A new global survey shows that whilst most companies have a sophisticated understanding of what it would take to adapt to Enterprise 2.0 tools, they are not ready to change their customer engagement model by leveraging social networking, peer marketing, better online support, text messaging and blogging, costing them a great deal as they are not able to serve a new wave of consumers from the Millennial Generation.
The survey,which was conducted by the Economist Intelligence Unit and Genesys, an Alcatel-Lucent company, looked at how consumers born between 1982 and 2001 will impact the customer experience, quizzing some 164 executives on how they intend to create a customer experience to attract and retain Millennials.
29% of the surveyors came from North America, 31% from Europe, 30% from Asia-Pacific and 10% from the rest of the world.
The report highlighted the urgent need for businesses to invest in new modes of customer communication and to tailor their approaches to match customer preferences.
The Economist Intelligence Unit found the proliferation of blogs, podcasts, videos, chat rooms, social networking sites and other online interactive communication has changed the corporate-customer relationship. In the past, customers tended to go directly to the company to enquire about a product, make a purchase or raise a complaint; today they increasingly go online. On the web, they learn, shop and share their experiences, both positive and negative.
The survey also identified key features and motivating factors that companies expect to resonate with Millennials, which revolve around issues such as convenience, customization, and community. For example, when it comes to purchasing products and services, corporate reputation and brand are less important with the Millennials than peer recommendation and viral marketing (such as online promotional communications passed from one customer to another). Moreover, respondents say it is convenience, more than price that drives millennial purchasing decisions. Others include “fast, reliable service,” “frictionless interaction,” a “tailored approach,” “honesty and trust” and a “personal touch”. |
