Research out yesterday revealed that almost eight out of ten students have encountered a problem with a company and lost money as a result.Energy, property and telecoms firms proved to be the biggest culprits. Around one in five of students living away from home has been overcharged for their gas or electricity bills with one in seven having paid bills from previous tenants in their student digs. In all, 1.4m students are finding themselves around £240 worse of each year as a result but do they complain and ask for their money back? No – only 25 per cent bothered to stand up to the companies concerned. Many were too embarrassed or feared intimidation. There is a message here in these figures not just for energy and property firms but for all. These customers are the millennials and given that they are students they represent the proportion most likely to go on to well-paid professional jobs in the future. You can be sure that businesses will be keen to engage with them then chasing their hard-earned cash. So why wait? Why treat them shabbily now? Look at all the research and commentary on the millennial mindset – for them customer service is all. Brand loyalty does not exit for them – if you don’t measure up to their expectations today they won’t be around for tomorrow.
Read more on millennials:
- London to host the world’s first millennial business conference
- 5 millennial myths and 6 personality traits your business should be aware of
- The rules of marketing to millennials – revealed by a marketing millennial
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