In the latest loyalty research ‘for love or money 2016’ we asked members – “do brands need a loyalty program to keep their customers loyal?”
With 57% of members saying YES, brands do need a loyalty program to keep them loyal – which is a good although not an overwhelmingly great result!
What was really interesting was the fact that this jumped to 68% for Millennials.
This is a clear signal that there is a desire from this generational cohort to be rewarded by brands for their loyalty.
Another proof point that Millennials do care
This was reinforced even more by the results from the question regarding the impact of closing a program.
The results highlighted that Millennials were significantly more likely to feel the absence of a program(s) they are members of, if their program(s) were to close down.
For Millennials, 26% said there would be no impact on them if their programs closed down vs 36% of all members who said there would be no impact. (It was a negative question, so the low % indicates the opposite ie the lower the %, the more they care!)
Millennials are a regular topic of interest and debate amongst marketers, as a generation of influence in a myriad of life and consumer behaviors and one we looked deeper into in the ‘for love or money 2016’research.
So whilst programs are not always the answer to everyone’s loyalty needs, understanding your customers and which cohort they are, will make a difference to your loyalty program success.