EARNING CONSUMER LOYALTY THROUGH INNOVATIVE EXPERIENCES
In today’s digitally connected world, consumers have the least patience for sifting through a pile of unnecessary content or pages to find what they are looking for. For brands to capture the attention of their target audiences, they must meet them where they are at. That means creating customized experiences that make it easy for consumers to engage with and remember your brand.
It’s no longer enough for brands to generate content, publish it on all their channels and hope that it makes an impression. The generation with the most spending power – Millennials – are strongly yearning for more. They are craving personalized services and unique experiences that can conform to the ever-changing desires as quickly as their generation itself is changing. Because millennials prefer experiences over other things, they rely heavily on the brand’s customer experience and user journey when determining their perception of a brand, which has a huge impact on their spending power and loyalty towards the brand.
As millennials start entering their prime spending years, they are increasingly becoming the most important consumer group. As reported by Retail Drive, “Millennials will have more spending power than the Baby Boomers and by 2020, they will have a collective spending power of $1.4 trillion”. Technology and experiences are the top factors that influences millennials purchasing habits. According to Lexington Law 74 percent of millennials admitted to having switched to a different retailer or brand if they have encountered a negative experience.
Millennials, being the world’s most powerful consumers, are currently rejuvenating the economy, challenging deep rooted traditions, boosting production, seeking better experiences and demanding constant innovation, thereby leaving a huge impact on the way businesses function today. Ultimately, there is a fundamental shift in purchasing behavior and customer loyalty as a result of millennials ever-evolving desires for new experiences. According to Karim Coppola, founder of VISORE Lab, “Digital in-store experiences are a game changer for brands that are looking to retain their customers, attract new audiences and revitalize their sales. We use our innovative fashion-forward solution and cutting-edge storytelling experiences to bring consumers and brands closer, keeping clients always entertained.”
It is a known fact that consumers want to feel closer to the brands that they love and are consistently in search of exciting experiences to keep them hooked to their favorite brands. Hence, for brands to successfully nurture their target audience and convert them into loyal customers, it is crucial that they establish a customer’s sense of belonging by prioritizing the experience they provide to their clients and making it one that they can commemorate.