Unless your organization is a startup it’s highly likely you’re using a strategy and business model that’s worked for many years. That same strategy and business model might span multiple generations. Even though you’ve embraced the latest technologies and devices, are you also meeting the needs and expectations of the younger generation?
Here are four key points you need to consider:
Ownership – Remember the days when Steve Jobs suggested that consumers want to own their music, not rent it? That’s probably still largely true for anyone over 30 but Millennials have grown up with Spotify and Pandora. And if they’re willing to rent songs, which get consumed repeatedly, why do we think they’ll insist on owning a book they’ll only read once? The content streaming/rental segment will continue to grow like crazy, largely driven by Millennials.
Consumption – When Amazon launched the Kindle in 2007 Jeff Bezos talked about the concept of “information snacking”, where more short-form content is consumed, potentially at the expense of long-form reading. I’d argue that the iPad has done more to promote info snacking than the original Kindle but there’s no doubt that short-form content consumption is extremely popular. Whether it’s quick Facebook updates or 140-character tweets, Millennials have grown up in an era where communication brevity rules. Storytelling will never die but publishers of longer-form content need to make sure they have a model and products to remain relevant as Millennials become an even larger portion of the target market.
Value – What’s the value of digital content? The answer to that question largely depends on the age of the person being asked. Results of a recent survey note that the younger generation expects digital content to be free. That’s not terribly surprising given the lax file-sharing environments most of them have grown up in. Regardless of whether you believe we just need to better educate Millennials on copyright law the simple truth is they place a lower value on digital content than older generations tend to. Btw, part of the blame for this lower valuation belongs to publishers – when their digital offerings are just the print product on a device, oftentimes with even less functionality than the print version (e.g., inability to share, resell or simply give to someone else), why wouldn’t consumers place a lower value on the digital version?
Privacy – Despite all the times Facebook has been criticized for their official privacy settings, policies and monetization techniques, I’ve never heard anyone under 20 years old complain. Parental guidance is frequently required to prevent Millennials from posting things today they’ll regret tomorrow. Millennials have grown up with social tools and they generally love sharing. Just compare an 18 year-old’s Facebook page with that of a 40 year-old and you’ll see the difference. Most of the privacy advocates have gray and thinning hair while Millennials will probably always be more liberal when it comes to sharing updates and content.
How does your strategy stack up in these four areas? You may have ignored them up to now because your current customers are older. Have you stopped to consider that those current customers will continue to age and there will be fewer of them in the future?