because the brand no longer fit their identity”7. So, in an age with such rapid and unpredictable change, it’s imperative to give millennials products that adapt to their changing lifestyle.

Hold on, there’s hope!

If you’re looking to build loyalty from within my generation, keep these top of mind:

  • Make the process easy and entertain us along the way.
  • Take all time consuming-tasks out of the equation.
  • Be ready to change as we do.

In less than twenty seconds I downloaded Pokemon Go, and within ten minutes I was out at the park trying to catch ‘em all. It was quickly installed, easy to learn and offers a fun and intuitive interface…needless to say, I’m hooked!

So, before you label us as unfaithful, try to understand where we are coming from, and you can discover just how loyal we truly are.

Check out this virtual event to learn more about millennials as both your customer and employee: How Millennials are Changing the Definition of Customer Care

Best,

Ryan

 

1 Access Development, “Millennial Loyalty Statistics: The Ultimate Collection,” 2015

2 Forbes, “10 New Findings About The Millennial Consumer” 2015

3 Access Development, “Millennial Loyalty Statistics: The Ultimate Collection,” 2015

4 Forbes, “10 New Findings About The Millennial Consumer” 2015

5 Optimize my Brand, “Marketing to Millennials: The Attention Defecit Generation,” 2015

6 LinkedIn, “Patience, Millennials and 4 Reasons Why They Can’t Co-Exist,” 2015

 

Ryan Alley

Ryan Alley

Ryan Alley the product and content marketing intern at Interactive Intelligence. Alley is focused on cloud and emerging technology. He is currently a student at UCLA and will be graduating in the spring of 2017 with a bachelor’s degree in sociology.