How to Measure Customer Satisfaction with Your Millennial Customers
Businesses around the world are scrambling to attract and engage Millennials since learning about their annual buying power. This up-and-coming generation is expected to, “Spend more than $200 billion annually starting in 2017 and $10 trillion in their lifetimes.”
These digitally driven consumers have unique expectations and demands concerning who they do business with. In order to measure their customer satisfaction levels, you first need to understand what drives their generation.
Measuring Customer Satisfaction Based On Millennials
A Brief Understanding of Millennials
The internet is flooded with different ideas of what the Millennial birth years are. Some sources suggest that the earliest Millennials were born as far back as 1976 and as late as 2000. With all these dates being thrown out there, it’s hard to get to know this desirable target market.
The strongest consensus amongst available sources suggest that anyone born between the years of 1982 and 1994 are bona fide Millennials. That means that the oldest Millennials in 2016 are 35-years-old; with the youngest turning 22. If you’re looking to gain the business of consumers between the ages of 22 and 35, keep reading.
Understanding global technology introduced in the past few decades will give you incredible insight into these young spenders. In the past 3 decades, the following inventions have reshaped the world and in turn, reshaped human behavior and ideologies:
- The Internet and World Wide Web of Information
- Email Correspondence
- Instant Chat Communication
- Cell Phones/Smart Phones
- Portable Computers/Laptops
- Wi-Fi Capabilities
- Social Media Networks
- Globalization and Access to New Cultures
- Tablets, Digital Music Devices, USB Sticks and more!
Millennials have always enjoyed the luxuries of a wired, connected world that supplies instant gratification.
Facts About Millennials in 2016
Speaking on pure statistics, let’s take a look at some current facts about Millennials to form a general opinion of this trendy generation.
- As of 2016, there are 83.1 million Millennials in the US alone.
- 25% of the American workforce are Millennials.
- By 2026, 80% of Millennials are expected to be parents.
- Millennials are the most educated generation in American history with over 63% having a Bachelor’s Degree.
- 86% of Millennials own a smartphone.
- 32% of Millennials in the US have downloaded an ad blocker.
- 71.6% admit to making at least one digital purchase in 2015.
- 37% are digital grocery buyers.
- 88% of Millennials use a second screen while watching video.
- 47% have downloaded a mobile shopping app.
- The overall unemployment in the US is 4.9%; with the Millennials coming in at 12%.
- 80% of Millennials sleep with their cell phone next to the bed.
- Millennials are expected to receive a $30 billion inheritance from Baby Boomers.
- 62% of Millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer.
- 87% of Millennials use two to three tech devices at least once on a daily basis.
- 50% of Millennials have stopped doing business with a company because of poor customer service.
These 2016 statistics for Millennials allow you to wrap your head around the general lifestyles of these 20-something and 30-something-year-olds.
What the Millennial Mind Expects
Now that you have a general idea of the Millennial market segments and behavioral statistics, let’s discover some of their wants and needs. Great customer satisfaction always starts with knowing what your customers want so that you can meet and exceed their expectations.
• Self-Service Solutions
Whether you choose to call it web self-service, electronic support or telephone automation, self-service solutions are in high demand. Millennials want to have independence when it comes to researching, reviewing and buying your products and services. Self-service solutions allow consumers to complete a routine transaction over the internet without human assistance.
• A Human Touch
Even though this technically savvy generation likes to interact digitally with businesses, they still require a human touch. Millennials want the option to speak with a live person if they can’t find what they’re looking for. If you don’t provide a customer service representative that they can turn to for clarification on their issue, they’ll seek out your competitors.
• Personalized Marketing and Customer Service
Millennials have been advertised to their whole lives. They are experts when it comes to spotting pushy and relentless salespeople. In order to really get and keep their attention, you have to develop a personalized customer experience. Stick to personalizing your value propositions to earn their loyalty.
• Instant Gratification
Since Millennials grew up in the Information Age, they’ve grown accustomed to having what they want when they want it. This means that businesses need to provide educational content on their websites; complete with detailed product information, social reviews and answers to frequently asked questions. Live chat and 24-hour telephone support options are also high on their wish list to get immediate assistance.
• Continued Value
Millennials are less concerned with privacy issues as past generations have been. They’re open and willing to giving you their personal information; such as email addresses and phone numbers. The only caveat is that businesses must provide them with genuine value in return. Sending coupon codes via text or product announcements via email bring the value they seek. Millennials will follow their favorite brands on social media if they provide up-to-date valuable information to them.
Satisfying and Measuring
Millennials are gung-ho on using digital devices for the majority of their daily tasks, so you can easily measure their satisfaction levels.
- Reviewing your website’s bounce rate on particular pages will help you determine if you’re providing valuable content for your users.
- Take a look at your email campaign’s open and unsubscribe rates to gain perspective on how well your newsletters are received.
- Analyze your tech support or tech ticket issues to understand the problems your customers are experiencing.
- Stay on top of reviews of your products and services on third-party sites. Millennials are notorious for posting their good and bad customer service experiences online.
Crunch the data to gain a clear picture of how satisfied your customers are with the overall customer experience you’re providing. To help you gain a deeper understanding of ways you can measure your customer service, we recommend reading these detailed articles:
- 15 Ways to Deliver a Killer Customer Experience Online
- 3 Free Ways to (Really) Get to Know Your Customers
- 5 Creative Ways to Gather Customer Feedback
- 10 Customer Service Goals Your Small Business Should Reach For
We’re Here To Help You Improve Your Customer Service!
Our 24-hour live answering service has received countless awards in honor of our customer satisfaction ratings. If you need a support team to assist your Millennial customers, we can provide professional virtual receptionists that can help your callers after hours and through the weekends.