Generation Y, The Convenience Customers

INTRODUCING Generation Y THE CONVENIENCE CUSTOMERS I was born between 1980 and 2000 HELLO I'm between 14 - 34 and there are < 2.4 billion people just like me MY NAME IS Geueratiou Y A I also go by “millennials" I will be the most educated generation in US history SUCCESS ТЕCH But really, who are they? DEPENDANT CONFIDENT WHY THEY MATTER Spends $200 billion Heading towards peak earning years per year Will be biggest generation in U.S. & world history (larger than the baby boom).. And by 2018, they will eclipse boomers in spending power at $3.39 trillion. Millennials consider TECHNOLOGY as part of their identity WHAT DO THEY DEMAND? Digital touchpoints for convenient communication Ease Constant 47% choose to spend time with friends online instead 40% of Millennials Access Online said their stress had of in person increased last year 65% of Millennials say losing their phone or computer would have a greater negative impact on their daily routine than losing their car. The Right Engagement Strategy for Gen Y Personalization and Ease Gen Y has high expectations for customer service and has a rep for being self focused. Cater to their needs on a personal level with an intuitive interface for easy resolution and content discovery. Students in 1996 scored < 30% on Narcissistic Personality Test than 1979 Apple, Amazon and Google set a high standard of user interface intuitiveness for millennials. Be Available & Cut to the Chase Gen Y is access-driven, not impatient. Be on the right channels (all of them) at the right hours (all the time) and do it snappy. Gen Y People under 35 report negative effects like a need for instant gratification and loss of patience. switches between laptops, smartphones, tablets and TV 27x per hour. 80% use 2 or more devices simultaneously while watching TV Go Social or Go Home Social media has defined Generation Y - they share experiences freely. For better and for worse. in f P 8+ 46% count 48% say word-of-mouth on social media when influences their 55% of Gen product purchases more than TV ads Y share bad buying online experiences Incentivize the Experience Gen Y is into promotions and loyalty programs. Sweeten the deal and get them on board. 77% participate in loyalty reward programs 44% are willing to promote products or services through social media in exchange for rewards Make it Mobile Your customer care solution must seamlessly reach into the mobile space. 41% have made a purchase using their smartphone 64% use mobile to check for sales, specials or coupons 79.1% use smartphones to look up store info Gen Y wants instant answers and via whichever touchpoints they choose. nanorep PRESENTED BY Sources http://telusinternational-europe.com/5-best-practices-on-customer-service-for-generation-y/ http://www.forbes.com/sites/micahsolomon/2014/04/18/are-you-getting-millennial-customers-backwards-customer-service-and-technology- in-b2b-and-b2c/ http://www.pewsocialtrends.org/files/2010/10/millennials-confident-connected-open-to-change.pdf http://www.forbes.com/sites/micahsolomon/2014/02/13/millennial-customers-and-the-what-have-you-done-for-me-lately-syndrome/ http://www.uschamberfoundation.org/millennial-generation-research-review www.ibtimes.com%2Fpress-release%2F20130228%2Fzipcar-survey-reveals-millennials-are-more-dependent-mobile-phones-cars%23&sa=D &sntz=1&usg=AFoJCNFVCLmvvdkks8yB-zeaEQMTKtVhnA www.pewsocialtrends.org%2F2010%2F02%2F24%2Fmillennials-confident-connected-open-to-change%2F&sa=D&sntz=1&usg=AFQJCNGPSZ mta5SCpUvsGI5LOnh-y_mG-Q http://www.oracle.com/us/industries/financial-services/gen-y-survey-report-165297.pdf http://www.ibtimes.com/press-release/20130228/zipcar-survey-reveals-millennials-are-more-dependent-mobile-phones-cars# http://www.forbes.com/sites/mattmiller/2012/07/03/why-you-should-be-hiring-millennials-infographic/ http://www.bostonglobe.com/lifestyle/style/2013/02/01/the-growing-culture-impatience-where-instant-gratification-makes-crave-more-insta nt-gratification/q8tWDNGeJB2mm45fQxtTQP/story.html http://www.totalyouthresearch.com/business-case-gen-y/ GOAL DRIVEN