TO be able to get a lion’s share of the millennials market, companies must put premium on a customer, according to a study by Aspect Software Inc.
In a news briefing, Aspect Software Senior Vice President and Chief Marketing Officer Jim Freeze said 55 percent of millennials pointed out their customer-service expectations have increased over the last three years. At the same time, Freeze said more than half of the millennials cut their ties with at least one company citing lousy service in the past year.
“The average consumer interacts with customer service 65 times a year yet, they are increasingly underwhelmed with an experience that does not reflect consumers’ digital and mobile preference nor their desire to resolve issues on their own. This represents a tremendous missed opportunity for companies to build business and secure customer loyalty,” Freeze said in a news briefing.
“As millennials are more ‘experience-loyal’ than ‘brand-loyal,’ consumer engagement is quickly becoming a far more influential factor in building positive brand perception. It’s imperative that businesses adapt their customer-service strategies to deliver an interaction strategy that addresses millennial engagement preferences,” Freeze added.
Freeze cited Aspect’s study titled “Aspect Consumer Experience Index: Millennial Research on Customer Service Expectations” for his statements.
He said the study also indicated that nearly three out of four customers would rather settle their customer-service issues individually. Freeze said this development would create major shifts in the customer care.
Nearly three out of four consumers prefer to solve their customer-service issues on their own, setting the stage for big changes in the consumer experience landscape, according to him.
Furthermore, the study showed that 65 percent of all consumers and 69 percent of millennials mentioned they had self satisfaction and felt happy on the company they are doing business with when they resolve a problem without talking to customer service.
Acknowledging that companies to craft strategies for all generations, Freeze underscored there is a need for companies to give equal attention to the increasing buying power of millennials because generation is ready to outspend boomers by 2017.
Freeze said millennials will not hesitate to cut ties with a company if they felt unsatisfied with the service.
In the study, Aspect Director of Marketing and Alliances Edwin Ong noted companies that are willing to apply an integrated omni-channel support and self-service will acquire a competitive advantage over firms that choose to depend on traditional support channels and technologies.
“Millennials consider e-mail an old platform. For them, Facebook and other social-media platforms are the ways to communicate,” he said.
Aspect’s study aims to assist businesses define important characteristics of an increasingly influential millennial population (individuals aged 18 to 34). Insights in the study will help companies address millennials’ evolving needs and expectations when engaging with brands.
Image credits: Roy Domingo