Millennials – the generation born (approximately) between 1982 and 1996 – has become a hot topic in today’s business world. While the Baby Boomer generation currently holds the most spending power, Millennials are poised to take that position when they enter into their 40’s. Even now, Millennials account for 1.3 trillion dollars in direct annual consumer spending in the United States, alone. But the Millennial Generation is quite different from previous ones, particularly when it comes to their expectations from businesses. Therefore, companies need to be aware of how exactly this particular demographic thinks and views the world, and using speech analytics to capture conversations with this group of young people is the best way to extract insights on the demographic.
In order to shed more light on this Millennial mystery, J.D. Power recently gathered its wide amount of customer studies to create a comprehensive report on what Millennials actually look for in a business. One important item they discovered is that Millennials’ brand loyalty hinges on the quality of customer service. Millennials are more invested in how an experience makes them feel, as opposed to the material goods they can gain from it. For them, it’s about emotional value, not monetary value
Here are some ways to ensure your business will keep Millennials happy and, more importantly, coming back.
Use Insights Via Speech Analytics to Keep Things Quick and Easy on the Phone
Millennials are the “Smartphone Generation”. Many of them do not even know what it was like to live before the internet. Therefore, they are accustomed to having data right at their fingertips. They want answers fast, and problems solved even quicker. So when they pick up a phone to call your company because they need information they cannot find online, it’s best not to waste their time. Rather than run the risk of being blindsided when such calls come in, many companies are turning to call mining software like speech analytics in order to discover trends and patterns, enabling them to address common questions and issue that arise. As a result, businesses are better able to anticipate Millennials’ needs when they call in, and issues are resolved in a timely and satisfactory manner.
Training and Maintain Knowledgeable Employees with Call Monitoring
Just as Millennials are prone to expecting things right away, they are also used to being able to access accurate information. Millennials have far less tolerance for mistakes than previous generations. Therefore, their patience for ill-informed contact center agents is quite short. Today’s agents need to be especially well trained; since most simple questions can be answered on a company’s website, agents need to be ready to handle more complex issues. Businesses are finding that by implementing speech analytics in their employee training, they can more efficiently demonstrate to their agents where their strengths lie, and where they may need a little more work. Armed with this knowledge, agents become empowered and better equipped to handle any problems that may come their way.
The Millennial Generation may be more demanding, but once a company proves itself with a well-solved problem, their loyalty to that particular brand is virtually guaranteed. Make sure your business has powerful and affordable speech analytics technology in place to capture voice conversations when Millennials contact your business, and to use the insights gained to improve operations to stay one step ahead of this generation.