NEW INFLUENCERS: Sharing is Caring
As our marketplace evolves, the pivotal role played by a new group of influencers continues to shape the way marketers cater to consumers. Ranging in age from mid-teens to early 30s, Millennials hold a purchasing power of approximately $170 billion per year, greater than any other generation. As consumers, as in everyday life, they remain constantly curious and connected -- obsessed even -- with the current. Staying up-to-date on others' actions, whether they be friends, family, celebrities, or complete strangers, is just as important as documenting experiences of their own. In fact, Millennials feel more comfortable sharing personal information because they constantly receive just that from countless others, on a daily basis…
The never-ending need to share undoubtedly includes sharing opinions about brands, products and services, and this will to interact with companies is central to how new influencers buy and consume. To keep the “sharing” reciprocal, brands offer special perks to loyal customers. In fact, popularity of loyalty programs is steadily on the rise partially because this wave of consumers is less hesitant (if at all) to provide personal information that proves useful to brands, especially if it means receiving something in return.
For Millennials, consumerism is an interaction, a special relationship that necessitates exchange. “Liking” a brand’s Facebook page provides a retailer with further insight into its customer profile, more exposure, etc., and the “liker” then receives access to exclusive offers, discounts, or sneak peeks of exclusive products. Additionally, if the perks seem to outweigh the uneasiness of surrendering information, the consumer in turn feels as if h/she is coming out on top and will then continue coming back for more.
Essentially, this technology-savvy, information-hungry generation flourishes on positive reinforcement. Just as a skilled player engaged in a game thrives on the will to win, Millennials seek out positive feelings generated by “achievements” through incentives such as loyalty points, badges, discounts or any other sort of “prize” awarded by companies -- tangible or not. By producing this positive feeling of “winning,” customers are encouraged to indefinitely continue the interactive relationship, consequently morphing the marketplace into playing field ripe with new and exciting opportunities.