17 Jan How To Have CRM That Meet Different Generation Expectations?
A Survey form Fundera shows that, on average, 65% of a company’s businesses are contributed by the returning customers. This explains why many retailers invested tons of resources on Customer Relationship Management (CRM) to develop their customers’ loyalty towards their business. Nevertheless, different age group customers would appreciate different customer loyalty benefits. Thus, to ensure that your customer segmentation and targeting are done right, it is vital to first get to know what your targeted customer likes to get them into your loyalty programme. Let’s explore how customers’ loyalty programme preferences differ across generations.
How To Have CRM That Meet Different Generation Expectations?
- Gen Z: Born 1997 – present
- Millennials: 1981-1996
- Gen X: 1965-1980
- Baby Boomers: 1946-1964
Gen Z: Born 1997 – present
For Gen Z, they have always been accompanied with mobile phones since they are born. They are always the ones you look for when you have questions regarding your mobile tech devices. However, it does not mean that they will simply sign up for membership programmes every time when they are being asked to. A recent survey suggests that 85% of the Gen-Zers are only engaged with 3 or less loyalty programmes. It means that They will not simply trust brands and they need to know the personal information provided will not be misused. Then, the next important question is “ what kind of membership benefits would attract Gen-Z?” The answer is personalized shopping experiences. This is why a lot of online marketplaces are customizing their user’s page according to the user’s shopping history or even the key word search. This is how retailers target Gen-zers and entice them to make repurchases on their platform.
Millennials: 1981-1996
Besides that, one of the biggest differences between Millennials and other generations is they are attracted by promotions and discounts. They are also known to be the one of the most price-conscious generations. That is why when they hear that retailers launch a discount or promotion campaign, they will feel irresistible to make a purchase. Thus, the best loyalty benefit for Millennials is membership points. This would make them stay with the retailers in the long run as they will think about how much they would potentially save in the future through the redemption of the points earned. However, they are not only driven by low price products as they like to do product search across the online market and their decisions are usually affected by the reviews by other users. Hence, your customer review is another thing to consider when your targeted customers are millennials.
Gen X: 1965-1980
Other than that, Gen Xers look for value and quality. Unlike other generations, survey reports that they are engaged with 3 or more membership programmes. It shows that they are actually more willing to join membership programmes than other generations. For Gen-Xers, once they know that the retailers can provide quality goods and services, they are easily convinced to join their membership programmes. Nevertheless, it does not mean that they will stay with only one membership. They are willing to sign up for various membership programmes as long as it meets the criteria of quality goods and services. Thus, it is important to keep them engaged through multiple methods such as telemarketing, app’s notifications and even physical shop visits. Thus, constant communication with them would be the key to help them to remember you and shop with you.
Baby Boomers: 1946-1964
For Baby Boomers, they prefer in-store shop experiences compared to online shopping experiences. They find online platforms difficult to understand and online transactions are too complicated for them. This is why most Baby Boomers like traditional membership systems such as membership swipe cards, credit cards that collaborate with brands and in-store vouchers. Another thing about Baby Boomers is they dislike disclosing too much personal information to the retailers. Thus, to win over Baby Boomers’ heart in loyalty programmes, retailers have to use the traditional method such as gaining their trust through face to face interaction and avoid asking them for too much information during membership application.
All in all, understanding customer preference on loyalty benefits could assist you to identify the best targeting CRM strategy that improves your customer segmentations. Interested in looking for the CRM software that suits your business needs? Fret not! We are here to assist you in finding the CRM software that could help you in cutting costs in your company’s operations and business. Feel free to reach out to Senwave for the solutions to all your problems.