Marketers spend quite some time developing strategies and executing campaigns to nurture leads, increase leads into the sales funnel, up-sell, cross-sell and retain customers through different programs. But these efforts are severely eroded by a steady or increasing churn rate. Increased competition from traditional and non-traditional segments is forcing various industries to change their marketing and customer service strategies.
This seems to be the fate of many products and brands patronized by millennials, the people born between 1980 and 2000. Millennials form the largest demographic in the marketplace, have a different view regarding customer service that is completely changing the way brands interact, engage, and address inquiries. The Millennials are poised to outspend Baby Boomers now replacing the customer group that drove the growth of many major industries and brands for the last 30 years. It is only fair that companies take the time and effort to understand the new set of dominant set o customers who are quite different too, compared to other sections.
The one major difference with millennials is that they are generally more tech savvy, having grown up with the Internet and are accustomed to discovering any required information. While Internet, mobile and social media presence is a no-brainer in these times, it is more so with the Millennials. In the light of the above fact it also pays for companies to create a FAQ page, a troubleshooting guide, community forum and other features that allow millennial customers to locate and resolve their questions or concerns on their own. It is a cost-effective method too since companies can cut back on customer reps. It is also relevant to note that Millennials are not in favor of calling a customer service representative. However, it has been found that companies have to respond to their queries as fast as possible or there is churn waiting to happen.
Since Millennials are tech savvy they are on multiple channels and devices, switching easily between laptops, smartphones, and TV. Companies therefore must market and connect with them on multiple devices while also ensuring that the website has a responsive design. Millennials expect brands to be authentic but more informal when it comes to customer service so that a one-size-fits-all scripted customer service response doesn’t belong here. Millennials value relationships and recommendations with brands far more extensively, personally, and emotionally and expect companies to live up to that. Millennials set such high expectations and standards of the companies and brands that if they don’t provide top-notch customer service, loyalty is set aside quickly.
This new reality of the dominant customer section creates a challenging problem, as most companies were not designed to cater to such varied preferences of multiple generations of customers at the same time. However, it is the new imperative for any company that wants to not only survive but grow, to be able to attract, engage, maintain, and solve problems for the new generation.
It is pertinent to note that small businesses may have an advantage here, in that their size allows them to be nimble enough to adjust or adapt their processes more quickly and easily. Social media is an important tool to reach out to the millennials and businesses are now using social media to engage with customers. Many companies are making efforts towards this by creating greater customer understanding and simpler, more engaging transactions and interactions that drive deeper customer loyalty—through a single software platform. In this regard customer help-desk software like Wolken CRM Service would be a handy tool to resolving customer service requests while also providing actionable insights, to ultimately deliver qualitative customer support.