Guest Poster: Kristen Gramigna
Kristen Gramigna is Chief Marketing Officer for BluePay, a credit card processing firm, and also serves on its Board of Directors. She has more than 15 years experience in the bankcard industry in direct sales, sales management and marketing.
Building a base of loyal customers can be one of the most effective ways to increase your profitability and optimize your customer acquisition costs, but what does it take to win the favor of Millennials (consumers who are currently between 18 to 34 years old)? Here’s a look at how to target Millennials effectively through loyalty programs.
Know what they really value.
A recent study by Bond Brand Loyalty found that nearly 70 percent of those surveyed said they’d change where they shop because of the presence of a quality loyalty program, indicating that Millennials are highly responsive to retailer loyalty programs. However, they’re not attracted for the same reasons as the general population, which tends to value loyalty program discounts first and foremost. Instead, the degree to which the loyalty program includes components of social sharing and acknowledges the Millennial consumer in a way that gives them the opportunity to feel a part of a business matters more than money-saving offers.
Incorporate social sharing elements into Millennial loyalty programs with tactics like VIP sales that acknowledge the consumer’s participation in the event on social media, campaigns that invite customers to create their own images and content and share them on social channels like Instagram, YouTube and Pinterest, and social media contests that invite participation in product development and marketing concepts. Read More