Millennials are redefining Customer Experience
Rapid changes in technology and the convergence of social, mobile, cloud, and big data are fueling exponential growth from connected customers. There is enormous potential to strengthen customer communications, make them dynamic and interactive, and enhance the customer experience. Well connected, well informed and empowered customers are more satisfied, they provide more repeat business and instant feedback, and provide more data that can be leveraged to build brand loyalty.
There is a tremendous opportunity to provide a seamless customer experience to the fastest growing customer segment: millennials. These are the digital natives, born after 1980, who will make up 75 percent of the global workforce by 2025. What makes them such a powerful consumer group is the combination of their net worth—estimated to grow to $7 trillion by 2018—and their unique perspectives that impact their consumption. In the Age of the Customer, millennials are more likely to spend money on experiences over things and trust online search engines over advertisements. They expect ready access to content that is personally relevant in the context of what they are doing and accessible anytime, anywhere.
“Millennials want everything to be a little easier, a little faster and a little more fun.”
Across industries, consumers are growing accustomed to disruptive technology and never-before-seen business models providing extraordinary user experiences. Whether it’s getting a cab on demand with a click or getting the groceries; there’s a growing mass of loyal customers who prize a superior customer experience. Simply put, if you can please them, you can please anyone.
Relevant and personalized communication matters more than ever:
The demands of Millennial customers are very different from earlier generations. Communication with Millennials doesn’t mean abandoning print, nor the publishing processes around the print. In fact, the founding principle is to provide a relevant and personalized communication specific to every customer on any channel.
Companies must offer targeted, personalized communications across all available electronic as well as physical channels. To be millennial customer-centric, companies must be able to support real-time customer interactions in the Millennials’ digital and mobile-app driven world, enabling them to exert greater influence in all their interactions. To do this effectively, companies need to update their legacy IT systems. This involves integrating back-end systems, integrating customer databases and undertaking real-time data analytics. This will help ensure that every “touchpoint” includes content and messaging relevant to the customer or prospect’s situation, preferences, and interests. These communications have become critical points of engagement, not just to deliver one- way communications, but to fully engage with each customer.
Nowadays, Millennials pay bills and conduct numerous transactions using their smart phones and other mobile devices. This generation seeks out digital experiences and thrives on the instant gratification it gives them. Waiting a couple days for a communication to be created, printed and delivered to their mailbox might just be enough for them to decide to take their business elsewhere.
“Millennials expect not only immersive and interactive customer journeys but also fun, one-of-a-kind experiences.”
An unconventional approach to an unconventional demographic
Companies who want to be profitable can’t afford to be without a millennial-centric digital business strategy for more effective communications.
In order to win and retain millennial customers, companies must master all three.
» Understand me. They expect their providers to know their preferences and offer the services and products that are relevant to them.
» Empower me. They want the option to interact, buy or make a transaction at any time, from wherever they happen to be, using their chosen device.
» Wow me. They expect engaging service, relevant products, and on-point pricing every time. Providers must anticipate their customers’ needs and deliver consistently.
To position your company for success, you need to start developing a “Millennial-proof” strategy now. Organizations that are examining their Customer Communications Management strategy should focus on how CCM will support the customer experience and engagement, and continue to keep up with Millennial’s expectations. Interactive communications, created and delivered on demand and in real time, will be key in meeting those expectations, resulting in an enhanced customer experience.