Nearly half (48%) of people between the ages of 18–44 feel that any loyalty they feel toward brands in the future will have to stem from the types of experiences brands create for them, according to a new survey from Analytic Partners. This includes interaction in the form of video/online gaming, social media and third-party expert information through blogs and articles.
The survey of 1,000 respondents, conducted by Opinion Research Corporation, unveiled the shopping behaviors and expectations of American consumers that interact and purchase from brands regularly.
"The general conclusion we can make from these findings is that people want to be loved by the brands that love them—loyalty has become a two way street," said Nancy Smith, founder and CEO of Analytic Partners. "No longer are the days when 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."
MASS MARKET RETAILERS & SHOPPING HABITS
Consumers feel empowered to make purchases when they have the knowledge to make proper decisions. According to the survey results, more than half (66%) of consumers are shopping online using mass market sites like Amazon and Walmart.com, and despite the ease of comparison price shopping, they feel loyal to the brands they buy (63%) on these sites. Consequently the determining factor for this lies within the reviews—75% feel that the reviews they read online play a major role in the purchases they make.
BOTH GENDER & LOCATION FACTOR INTO LOYALTY
Gender and location do play a role in brand loyalty. Of those surveyed, female consumers (68%) are generally more loyal to brands than males (55%). Results also indicated that consumers living in the south are the most loyal to the brands they buy (67%), while those living on the west coast are the least loyal (56%).
TRANSPARENCY IS KEY FOR BABY BOOMERS
While fair pricing and excellent customer service are top of mind for most consumers, the baby boomer generation (ages 49–67) care more than any other age demographic that brands should be transparent about how their products are made (80%).
"As ecommerce continues to grow in popularity, new methods for consumer interaction are becoming a must for brands that want to strengthen retention and loyalty efforts," continued Nancy Smith. "Therefore it's become increasingly important for brands to look at their data holistically to analyze and develop new ways to meet and exceed consumers' expectations. Social media is just one of the many channels Analytic Partners considers and analyzes when seeking to understand the efficacy of marketing spend and the role it plays in the larger business scope."[Source: National survey conducted by Opinion Research Corporation, on behalf of Analytic Partners. 16 Apr. 2013. Web. 19 Apr. 2013.]