No matter the business – whether its retail, restaurant, CPG or any other industry under the sun, it is becoming more and more clear that millennials put plenty of stock into high quality goods and services. With this in mind, many brands are following the lead of trailblazers such as Chipotle when it comes to a distinct brand focus on a movement toward high quality products. The obvious downside to higher quality goods is higher price. Overall, millennials don’t mind paying a high price for high quality, but that doesn’t mean they won’t actively search for deals that allow them the best of both worlds. To this end, brands should consider turning to an ageless consumer ally, the coupon, to promote Millennial Brand Love®.
Millennials love deals in general, but when a coupon is involved, it makes it that much sweeter. According to research conducted by SMG, an employee and consumer insights research firm in Kansas City, 57 percent of millennial respondents consider themselves highly satisfied when receiving a good deal without coupons. On the flipside, 64 percent of millennial respondents consider themselves highly satisfied after getting a good deal using a coupon. Naturally this makes sense – A deal is a deal, right? Not quite.
Brands that offer coupons hit home with millennials because, as stated above, they execute two truths of Millennial Brand Love®. This love is achieved by promoting two main millennial marketing trends: participative benefits and shareworthy content creation.
Offer participative benefits
Leveraging millennials’ willingness to actively participate and engage with their favorite brands has significant potential to create lasting, valuable relationships with consumers. Coupons are a fantastic opportunity to further promote this desire to participate. Since coupons today are not confined to print, reward initiatives offered through digital brand membership programs have the potential to develop brand loyalty. Creating meaningful conversations with brand fans and encouraging their involvement via coupons and discounts serves as a win for both the brand and the participating brand fan.
Create shareworthy content
By offering coupons, brands are, in the eye of millennials, arming consumers with a treasure map that directs them to affordable high quality products. Suddenly, They are enabling consumer’s desire to be a part of something. With this treasure map in hand, millennials will share their love of the brand with many of their friends and followers. Suddenly, significant amounts of millennials are reaching their desired equilibrium of high quality and affordable price, and brands themselves are inching that much closer to creating brand-loyal fans. Everybody wins.
Although coupons may seem like an outdated form of creating brand engagement, millennials greatly value companies that make a brand more approachable by being more affordable. We have seen top millennial brands like Starbucks innovate the “coupon” mentality through membership programs that integrate mobile, digital and social platforms.