A new white paper from Genesys titled, “Customer Experience Strategies for the Millennial Generation,” discusses the importance of the “millennial generation” that is entering the workforce now, and will have increasing buying power in the coming years. Although few businesses are prepared to address the needs and preferences of this rapidly growing segment, now is the time to engage and win their loyalty … because it will pay big dividends for decades to come.
The millennial generation—also known a “Gen Y”— includes those born between 1982 and 2001 (numbering approximately 80 million individuals in the U.S. alone). This generation outnumbers the baby boomers and is just entering the workforce now, while the bulk of the group will reach adulthood in the next decade. Gartner refers to them as “digital natives” because technology is embedded in their lives—they have truly never known life without the Internet and mobile phones.
As outlined in this paper, key motivational purchasing drivers for this generation includeconvenience, community, and cool.
- As shown in the research, in many cases millennials are willing to pay for moreconvenience or quality of experience. So you don’t have to compete on just price, but be prepared–they have higher expectations for service, and little tolerance for delays, inconvenience, or wrong answers.
- When you get it right, peer recommendations (community) work in your favor. Of course if you miss the mark, they’ll be happy to spread that news too!
- Cool: consider the popularity of Apple’s iPhone and iPod products when compared with other music players and mobile phones. “Cool” or style clearly matters with this group.
The impact of the millennial generation has already been felt in the social networking and Web 2.0 sites that are changing the online world–and extends well beyond their own generational group to the online world at large. This group has been a driving force behind the widespread adoption of products and services such as the Zappos, NewEgg, and the Apple iPhone and iPod.
You can download this complimentary white paper athttp://www.customerthink.com/paper/strategies_millennial_generation.