Last week I wrote a short commentary on another blog about a few disturbing op-ed articles I read expressing how the demise of many established industries are being blamed on Millennials. Huh? Really?
For the most part, there always seems to be a generation gap of how things operate during our current time versus that of times past. Now, as a Baby Boomer, I grew up during an era when change and progress seemed to be occurring at warp speed compared to that of my parents’ generation. We always see evidence of this with the changing of generational guards.
With the increase in technological advancements, we are noticing that certain processes are done much faster, while information is absorbed and retained much differently than it was during my wonder years. In other words, even though this generation is more tech savvy than we were, their appetite for the spice of life is just as unique and adventurous as ours was…like a poetic bouquet of freshly picked flowers.
Poetry tells a story but in a condensed bite-sized version. Just as the voice of literature has changed throughout centuries, today that voice resonates with a different flavor and engagement. Humanity is like literature and our diversity is akin to the various genres falling under this prose. Veteran generations are much like novels, and Millennials are like poetry. The novel is still told, just at a faster pace and with a more modernized version.
People’s tastes and lifestyles have changed, some more drastically than others. In some respect, we aren’t changing with the times as fast as we think. Because Millennials dine differently, entertain differently, earn and spend money differently, learn uniquely and communicate quite differently, marketing to them has to be modified to appeal to their appetites as consumers.
Not to compromise the integrity of quality and business ethics, traditional ways of engagement will have to change. Innovation has to take place and processes must be adjusted. Old ways may be mundane, long and drawn out, but investing in a little organizational tweaking could be an effective solution. So before we go playing the blame game on Millennials because their spending and investing habits are clearly different from previous generations, we need to examine the real nitty gritty behind how existing industries are appealing to their lifestyles. Change is not always easy, but it is definitely a learning experience. That’s just my 2¢.