Brands can win big by getting to know Millennials
Good news for manufacturers and retailers: Millennials are, in fact, brand loyal. That’s according to a new survey of Millennial consumers from marketing data provider Adroit Digital, which found that 64% of Millennials are more brand-loyal or as brand-loyal as their parents, with 24% considering themselves to be more brand-loyal than their parents.
But there’s a catch.
Retailers and manufacturers are looking to connect and secure the loyalty of this tech-savvy group, which spends $600 billion a year. However, many marketers are still scratching their heads when it comes to how to earn the loyalty of these young adults.
This study is important because it not only finds that Millennials are brand loyal, but also it stresses that it’s time for marketers to move beyond the hard sell. Getting to know this group will require evaluating new ad units, including social, native and video, as well as the associated creative messaging. The reality is that technology is part of this group’s identify. One could say it is part of their DNA.
One of the key findings — but perhaps not so surprising — is that social is quickly moving up the ladder and offering TV advertising some serious competition. When respondents were asked which advertising medium has the most influence over how they view brand value, TV and social came out the winners with 70% and 60%, respectively.
What also is interesting is that, while many Millennials say they are brand loyal, they acknowledge that they follow a different set of criteria compared with their parents. What tops the list? Value and/or price (62%). This is followed by recommended by a friend, brand reputation and, coming in at fourth place, quality. And rounding out the list is exposure through social media (29%) and eco-friendly (28%).
Because of their access to vast amounts of information, these shoppers are highly informed about everything from a brand’s pricing to its business practices. That’s why gaining their trust and admiration is key to loyalty.
Yes, earning the loyalty of Millennials may be difficult — and even harder to keep — but those marketers that succeed no doubt stand to reap the benefits.
According to a separate study by Nielsen on Millennials, they make fewer shopping trips than their older counterparts, but they spend more per trip — $54 per trip versus $46 per trip for Boomers. And their spending exceeds Boomers in drug stores, grocery stores, mass merchandisers, supercenters and warehouse clubs.
Actavis, Forest Laboratories receive request for additional information from FTC
DUBLIN — Actavis and Forest Laboratories on Thursday announced that they have each received a request for additional information from the Federal Trade Commission in connection with Actavis’ pending acquisition of Forest.
The effect of the second request is to extend the waiting period until 30 days after Actavis and Forest have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.
Actavis and Forest intend to cooperate fully with the FTC and they continue to expect the transaction to close in mid-year 2014.
Actavis to acquire five products from Akorn/Hi-Tech Pharmacal
DUBLIN — Actavis on Friday announced that it has entered into agreements with Akorn and Hi-Tech Pharmacal to purchase four currently marketed products and one product under development for cash consideration. The closing of the purchase agreements are contingent upon the consummation of Akorn’s acquisition of Hi-Tech. Financial terms of the agreements were not disclosed.
The agreements include three products marketed under abbreviated new drug applications — ciprofloxacin hydrochloride ophthalmic solution, levofloxacin ophthalmic solution and lidocaine hydrochloride jelly — and one product marketed under a new drug application: lidocaine/prilocaine topical cream.
"The acquisition of these products will complement our expanding portfolio of topical and ophthalmic generic products, and further strengthen our position as a leader in developing and marketing the complex, high-barrier products that provide enhanced value," stated Siggi Olafsson, president of Actavis Pharma.