Younger Consumers Seek Good Brand Experience
Younger people want the experience bundled with the product. A survey by New York-based marketing analytics firm Analytic Partners suggests that about half of those between 18 and 44 years of age base brand loyalty on brand experience, which could mean video/online gaming, social media and third-party expert information through blogs and articles.
The survey by Opinion Research Corporation of 1,000 Americans suggests that 66% of consumers are shopping online via mass market sites like Amazon and Walmart.com. But even though such sites are optimized for comparative pricing, and are therefore tilted almost by default toward a pure value-pricing setup, it doesn’t stop consumer loyalty, per Analytic Partners. About 63% of buyers still act on such “experience” factors as positive buzz. Seventy-five percent of respondents said online reviews play a major role in the purchases they make.
Of those surveyed by the firm, 68% of female consumers said they are generally more loyal to brands than males. Fifty-five percent of the latter said they consider themselves to be brand loyalists.
Said Nancy Smith, founder and CEO of Analytic Partners: “No longer are the days brands can advocate solely for themselves. In fact, the way brands spend their marketing dollars to interact with their consumers can ultimately have a real impact on profitability.”
Results also indicate that consumers living in the South are more loyal to the brands they buy than people in any other U.S. region. While 67% of those living in the South assert they are brand loyal, only 56% of those living on the West Coast say they are. Also, most consumers care about fair pricing, while Boomers care about brands being transparent about how their products are sourced.
“The general conclusion we can make from these findings is that people want to be loved by the brands that they love — loyalty has become a two-way street,” said Smith.