Companies Struggling to Attract, Serve Millennial Generation

Companies are struggling with how to adapt to serve a new wave of consumers from the Millennial Generation (or Gen Y) - born between 1982 and 2001 - according to a global survey by the Economist Intelligence Unit and Alcatel-Lucent company Genesys, reports Retailer Daily.

The survey asked C-level and other senior executives from around the world how they are creating a customer experience to attract and retain Millennials.

Three key findings emerged:

• Investment strategies are shifting to favor Millennials: Companies are debating heavily whether to invest more in catering to aging Baby Boomers versus next-generation consumers, with 42 percent saying they should tilt toward younger customers, while 39 percent would shift toward Baby Boomers and Generation X - view chart.
• The time to act is now: Most companies (54 percent) have not yet set their strategies or marketing for Millennials, even though they overwhelmingly agree that such steps are needed; 75 percent say Millennials will have an impact on their organization as consumers in the next three year (see chart).
• It’s an Enterprise 2.0 world: Most companies have a sophisticated understanding of what it would take to adapt, but they are not ready to change their customer engagement model by leveraging social networking, peer marketing, better online support, text messaging, and blogging.

The Millennials report (reg. req’d) highlights the need for businesses to invest in new modes of customer communication and to tailor their approaches to match customer preferences.

Additional findings available at Retailer Daily.