Representing $600 billion in annual spending power, the “Millennial Market” is the golden ring for retailers.
But how can one harness this awesome power? Well, much like everyone else, these Milliennial creatures apparently respond well to rewards – very well actually, according to a new study from PunchTab!
Did you know that Gen Y (Millennial folk) shop more and buy more than other generations? Not only that – “they also influence the spending of older generations who look to them for the latest fashion trends.”
So focusing on fashion (naturally), we see 20% of these young ladies are specifically influenced by social media posts (guys are influenced as well, just not as much). And, as mentioned just a second ago, these fashion-forward guys and gals aren’t only influenced by social media – they’re influencers. And do you know what they’ll do when properly incentivized? Do you?! This:
53% of Millennials could be following your brand on Twitter with the right incentives. Wink wink.
And that’s not all, according to the report, Millennial women are seven times more likely to retweet your brand and three times as likely to follow your brand on Twitter (and see all those great incentives you’re offering). Men are three times as likely to follow on Twitter as well, but they’re a bit less generous on the retweets.
So, what types of loyalty programs resonate with this rowdy bunch? According to the report, “51% of Millennials said they prefer store loyalty programs that cover multiple brands. 37% said they’re interested in parent brand programs, and only 12% favor loyalty programs at the single brand level.”
And what do Millennials want from loyalty programs, specifically? Well, that’s the money question, isn’t it? And it’s something you can find out in PunchTab’s report (we can’t give everything away here)!
What do YOU look for in a loyalty program? And would you ‘retweet to win’?
Mary C. Long is Chief Ghost at Digital Media Ghost where she ghostwrites and helps clients win online using digital strategies you’ve yet to consider. She has particular expertise in advising law firms and schools on social sabotage and how to avoid it. You’ll find her all over the web, starting here: http://about.me/MaryCLong