Corporate Insight, the leading provider of competitive intelligence and customer experience research, announced the release of its Communication to Drive Engagement study. The report leverages an exclusive survey of consumers to decipher generational client preferences across channels and shows the most successful types of appeals to target each demographic. The industries analyzed include banking, brokerage, healthcare and insurance.
“Our study found that even though consumers are bombarded by messaging every day, there is still tremendous value in how firms communicate with their clients,” said Michael Ellison, president of Corporate Insight. “This study can play a crucial role in showing how firms can address each generational demographic with content they value most.”
Surprisingly, the study found that Millennial and Gen Z groups value a broader range of communication than older cohorts. These younger generations drive an overall trend of clients being more interested in cross-selling promotions on new products or services than they are in content designed to improve their circumstances, such as educational, guidance or security. Communication on account and policy information and documents ranked highest (61% and 55%, respectively), followed by a significant drop-off in value per communication.
In further generational divides, the study found that Silent Gen respondents value security far more than their younger cohorts – approximately three times more than Millennials or Gen X. Additional findings include:
- Millennial and Gen X respondents value general promotions or deals 10 percentage points more than Boomers and seven percentage points more than the Silent Generation.
- Twenty-one percent of Millennials value information on new products or services compared to 16% of Boomers and 13% of Silent Gen respondents.
- While most respondents were satisfied with the frequency of client communication, 35% thought there were too many requests for feedback.
The study features four primary sections:
- Executive Summary
- Understanding Client Communication Preferences (survey findings)
- Communication Engagement Strategies (best practices recommendation list)
- Unique Channel Approaches