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Dialing Up Digital: Retaining a New Generation of Customers

Cognizant Dialing up Digital to Better Connect with Millennials We surveyed 925 U.S. consumers and found that Communication Service Providers (CSPS) are not meeting Millennials' expectations and needs Compared with older customers, younger 省 34% consumers: 4x are more interested in new products/service 9% 23% TTFN contact the CSP 4 times as often are less satisfied 6x in a month with all services Jane have churned 6 times are more convinced of the potential value in personalization as much in the previous 6 months Youthful Discontent Of all demographic groups, Millennials are toughest to please. Millennials 70% % Satisfied with service Mobile 60% High- Speed Internet 50% Pay TV 18-34 35-49 50-64 65+ Preferred Mode of Contact Prone to Phone Digital OTelephone While use of digital channels has increased, the phone is still the preferred medium for interaction 43% 54% Younger consumers show a much higher preference for digital channels, but when it comes to account management and technical support, they - like other demographic groups - prefer a phone call 68% 57% 46% 32% 18-34 35-49 50+ The phone remains the favored option for all because: 66% just want to talk to a person 47% used the phone before and it worked well A Demanding Demographic Younger customers reach out more... 32% of the youngest respondents contact their CSP once a week or Contact frequency: month, compared with 8% of the oldest Once a week or once a month Every 2 to 6 months Once a year or less 51% 65% 74% 17% 17% 1 in 3 customers under the age of 34 contact their provider at least once a month, compared with about 1 in 10 32% 17% 18% 9% Ages 18-34 Ages 35-49 Ages 50+ customers who are 50+ ... and are more apt to fly the nest if they do not like what they hear.. AGES 18-34 AGES 35-49 AGES 50-64 AGES 65+ "Something 54% 65% 81% 87% we said?" Timing of last carrier switch: 46% of the youngest 22% customers have switched 22* carriers within the previous 2 years vs. 14% of 0 2+ years - never 6 months - 2 years the oldest 24% 12% 13% 10% Less than 6 months ago 4% and are more interested in connected home services ... which is critical for up- and cross-selling Degree of interest in connected home services: O Very interested AGES 12% 49% 39% 18-34 Somewhat interested AGES O Not interested 27% 42% 31% 35-49 AGES 43% 38* 19% 50-64 65% 26% AGES 9* 65+ Show them you care Millennials want a beneficial personalized experience despite privacy concerns Customers ranked the following as the top items to be personalized: % Who agree that sharing personal Technical information is worth it: support 38% Rebates and rewards 45% Product selection 30% 26% to get customized product offers 15% 23% 30% 27% to get better customer service 16% who expect providers to tailor their offerings based on customers' current service usage Ages 18-34 Ages 35-49 39% 31% 27* 28% Ages 50-64 Ages 65+ Accommodate. Communicate. Calculate. We suggest: • Improve and simplify digital channels to accommodate the younger generation's propensities to initiate frequent contact and preference for digital. • Don't hang up the phone. Not everyone is ready to use digital. Empower agents with tools and knowledge for quicker issue resolution. • Use analytics to provide personalized customer care and new product/services offerings. For more insight, read our white paper "Dialing Up Digital: Retaining a New Generation of Customers" at and visit: KEEP CHALLENGING" © Copyright 2015, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information containedherein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners. Codex 1310 ------

Dialing Up Digital: Retaining a New Generation of Customers

shared by cognizant on Jul 16
Our recent survey reveals that despite significant investments by communications service providers, Millennials’ satisfaction with pay TV, high-speed Internet and mobile services has waned. For more...



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