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Chasing the millennial dollar: CX in the 21st century

Written by Corinium

Chasing the millennial dollar: CX in the 21st century

Written by Corinium on Oct 18, 2017 2:54:00 PM

Customer Experience

How different is the millennial customer? So much thought has been given on how to capture the “distracted” generation, that perhaps we are missing the role of generation Y. But are we wrong in our assumptions?

Millennials, or strictly those born after 1980, are making up the greater portion of society – these are modern customers. They have grown up with technology that allows access to a wealth of information, provides instant gratification, and drives consumption like never seen before.

The modern customer is digital

There is a new standard of intuitive technology across the industry which the modern customer has come to expect as the new normal; this only exacerbated by AI. Troublesome or slow systems and processes will only discourage and drive this set of potential consumers away.

Beware of social media

Purchasing decisions have become a social exercise. Never before has the influence of referrals been so volatile. You can easily be applauded or vilified in a matter of seconds online; this can even go viral and either champion or destroy your brand. In a more fickle, comparative world, your customers are going to do more research, be more aware of your product offering, and know what competitors can do or price differently.

Self service or self-serving

This is where things can be confusing. The modern customer wants the ease of problem solving on their own, of managing their purchase decisions and accounts. Yet, they also want instant support if things go awry. The self-service systems needs to be simple and intuitive, personalised and multi-channel. Human interaction will never be fully eliminated, but rather complementary to the speed and accuracy of automated processes.

What do you stand for

With so many options out there, brand loyalty is a thing of the past. It’s easy to switch providers or considered more appropriate to purchase from a variety of brands. It’s no longer one size fits all. And this make your company ethos, your brand message even more important. Going beyond the customer experience strategy is creating a genuine brand identity that relays more than trust.

Join in the conversation around 21st Century Customers at Chief Customer Officer USA

 

By Ryan Matthews:

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Ryan Matthews is the Content Director for Chief Customer Officer USA at Corinium Global Intelligence. His time is spent researching with leading CX professionals to understand market issues to develop valuable content to the CX community. Contact him at: ryan.matthews@coriniumintel.com

 

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