A study from Morning Consult, a Washington, D.C-based research and brand-tracking technology company, provides data that Millennials seem to admire brands with a social IQ, according to the MediaPost.
“Crucially, Millennials expect more from brands. From the shoes they wear to the coffee they Instagram, brand choices are increasingly used to project values in public and online, elevating the need for brands themselves to be value-conscious,” said Michael Ramlet, the founder and CEO of Morning Consult.
The report shows that Millennials want value, not just values. “There isn’t any kind of secret sauce to building brand loyalty,” the report says. “Millennials, like older generations, just want reliable, well-priced goods. Factors like ethical standards or transparency are important to some, but don’t rank atop the most significant contributing factors.”
The top words or phrases Millennials associate with the brands they like are value-based and include “well-priced given the quality,” “reliable” “high quality,” “trustworthy” and “loyal to customers.” Interestingly enough, what Millennials liked more than other social responsibility aspects of a company was if it was a reliable product and/or that it featured good service.