By 2020, Gen Z will account for 40% of all consumers. Forget Millenials, it's all about Gen Z.
To win in the market place tomorrow, your business strategy must adapt to fit the needs of your internal and external customers. The future is digital and the winners are being built today.
Every 15 years a new generation is born.
They enter a new world. A world with gizmos and platforms. A world innovating so fast that what used to be popular with their parents is certainly not going to be popular with them.
The changing preferences of our internal and external customers is the reason why we are even having a conversation about digital transformation. These changes in tastes and dispositions is greatly determined by the technology and innovation of the time.
This is true for music and lifestyle. The 80's wasn't the same as the 90's and certainly not the same today. The tastes and preferences of our parents are different from our own and our children are going to chart their own disposition.
Today, in the Generation X cohort, the youngest is 40 years old and the oldest is 54 years old. This generation grew up with computers, television, radio, and newspapers. A big chunk of their leisure time is spent in front of the television. This group have more friends on Facebook and find Snapchat a big challenge.
In the Generation Y cohort, the youngest is 25 years and the oldest is 39 years. This generation grew up with laptops, smartphones, and the internet. They spend most of their time on their smartphones. They have more followers on Twitter and Instagram. They have multiple social media accounts and have no challenges switching between platforms.
Today, the youngest Generation Z is 9 years old and the oldest is 24 years old. This group is growing up with smartphones and tablets. They spend most of their time on their phones. Most of their conversations and friends are on Snapchat. Their first social media account was most likely on Snapchat!
These changes in disposition across these demographics are going to have a massive impact in how businesses operate, how governments deliver services, how schools operate, how hospitals manage patients, how ad agencies build campaigns, how nonprofits manage advocacy, how we consume news etc.
How our children live their lives tomorrow is certainly going to be different from how we are living our life today. If we have learnt anything in the past 70 years is that change is a constant - 2019 is not 1950! Horse & carriages ruled transportation 200 years ago, today electric cars are coming for the combustion engine. Green energy is closing in on fossil fuel.
15 years ago, your business would be fine serving the tastes and preferences of the Generation X. If you are starting a business today, it must be aligned to the tastes of Generation Y. If you need that business to thrive for the next 15 years, you cannot ignore the tastes of Generation Z.
To win in the market place today, your business strategy must adapt to fit the needs of your internal and external customers. You must be cognizant of the trends of today and anticipate the shifting preferences of your customers 15 years from now then make a strategic decision to adapt to meet these preferences.
The future is digital and the winners are being built today. Digital needs to be front and center of your business strategy for the next 15 years. A Digital Transformation strategy for your organisation is no longer a choice but a necessity.
The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time - Henry Ford