The Competitive Edge: Generational Analysis
Staying competitive in the marketplace is an ongoing practice for most organizations. Competitor analysis, pricing analysis, market and economic analysis, we devote the time, manpower and research dollars to understand our competitive place in our industry. But, yet many times we fail to conduct a generational analysis of our marketplace. Who is the next generation of decision makers that will change or influence your industry?
While we struggle with keeping our current generation of leaders innovative and customers satisfied, we fail to think strategically how the next wave of generations will lead or how will we convince them to choose our product or service. Rarely, do we start to develop strategies that will keep our organization solid for years beyond our leadership. Understanding the next generation of decision makers and their social values, their lifestyles and priorities, their aspirations gives an organization a competitive edge. Developing services and products and marketing strategies to stay relevant to the next generation can enhance a brand’s image as a leader in their market space.
So who is this next generation of what we call Millennials (18 years old – 29 years old)?
This generation of well connected, confident, and change agents are on track to be the most educated generation of our time. They will be known as the “always connected” generation as they are tied to their digital technology and social media. Seventy-five percent of all Millennials have a profile on a social media platform and eighty percent say they actually sleep with their phones so they have quick access to social media, text messages, emails, music, etc. Based on extensive research by Pew Research Center, a non-partisan fact tank, most other generations see Millennials as the most distinctive generation because of their use of technology.
While Millennials have a confidence of being innovators of change they have a high regard and respect for the older generations and acknowledge that past generations have a stronger work ethic than themselves. They are willing to be mentored. The advantage of this information for an organization is that while Social and Mobile Media is still in its early adoptions stages, the older generation may have found an avenue to reach its successors.
Not only can the current generation begin to communicate using Social and Mobile Media, their organizations values and mission statements, they can also begin to instill the value of their product and service. Utilizing the modern tools and technologies to relate and communicate with this newest generation will help companies create the longevity they hope for.
How are you building new media into your strategic marketing plans?