When it comes to describing millennials, stereotypes abound, yet new research by Qualtrics and Accel has found that this demographic may be the most misunderstood generation.
Businesses looking to target the lucrative millennial market segment must learn to understand millennials to improve their chances of success. Qualtrics and Accel surveyed more than 6,000 millennials, Gen X-ers, and Baby Boomers to understand their drivers, differences, and similarities.
Qualtrics Asia Pacific and Japan managing director Bill McMurray says, “Businesses that better understand millennials are a step ahead in terms of marketing to them effectively.”
“Knowing, for example, how important quality is versus price should encourage organisations to focus on delivering a quality product and quality experience rather than just providing the cheapest product.” “If companies aren’t delivering a high-quality and responsive experience, whether on-line or in-store, then millennials are likely to take their business elsewhere.
This means businesses have to regularly check-in with customers to gauge whether they are having a positive experience, McMurray says.
“This checking-in should occur across all feedback channels that are relevant to millennials, such as mobile, web, in-store and social.”
Key Australian findings include: