Outsourcing firms need to think of new strategies to reach out to the "next generation of customers," as the younger generation is expected to dominate the customer base of companies in the next few years.
Steve Michaud, vice-president for Asia Pacific and the Middle East for Singapore-based Aspect Global Services, said "Generation Y," or those between 13 to 31 years old, has become the target of marketers and considered the most influential generation for retailers in the region.
"They are all about information and they are working at a lightning pace. Their spending power continues to grow," Mr. Michaud yesterday said during the 3rd Annual Customer Contact Asia Pacific Summit at the Crowne Plaza Hotel.
Mr. Michaud said that while the next generation of customers is expected to propel the business process outsourcing industry’s growth, he said their needs constantly evolve.
Outsourcing firms, therefore should monitor quality assurance to achieve the results they want for their customers. "What you were willing to accept a few years ago, you don’t want to accept this time," Mr. Michaud said.
He suggested that outsourcing companies should "fundamentally rethink marketing, sales and product strategies."
While the younger generation mostly have access to the Internet, he said contact centers should upgrade their systems and go beyond the operations of voice-based transactions.
He noted that the younger generation prefers to use short message service or text, instant messengers, blogs and paperless transactions, and contact centers therefore should be more "customer-reactive."
Harold Jose James-Pardo, director for operations of WinSource Philippines, said, "We see many customers communicating other than standard voice. We have to have value-added in communications. There is a very wide avenue to this."
Mr. Michaud noted that about 70 million comprise Generation Y and make up 21% of the total population in the region, adding that their spending is projected to reach $2.45 trillion by 2015.
He added that this generation is expected to increase twice the rate of the population in 2010 and would likely reach 32% by 2020.
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