A lot of start-ups target millennials because they think they’re not old enough or stuck in their ways enough to be loyal to certain brands.
Another way to say that is, older people who have been around the block, are not open to new brands because they will probably always use the brands and products they always have.
At Thanksgiving last night, our host offered me an IPA beer. I looked to see what brewery it was, and to my surprise, it was Costco’s generic Kirkland brand. This guy is fairly affluent, lives in a multi-million dollar home, drives a Tesla, sleeps on the most popular mattress, wears the hottest labels, but drinks generic beer.
People are loyal to brands as long as they see value in what they’re paying for: economic value, emotional value, prestige, comfort, taste, etc.
What value are you giving your customers?