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The Economist Intelligence Unit, on behalf of Genesys, surveyed 164 C-level and other senior executives from around the world to understand how they are attracting and retaining millennial consumers. The main findings of the survey are outlined below.

• Respondents overwhelmingly agree that the millennials have specific marketplace needs, but few organisations have formally prepared for the millennial customer in their strategic or marketing plans.
• When it comes to purchasing products and services, corporate reputation and brand are less important with the millennials than peer recommendation and viral marketing (that is, online promotional communications passed from one customer to another). Moreover, respondents say it is convenience, more than price, that drives millennial purchasing decisions.
• Companies have not kept pace with the millennials preference for interacting through newer, community-based technologies, as most firms continue to rely on telephone, e-mail and store/office-front points of contact.
• To attract and retain millennials as customers, organisations will need to adapt business processes to enrich the customer experience and allow greater choice in customising products and services.