WHAT IMPACT WILL GEN Z HAVE ON YOUR BUSINESS? – #12
One of the key responsibilities of Management is to recognize the future role of Demographics that are inevitable and can’t be affected by short term implementation of programs or strategies that will change the basic structure of a society. We just have to look at China and confirm the impact of a one child per family birth policy. On my recent trip to China, I saw a lot of older people and a definite shortage of 20-40 year olds. While the rule to have more children was recently enacted, it will take at least 20+ years to make all the adjustments necessary for a COUNTRY with 1.4 Billion people and growing.
What markets does your business serve currently and what does the future hold as far as the type of Customers you will be serving in 5 – 10 – 20 years? If your direction is toward the baby-boomers, you are in a market that has tons of competition – there are 10+M bb’s retiring very day and will continue to do so for the next 7-10 years. The millennial are starting to age and we are seeing ample evidence that their kids will have different requirements than their parents or even grandparents. Computers, cell phones, robots, health insurance, education, employment and housing will be impacted by demographics. If you want your business to be sustainable, these future changes will need to be recognized now, and strategies will have to be implemented accordingly. You simply can’t wait, or you will be out of business. What are your plans as to what impact Gen Z will have on your business?
It doesn’t whether you are in a business that serves B2B or B2C Customers, a successful plan has to recognize the ever changing demographics not only in the US market, but more importantly in the global market where demographics in the BRIC countries (Britain, Russia, India and China) represent a large portion of the world’s population. Currently millennials need to be served, but most importantly plans have to be made for meeting the requirements of Gen Z on a global basis. Again, how will global demographics affect your business in the years to come? Many businesses don’t have a clue.