Holmes Report 15 Jun 2014 // 4:13PM GMT
Millennials are redefining the concept of brand loyalty, according to a new study from online survey firm MindSwarms, which finds that their thoughts on loyalty has changed dramatically from their parents’ version.
For Millennials, the survey says, brand loyalty revolves around user-centric transactional benefits that are fleeting and unemotional, whereas their parent’s loyalty is seen to be a dynamic built on personal and emotional long-lasting relationships.
Millennials say they were hugely impacted early on by online shopping, and have redefined the terms of customer loyalty to be more self-centered. Instead of developing long-lasting personal ties to stores and brands like their parents, Millennials become temporarily loyal to a brand or company as tactical decision based on convenience and rewards offered.
Many explain that most of their shopping interactions are with “faceless” companies online, and that they don’t feel that they know the companies they are buying from. Given that they don’t feel much of an emotional pull to be loyal, it follows that Millennials’ loyalty is easily rescinded in favor of a company with a better rewards offer or more convenient service.
Millennials said their parents’ customer loyalty developed slowly and was relatively stable over time.
Like their parents, Millennials do value positive customer service interactions. But rather than in-store customer service, they are oriented toward online interactions. Millennials appreciate the ability to interact with brands online, easily research products, and get personal assistance when they need it.