In today’s competitive market, building customer loyalty is crucial for the success of any business. However, the approach to creating and maintaining customer loyalty must be tailored to the needs and preferences of different generations. TRIFFT Loyalty Cloud’s latest ebook, “Building Customer Loyalty Across Generations,” highlights the importance of understanding the differences between the generations and creating effective loyalty programs for each.
There are currently six generations in US society. Gen Alpha is too young to examine, so the generations discussed are Gen Z, Millennials, Gen X, Baby Boomers, and the Silent Gen. Each generation has its own characteristics, life-forming events, and attitudes towards loyalty that businesses must consider when creating their rewards programs.
Gen Z
Gen Z, born between 1997 and 2012, is the most recent generation to enter the job market and has increasing spending power. They are true digital natives, raised on the internet, heavily influenced by social media and influencers. Their attitude towards money was shaped by economic uncertainties, including the 2008 recession and Covid pandemic, leading them to save and invest instead of thoughtless spending. Mobile phones are an essential part of their lives, and they prefer communication through texts and social media channels.
Millenials
Millennials, born between 1981 and 1996, are known for their preference for convenience and good value due to the 2008 recession’s influence on their entry into adulthood. They research good deals online and spend their income on groceries, gas, restaurants, clothing, hobbies, and their phones.
Gen X
Gen X, born between 1965 and 1980, was born before mobile phones and the internet were invented but is tech-savvy enough to enjoy the benefits of the digital world. They remember the world with zero digital marketing and are comfortable with both traditional and new marketing techniques. They carefully research their purchases, and once happy with the selection, they are willing to pay a premium for the products.
Baby Boomers
Baby Boomers, born between 1946 and 1964, were raised without cell phones, the internet, or social media, and their social interactions were based mostly on face-to-face contact. They witnessed the introduction of the first “real” loyalty programs, ranging from punch cards to coupons and vouchers. This generation looks for the best value in the first place and prioritizes discounts over everything else.
The Silent Generation
The Silent Generation, born before 1945, grew up during the Great Depression and World War II and is known for their traditional values such as hard work and loyalty. They respect authorities and believe that working hard is the only path to success. The Silent Generation prefers in-person interactions over any other form of communication.
Find out how to create loyalty programs that resonate with each generation’s unique characteristics, life-forming events, and attitudes towards loyalty in TRIFFT Loyalty Cloud’s latest ebook, “Building Customer Loyalty Across Generations“. Whether it’s catering to the digital natives of Gen Z or the traditional values of the Silent Generation, this ebook provides valuable insights and practical tips to help you build effective loyalty programs that meet the needs and preferences of each generation.
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