Promotions and Incentives are Magnets for Millennials

Promotions and Incentives are Magnets for Millennials

By: STP : May 2016 :

In a world of fast-paced digital chatter it’s easy to get lost in the crowd. And, now that digital-savvy Millennials are officially the largest consumer base (and still growing), getting lost means missing out on new opportunities by the second.

What we know today

Pairing your product, customer or employee experience with a seamless, enjoyable, brand-supportive promotion helps you reclaim lost opportunities with Millennials in a big way.

According to the Harris Poll on Millennial consumers:

  • Roughly 77% of Millennials will participate in loyalty and rewards programs.
  • Over 78% are more likely to choose a brand that offers loyalty or rewards programs.
  • They are significantly less concerned than non-Millennials with data privacy and security overall, and over 47% were more likely to share personal details with a brand if it offers loyalty and rewards incentives.

What does this mean for the average brand?

Engaging with Millennial consumers is entirely dependent upon the quality of the overall brand experience you offer them. Customer loyalty programs and employee incentive programs are effective with Millennials because they create engaging, shareable experiences around brands, products and services. If you give Millennials an experience they want, then you are much more likely to generate the organic social exposure every brand needs.

Tying it all together

Sales promotions – including customer loyalty programs, sweepstakes and rebates – should all work together to support your existing salesforce incentive programs, POS data and brand advertising spend. Only by tying together all of these platforms can you efficiently generate profitable external consumer behavior AND internal employee behavior.

Remember, your brand represents a promise to your customers and your employees. By offering each of these populations a more positive experience, you can advance toward your goals for growth from both sides of the sales process. That’s what we call your Total Brand Equity.

Need help tying everything together? Let’s talk.

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