In the modern day, no generation is more widely discussed than millennials. And for good reason. This generation is large and holds a significant amount of spending power. Millennial shoppers spend $600 billion every year in the U.S. (Accenture).
One of the best ways to connect with millennials? Loyalty programs. They hold a lot of influence over this generation. In fact, according to research from Bond, 67% of young millennials are highly influenced by loyalty programs.
So, how can your business craft a loyalty program that’ll be a hit with the millennials? Get started with these 6 tips.
Digitize your loyalty program. In 2019, having a digital loyalty program is a standard. (Hole-punch cards are so outdated.) For millennials, this holds especially true. According to Hawk Incentives, 65% of them actively prefer digital rewards. This generation values convenience, so going digital is one of the better ways to give them what they’re looking for.
Offer valuable rewards. Your loyalty program is only as good as the rewards you’re pumping into it. Don’t pamper your program with uninteresting rewards just for the sake of it. Include rewards that your customers will actually want to use. For instance, 82% of millennials would be interested in redeeming their hard-earned loyalty points for prepaid reward cards or gift cards (Hawk Incentives). Deliver value and reap the benefits.
Have an easy signup. Like I said, this generation highly values convenience. You know what’s not convenient? Long signups. Millennials are far less likely to join a loyalty program if the process takes too long. Keep it simple. Don’t require your customers to go the whole nine yards. A name and a phone number is all it takes.
Give customers a hook. When deciding whether or not to join a loyalty program, many customers are going to check to see how hard it is to get that first reward. If it seems like too many purchases may be required, they may reconsider joining at all. So how do you counter that? Offer a hook. Try to reel customers in with the promise of something immediate. Say, $5 off your next purchase after signing up.
Reward engagement. For millennials, time is truly money. Being rewarded for the purchases they’re making is a given. But by joining your loyalty program, millennials are committing their time to your brand. 81% actually favor programs that do more than reward customers for purchases (HelloWorld). Millennials want to be rewarded for their involvement. For committing to your brand and joining the ecosystem you’ve built.
Offer a mobile component. One of the best benefits of having a digital loyalty program? There’s a lot more you can do with it. That includes tapping into the valuable mobile space. 75% of millennials are more likely to join a loyalty program if their information can be easily accessed from smartphones (CodeBreaker).
Gain Millennial Loyalty With CoGoBuzz
Want to set your business up with a loyalty program guaranteed to resonate with millennials? We’ve got what you’re looking for with CoGoBuzz. Our service has a diverse array of features designed to keep your customers engaged, rewarded, and involved. CoGoBuzz simplifies customer engagement down to a simple text message, letting you connect with your customers on the devices they use the most. Automate entire campaigns ahead of time, send birthday messages, and more!
How does your business connect with millennials? Sound off in the comments!