Adroit Digital conducted a study to discover how Millennials think about brands compared to their parents, and how brands can gain their future loyalty. The study was conducted in January 2014 and surveyed a random sample of 2,000 18 to 44 year olds US consumers who own both a smartphone and a personal computer.
The results of the study indicate that Millennials are just as brand loyal as their parents, but are more informed about brands due to the vast amounts of information they are exposed to on a daily basis.
The top 10 findings of the survey:
Television is Still King. 70% of Millennials said that television advertising has the most influence over them in how they perceive a brand and a brand’s value. Social media was a close second with a 60% score.
The Apple Doesn't Fall Far. 64% of Millennials are more brand-loyal or as brand-loyal as their parents. 24% consider themselves to be more brand-loyal than their parents.
Mobile Power. 39% of respondents think that brands that don’t advertise through mobile channels,
smartphones, and tablets are outdated and undesirable.
Social Advertising. 32% of those surveyed said social advertising lends the most credibility to influencing their brand decisions.
New Product Acceptance. 26% of Millennial respondents are most likely to consider a new product introduced via social.
Brand Evaluation. 77% said they are evaluating brands on a different set of criteria than their parents. They may be brand-loyal, and many use several of the same products their parents are loyal to, but they’ll be evaluating them differently.
Peer Review. 55% of young shoppers said that a recommendation from a friend is one of the strongest influencers in getting them to try a new brand.
Digital Advertising. 36% believe digital advertising is the most effective method of influencing brand decisions. Traditional advertising scored just 19%.
Customer Input. 52% of Millennials want brands that are willing to change based on consumer opinions and feedback. 44% want to have open dialogue with brands through social channels. 38% want brands to be more about the consumer and less about the brand.
Ethics Matter. 38% of Millennials will switch brands if a company is found to have bad business practices. Outside of financial factors, a business found to have bad business practices is the number one reason that Millennials will switch brands.