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Did you know that according to Accenture, 56 percent of customers say they consider significantly more brands for a given product than they did 10 years ago? Or that according to NewsCred, the biggest driver of millennial brand loyalty is a great product (77 percent), while brand recognition and trust are close behind (69 percent)? Considering millennials currently make up 21 percent or more of discretionary spending, says Millennial Marketing, and are poised to grow over the next few decades, that’s not a stat you can afford to ignore. In fact, it represents over a trillion dollars today.
So what does this mean for you? That there is more competition between your brand and others than ever before, and that if you want to increase the number of loyal customers you must a) create a great product, b) figure out what makes your customers tick and c) cater to those preferences.
You might consider using the Net Promoter Score to survey your customers' loyalty. Once you know, you can create ad campaigns that address these issues. Digital marketing is one effective way to do this. 40 percent of millennials use their smartphones while shopping, says BazaarVoice, adding that they are 294 percent more likely to be influenced by smartphone applications than the average shopper.
Use this information to create dynamic marketing experiences that engage the shopper while they shop. Consider advertising your packaged product through traditional media sources, then providing an app customers can turn to once they're actually in the aisle that can tell them more about the product: how it was made, who else likes it, and why consumers buy it over other products, for instance. You can also create social media campaigns that ask shoppers to share their favorite aspect of a packaged good, or stories of how they use it.
Whether you decide to run hard-hitting short campaigns, or longer-term creative campaigns that build a bond between customers and brand (think Coke), advertising through a reputable platform such as the LA Times can help brands reach existing and potential customers based on behavior and demographic profiles. Contact Victory Duarte to explore our full suite of digital solutions at Victor.Duarte@latimes.com.