How To Win Millennials’ Loyalty with Loyalty
The millennial demographic is nothing if not technologically savvy. This makes them many things. Distracted? Impatient? Maybe. But it also makes them incredibly viable targets for focused convenience-store loyalty programs that feature mobile technology—something that embraces the value of peer recommendations and that is dedicated to helping them save money on gasoline and other driving expenses.
“The Roads to Rewards: What Drives Millennial Loyalty?”—the latest Excentus Insight Series report—finds that millennials are more likely than their parents to switch retailers (78%) or brands (55%) in order to earn fuel savings rewards.
“Raised on the Internet and coming of professional age in the midst of a national recession, the millennial generation is intimately aware of prices and pressures on their budgets, and they present retailers with unique challenges and equally clear opportunities,” said Brandon Logsdon, president and CEO of Exentus. “A loyalty program that’s built on technology, everyday savings and a variety of meaningful, everyday rewards-earning options for millennials can be the key.”
According to the survey results, millennials also:
- Rely on mobile apps (33%), smartphones/tablets (27%) or wearable devices (7%) to check their rewards status
- Check their rewards status daily (13%), compared with Generation X (10%) or baby boomers (7%)
- Are more enthusiastic (26%) than both Gen X (19%) and boomers (13%) about using loyalty rewards to save on the cost of driving
- Join a fuel savings reward program based on the recommendation of a family member or friend (19%), compared with Gen X (8%) or boomers (6%)
- Link their rewards-earning capability to a credit card (26%), compared with 10% and 8% of Gen X and boomer generations, respectively
- Prefer a variety of rewards activities to save money, including retailer/brand coupons (26%), fuel savings rewards (25%) and instant cash-register discounts (23%)