These audiences have a combined spending power of $350 billion.
The author recommends that to reach, motivate and inspire brand loyalty among younger consumers, marketers need to be in tune with cultural trends and generate relevant content. Millennials and Gen Z audiences consume vast amount of data daily and use at least three screens for that.
They crave authentic and immediate experiences, where they can express themselves around the brands they use and enjoy. Marketers must note that the young consumers form loyalty towards a brand by gathering insights from friends, family, influencers and the communities they are a part of.
Organisations must consider involving consumers while developing a product or service as a way of providing immediate and relevant experiences. Through such co-creation activities, brands can “earn the loyalty of the new generation of customers.”
[4 minute read]