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The Pinnacle Blog

The Loyalty Gap: The Elusive Millennial

Posted by Pinnacle Corporation on Aug 4, 2017 9:00:46 AM

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Millennials – Who Are They? If you are like most retailers, you invest a lot of time and money in building a loyal customer base, and as part of that effort, you are trying to understand and target the up and coming Millennial Generation. Millennials are typically defined as those born between 1980 and 2000, although some studies make them a bit older or younger. This means they range in age from teenagers to early 30-somethings. This group is the subject of many studies and is on pace to be the most studied demographic in history, behind the Boomers who have been studied for decades. Everyone is trying to figure them out. Why? 

According to a 2012 study, this group already represents $200 billion of direct purchasing power and has influence over $500 billion of indirect spending, primarily because teens and young adults who are living at home influence the purchasing habits of their Baby Boomer parents (source: U.S. Chamber of Commerce Foundation). Since the youngest members of the group are yet to enter the workforce, the prime earning time frame for this group is still years away, which means collectively the group represents an important part of our future economy and cannot be ignored. Millennials’ annual spending is expected to reach $2.45 trillion (source: Deloitte). Clearly understanding and finding ways to appeal to this important demographic deserves a closer look.

So how do you win the business of such a fickle demographic group as the Millennial Generation? Driving consumer traffic has always been one of the biggest challenges for convenience store retailers, and as a result, retailers are increasingly moving toward mobile solutions to get consumers’ attention and dollars. In fact, between 2016 and 2020, mobile traffic is projected to grow by 8 times, which means the reliance on mobile technologies by consumers provides a unique opportunity for retailers to more easily gather and share information with potential consumers.

The reliance by consumers on mobile technologies provides an opportunity for retailers to more easily gather and share information with potential consumers. Mobile apps have rapidly become the preferred way to simplify communication between you and your consumer, and when your customers carry your company with them wherever they go, you have the ability to push and pull information in real time. Consumers that download your mobile app start delivering information to you that you didn’t have the moment they open the app for the first time. These consumers have now become identifiable and their activity is measurable and meaningful.

Organizations building out a mobile app strategy need an easy button for managing the deployment of their mobile enabled solutions. Pinnacle aims to provide our clients an opportunity with our Affiniti Mobile Solutions – making sure your customers get the most from every visit to your store, and your business works for you wherever you happen to be. With mobile the way of the future, we strive to put your business in the palm of their hand.

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Topics: Loyalty, Mobile, promotions, millennials