They are very value conscious, deal savvy and know how to get the best bang for their buck. They are also pretty disloyal; according to our YouGov data, 76% will happily switch shops for speed and convenience too.
So, in a world where young women want value, deals, speed and convenience what implications does this have for rewards? Here are my top 3 implications.
1) Make sure your reward has actual high value to your audience. First and foremost it needs to be relevant, compelling and motivating enough that they want it enough to get it. Use real data not supposition to make sure you get this right. Secondly, it needs to be high value, not low value disguised as high. Drivers of high value are high RRP, exclusivity of reward and no terms and conditions (such as threshold spend). Quantify the value of the reward if you can (e.g. mascara worth £9.99) and, if possible, free works best, or good discounts or deals will work too.
2) Make it easy to get. It’s all about instant gratification and mobile. Make sure your reward is easy to claim, instant if you can. Focus on reducing any hurdles to your target audience receiving it – simple and efficient user journeys, no associated costs, no forms to fill out and nothing complicated. Think seconds not minutes.
3. Don’t go it alone. Partner rewards enable brands to offer higher value, more motivating rewards at less cost. Partners often know more about your target audience than you do; they can help you shape a rewards strategy, get the reward itself right and support on communications and messaging to position the reward just right. They can also offer seamless fast fulfilment, road-tested user journeys and great customer service.
If you want to find out more about what types of rewards connect best with young women, or your target audience, then please get in touch with us at Mando-Connect. We can use our unique data sets and Partnerships Engine to help you identify a rewards strategy that will work for you.