A brand-new survey from the respected Economist Intelligence Unit in combination with Genesys predicts finds that most companies are struggling to adapt their businesses to serve customers who are part of the Millennial Generation. The Millenials are generally thought to be those consumers born between 1982 and 2001 (7-26 years of age today).

 

Millenials actually outnumber baby-boomers today, and this generation will continue to grow in influence as younger members of the group reach adulthood over the next decade or so.

 

According to the report, three key findings emerged from the study:

·         Investment strategies are shifting to favor Millenials: Companies are debating heavily whether to invest more in catering to aging baby boomers versus next-generation consumers, with 42% saying they should tilt toward younger customers, while 39% would shift toward baby boomers and generation X.

·         The time to act is now: Most companies (54%) have not yet set their strategies or marketing for Millennials even though they overwhelmingly agree that such steps are needed, with 75% saying Millennials will impact their organization as consumers in the next three years. 

·         It's an Enterprise 2.0 world: Most companies have a sophisticated understanding of what it would take to adapt, but are not ready to change their customer engagement model by leveraging social networking, peer marketing, better online support, text messaging, and blogging.

 

 

The report underscores the need for businesses to invest in new methods of customer communication and to tailor their approaches to match specific customer preferences.

 

To download a copy of the report, click here.