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Forge brand loyalty with Millennials with personalization of offers
American Express conducted research among Millennials alongside a psychologist and found that Millennials expect more personalization from brands than any other age group.
The American Express research, for which psychologist Emma Kenny was engaged, found that Millennials are more brand-loyal than any other age group. Nearly two-thirds (62%) of Millennials tend to only ever buy a preferred brand compared to just 54% of the wider population.
However, as might be expected, Millennials differ significantly from other age groups when it comes to what inspires their loyalty and how they engage with brands. While offers were widely used among all age groups (86% of all those surveyed had used at least one offer in the past), it was personalization of offers that was most important to Millennials.
Almost half (48%) expect brands to customize and personalize offers to suit their needs. Furthermore, Millennials were found to be more likely than other age groups to go out of their way to use a customized offer (39%) compared to other age groups (32%).
According to psychologist Emma Kenny, this demonstrates how brand loyalty is being driven by longer term relationships with brands as this enables them to build customization over time.
"While Millennials are demonstrating brand loyalty these days, they also require a sense of being 'looked after' if they are to remain that way," said Kenny. "The psychology of our interaction with offers often arises from our initial positive experiences of consumer engagement."
Millennials were also found to be more likely than any other age group to share details of recent purchases on social media (59%).
"Customer loyalty remains hugely important for customer-facing businesses, and we are keen for our partners to understand the opportunities provided by engaging proactively with the Millennial generation," said Dan Edelman, vice president, American Express.
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