The Importance of Customer Experience for Millennials
Millennials (born 1980-2000), are the single largest generation in history, with 80 million people belonging to this demographic in the U.S. alone. Today, Millennials account for nearly $600 billion of annual retail spend in the U.S., and by 2020, they’ll account for approximately 30% of all U.S. retail sales — spending $1.4 trillion. This incredible spending power will soon make Millennials the most important consumer demographic worldwide.
Options Aren’t Optional
Millennials are digital natives, meaning they were born into a world where computers, the internet and mobile devices have always existed. Therefore, the idea that their choices should be limited to a single location or a single way of communicating is especially foreign to them.
This generation grew up with the ability to customize just about anything, and today, Millennials want to be able to choose their communication channel of choice along with their customer service options and have those options stored so they can be easily retrieved the next time they are serviced. This is a major missed opportunity for organizations not taking advantage of analytics and tracking services.
While not afraid to make purchases online, Millennials are more likely than any other segment to value speaking with someone over the phone when making a high cost purchase. The only occasion when this generation is least likely to want to speak with someone is when looking to buy a car, book a vacation or apply for a mortgage.
Sharing is Second Nature
Millennials are a generation that believes in word of mouth and relies on recommendations from friends when making purchasing decisions. Should they receive bad service, they are the most likely segment to share the bad experience on social networks.
According to a Pew Research survey, 81% of Millennials are on Facebook, and their generation’s median friend count is 250. Today, one bad experience has the ability to compound, influencing the opinions of hundreds, thousands or even millions of other prospective customers.
Channels Must Intersect
According to a survey of more than 1,800 millennials, 58% of respondents expect to engage with a company whenever they choose, and via whichever channel they elect. Furthermore, 60% expect a consistent experience from brands, whether they interact online, in store or via phone. This seamless experience is difficult to achieve without the help of a call tracking analytics solution that bridges the gap between web and call center support.
Maintaining a consistent customer experience can be a key differentiator for a brand. According to McKinsey & Company, measuring satisfaction on customer journeys is 30% more predictive of overall customer satisfaction than measuring happiness for each individual interaction.
Millennials want a customer experience that is more efficient, more respectful of their time, more reliable and more transparent, with more options and more customization. In order for a business to survive, it’s imperative to adapt the customer experience to the requirements of this future generation.
To meet the growing demands and preferences of Millennials, organizations must adopt a multichannel approach to customer service. This can be accomplished through a call-based marketing automation strategy that integrates call tracking with Google Analytics for seamless tracking of each customer’s journey from online to offline and back again.
To learn more about Call-based Marketing Automation, download our whitepaper: Voice Becomes the Relationship Milestone.
Katie Jameson Monday, 20 October 2014. Posted in General