Loyalty Rewards Needed to Woo Millennial Shoppers

To win over the fickle millennial shopper, a loyalty rewards program is essential, at least based on a new report from Bond Brand Loyalty. As reported recently in Ad Age, Bond's fourth-annual survey of more than 6,000 consumers, found that 37% of millennials, defined as 20- to 34-year-olds, said they would not be loyal to a brand that doesn't have a strong loyalty program (compared with 30% of all respondents). And brand loyalty programs must keep competing to please these younger buyers: Of millennials surveyed, 68% said they change when and where they make purchases to get loyalty rewards, and 60% will switch brands if incentivized. No wonder loyalty programs are elbowing each other in a crowded field. On average, people are enrolled in 10.4 loyalty programs, according to the Bond study, although they are only active in 70% of them. Looking for loyalty rewards worth emulating? See the survey's top-ranked loyalty programs by company in each market category at http://adage.com/article/datadriven-marketing/dove-jetblue-top-loyalty-program-rankings/293499/