A generation of customers whose time has come is the Millennials. They are the largest generation in the United States today. They make up between 75-80 million people. They range from age 15-35. As the youngest age into adulthood, their purchasing power is exploding. And, just when you thought the Baby Boomers were the only ones who had it going on, the Millennials have arrived.
According to the Millennial Generation Research Review, did you know that Millennials, on the average, own 3 connected devices? That means they are more connected than the other generations. Furthermore, some 78% of them shop with their phones online while they are in-store shopping. Because they are mobile, they are likely to call your call center while they are multitasking. Therefore, it is beneficial to prepare your call center agents for such interactions, ensuring that your customer service responses are as succinct as possible. They must be efficient and effective in order to keep the customers, satisfy them, all while dealing with their multitasking distractions.?
And, yes, they are loaded already. As the youngsters of the Millennials turns 17 in 2017, this generation will have a whopping $200B spending power. Yeah, that’s 200 billion.
The Millennials are a generation who is considered more optimistic, more racially diverse and expressionists. They are movers-and-shakers. As optimists, 41% of those under age 30 are more pleased about the direction of the U.S. than those over age 30 (at 26%). Millennials tend to be more cooperative with other races, according to MGRR. In fact, 11% of Millennials are born to at least one immigrant. They are into social media, tattoos and personal branding. They speak marketing language. They are a gold mine, Call Center Friends.
However, not all of the Millennials have faired well. Some 13% of Millennials have gone back home to live with their parents, due to their own financial strains. A considerable 36% of Millennials are living off of their families because of their financial plight. Remember, this population is 15-35, so future earning potential will continue to rise, simply due to maturation of the youngest ones and the oldest ones.
Hopefully, their earning potential will be realized. Millennials will student loans have an average debt balance of $25,000. While their graduation rate at 72% is the highest in 20 years, they will need their education to leverage themselves into higher paying jobs to satisfy their debt.
?Millennials have the education to go with their confidence. They have high IQ’s and they have healthy self-esteems, but doubt themselves when it comes to self-reliance. They are the most highly education generation, thus far. They expect much and are willing to let you know what they want. They are willing to share their brand preferences online, so you can know how to fulfill their desires.
Perhaps most important of all about Millennials, they are relationship-oriented. They are interested in spending time sharing their profiles with marketers, developing transactional relationships. Conversely, if and when there is a communication breakdown between a Millennial and a call center agent, for example, it is virtually impossible to re-earn their loyalty. Furthermore, they will consult with their friends before they make decisions. They like to gather as much available information so they can make the best, informed decision they can make.
The Millennials are the next Tsunami. The Baby Boomers in the U.S. make up approximately 70 million people. Generation X is significantly smaller in number, making up only 17 million. So, the Baby Boomers and the Millennials make a population Oreo out of the Gen Xer’s. The bottom line is this: where there’s numbers, there’s opportunity.
Your call center business will benefit greatly by the wave of commerce to come, provided by the Millennials.?
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To Your Success,