This article about customers was originally posted on www.infinitcontact.com on August 11th, 2017.
Customer service is still about giving consumers what they want. But today’s business landscape is focused on millennial customers, particularly when it comes to delivering the best B2B and B2C experiences. According to Open Access BPO, millennials or Gen Y are 80 billion in the US. This makes them the largest consumer market. Their purchasing power is much stronger than the Baby Boomers. As consumer psychologist Kit Yarrow predicts that American 20-somethings will have spent $200 billion annually this year alone.
If your product or service is sold to a significant number of millennials, your brand is assured strong market stability. Millennial customers are loyal and predicted to spend a collective $10 trillion within their lifetime. Contrary to popular belief, the “me, me, me generation” (as described by TIME magazine) has grown up. Continues to have immediate access to all kinds of information online. These digital and social natives make better informed decisions based on what they see and read, while also crowdsourcing or getting recommendations from their social media networks.
Technology is embedded in every part of a millennial customer’s life – from how they search for products, the kind of products they’re looking for, information needed to make the final purchase, to making purchase online as well. They can also easily learn and adapt new technologies, with 50% of millennials planning to buy Internet of Things devices for their home. Important lifestyle aspects such as health and work are also managed by smart phone apps.
What can companies do to improve their products and services… Read more.