By George Wright, CEO of Smart Communications
Millennials have strong opinions about how they want to interact with their brands of choice – and with this group now comprising a large segment of both customer base and revenue, this demographic cannot be ignored. Better yet, they can teach us a lot about the importance of a customer-centric approach.
Millennials are happy to interact with companies via multiple channels – in fact they often do so via multiple devices, at the same time. They demand quick responses and a seamless brand experience. Not surprisingly, millennials prefer electronic channels. A Legg Mason survey reveals almost half of UK millennials would rather conduct financial planning using a smartphone than in a face-to-face meeting. This is helping to drive digital transformation efforts across all industries, and the financial services industry in particular.
According to an InfoTrends report from Keypoint Intelligence, 26% of enterprises have developed a communications strategy tailored specifically for millennials, while 45% employ strategies focused on the purpose of the communication. The data revealed that the companies with strategies based on the communication’s purpose enjoyed lower churn rates—thus underscoring the need to tailor messages based on relevance and preferences, not by demographic. Millennial expectations of a seamless, personalized, channel-agnostic experience should influence your entire approach, and not be restricted to one specific group.
To do this, companies are increasingly relying on cloud-based customer communications management solutions that allow them to develop more meaningful, multi-channel, interactive customer communications while also increasing internal efficiencies. See how our customers are able to scale the conversation.