With 25% of the population being made up of millennials (PTTOW), it stands to follow that enterprising brands are keeping a close eye on their spending behavior. After all, a successful brand is one that keeps the customer in mind; and with that said the question remains: what exactly is the best way to engage with millennials? While they may be the most ethnically and racially diverse generation ever according to a recent Nielsen study, millennials are a group that ultimately has one thing in common: a deep and powerful love for music, of course.
Music serves as not only an emotional touchpoint for millennials to connect to one another with, but it offers them the chance to reap the benefits of experiential rewards, too. While loyalty programs have traditionally offered rewards through point-based accumulation schemes, modern consumers have become less concerned with programs that offer material rewards and have began to shift their mindset towards new type of experiences—experiential rewards, that is.
The type of rewards that focus on creating a “VIP experience” for customers to enjoy, experiential rewards offer users new types of experiences rather than just giving them coupons or discounts. According to a study done by JWT Worldwide, “72% of Millennials would rather spend money on experiences than products” (Source: Econsultancy), revealing a state of dissatisfaction towards the current reward redemption process for most loyalty programs. Due to the fact that consumers have more buying power and access to information than ever before, it becomes necessary for brands to also have an equally deep understanding of the types of experiences that are relevant and exciting to their audiences in order to fully engage them. One brand with such an understanding of its target audience is the brand 7-Eleven:
“‘We believe music is a way to connect with this age group on an emotional level,’ said Laura Gordon, 7-Eleven VP of Marketing and Brand Innovation. ‘To be relevant, we have to be part of our customers’ lives to give them more reasons to love our Slurpee brand and create experiences they can share with their friends.’” (Source: Loyalty360)
In order to create such experiences, 7-Eleven embarked on creating a promotion entitled “The Slurpee All Access Chill”. Users could redeem codes found on products in store through the 7Rewards mobile app for a wide range of prizes including music downloads, trips to music festivals, artist meet and greets and more. This level of digital integration not only reveals the brand’s commitment to try and entice millennials with more relevant rewards, but also creates the types of lasting experiences consumers are most likely to remember. By focusing on creating fun and unique experiences through music, brands can forge lasting bonds between themselves and their consumers to create happier, more engaged users who are more likely to remain loyal customers for life.
Because music is so deeply embedded in the consumer lifestyle, brands that offer music rewards are more likely to engage their audiences- especially millennials. With a catalog featuring over 100,000 different gifts, including rewards like Pandora subscriptions, iTunes downloads, Google Play reward codes and more, marketers can leverage Ifeelgoods’ platform to offer their audiences relevant rewards that they’ll love and they’ll instantly enjoy. Ifeelgoods’ turnkey platform helps brands seamlessly set up and launch any campaign with rewards within minutes. Brands also benefit from advanced tracking and optimization tools; making it even easier for them stay on top of, and successfully manage their campaigns and rewards than ever before.