Brands can make an impact in new markets but how can businesses interact with new audiences such as techy millennials and Generation Z. Researchers from data analytics company Annalect, concluded that the use of up-to-date technology can help a brand stand out against established businesses. This could be in a new product category or become a category leader with a strong brand portfolio. Some of the key findings are summarised below:
- Technology provides tech-savvy millennials with empowerment and freedom across various aspects in their lives
- The more use of technology by brands enables them to deliver more detailed and personalised brand experiences for Generation Z.
- The perceptions of millennials regarding brands and purchase considerations, depends on the technology a brand uses, as for them it is just as important as the brand’s name. They have certain expectations of how brands should use technology to build brand relationships
The results were finalised after more than a six month study that examined the importance and impact technology had on tech-savvy millennials and their relationships with global brands. The research determined that 52% of the millennials surveyed said that the technology a brand uses is the most important factor when making a purchase, compared with 48% of the respondents that said the brand name is most effective.
However if brands updated their technology and invested in innovative solutions, more than a third of the respondents would remain loyal to that brand and believe that the technology invested adds brand value. When asked to name some brands that fit this criterion, they said:
- Victoria’s Secret
These brands engage with consumers through on-brand in-app experiences, sending voucher and deals through texts and using social media to promote the latest products and content. Also from the study, researchers found that 57% of millennials prefer an app experience over a mobile web browser experience. Find out more about the #GenerationTech: Millennials & Technology study.