July 10, 2009 – Rewards-based programs are a great incentive for consumers across all age demographics, but Millennials (18-25 year olds) have seen the largest jump in loyalty programs, a 32% rise since 2007, according to new data from Colloquy.
Customer loyalty can often lose out to lower prices (especially during a recession), even for individuals prone to loyalty towards a particular brand, so it’s exciting for online marketers to realize the potential that loyalty programs can achieve with a much sought-after demogrpahic.
In fact, 46.4% of the Millennial respondents said that offering a rewards program is “more important” during the current recession. It’s also important to keep in mind that this information is coming from a group that really loves social networking, new tech gadgets, and mobile communication, which means they are looking for ways to engage with your brand if the opportunity presents itself in the right way.
Definitely some food-for-thought when considering new online marketing strategies!
For more infomation on the Colloquy study see the entire article on Mediapost.
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