Millenials brand loyalty. Is it social media or differentiation?
Much has been written about the Millennials and their lack of brand loyalty, so, I decided to test the concept in my classes at DePaul University with college seniors. Small sample but the results are directional. There were two separate situations addressed:
Retail implications: The proliferation of products has an endless variety of choices for consumers. Thank goodness for Category Management to help understand productivity of those items. But don't loose track of your target audience. Have you defined it properly? Are you trying to be things to all people? Retailers tend to lack marketing strength. Promotions and advertising (sans Target) seem to say the same things. Kmart is finally waking up to that fact and actually has had a slow increase in same store sales. In a recent Brandweek article, CMO Mark Snyder states"...a proof point to the organization about how important differentiation is when everyone else is saying the same thing".
It's not lack of brand loyalty. It's lack of good product/services to be loyal to.
What do you think?
Jackie
- Retailing: I asked students in my Science of Retailing class 'Which stores are you loyal to"? The response: None. Why? They said because you can get anything everywhere. I would argue that isn't lack of loyalty but lack of differentiation.
- Consumer Products: While discussing a case regarding energy drinks, I asked which energy drink brands they like. No surprise that Red Bull, the category leader, was the clear winner. Why not other brands? The answer wasn't about image, style, or availability. The answer was 'they taste awful'. Again, not lack of loyalty but a bad product. A few students gave examples of 'Venom' being given away for free in their neighborhoods. They don't want it even free because it tastes bad. No amount of promotion or social media will get around that fundamental problem.
Retail implications: The proliferation of products has an endless variety of choices for consumers. Thank goodness for Category Management to help understand productivity of those items. But don't loose track of your target audience. Have you defined it properly? Are you trying to be things to all people? Retailers tend to lack marketing strength. Promotions and advertising (sans Target) seem to say the same things. Kmart is finally waking up to that fact and actually has had a slow increase in same store sales. In a recent Brandweek article, CMO Mark Snyder states"...a proof point to the organization about how important differentiation is when everyone else is saying the same thing".
It's not lack of brand loyalty. It's lack of good product/services to be loyal to.
What do you think?
Jackie
Posted by Jackie Kuehl at 4/16/2010 9:30 AM 
Categories: brand marketing, marketing tips, strategies, millenials, retail marketing
Tags: marketing tips retailing consumer products millenials social media strategy
Categories: brand marketing, marketing tips, strategies, millenials, retail marketing
Tags: marketing tips retailing consumer products millenials social media strategy
All your points are valid, but I am one of the few marketers that think Millennials are brand obsessed, just depends on the category: Their MP3 player of choice? You know the one that makes them look def. I was just in an European country known as food heaven, Witnessed three female American Millennials reach for a bag of Doritos. What is the name of the diet drink they prefer with their meals that has three kids trekking around the planet they are all following? What about their gaming choices, all popular brands. I could go on. They claim not to be brand loyal, but all grew up in a branded household with their branded Boomer helicopter parents.
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I have never been one to enjoy energy drinks. You make a good point about it being pointless to market a bad product. Its just a big waste of time and effort in my opinion.
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One should try to make a good relationship with retail stores because, Sometimes one can get buy stuffs on lending system & can give back money afterward.
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