The Now Generation, part1
- why young customers are key to customer growth
Understanding the Now Generation
Reaching to the Now Generation – how do you do it?
This generation is a dominant driving force in how brands and all sorts of service providers market their products, and they are a significant influential group in the economy. So how do you present products – packaging, labeling, interfaces, experiences, etc. – to this group?
Here are some relevant key characteristics of the Now Generation to take into consideration. The Now Generation is:
- In the age of 15-30
- Open to innovations
- Quick to form an opinion
- Quick to share opinion with others
- Always connected to social media
- Self conscious
- Attention seeking
- In need of instant gratification
- Intolerant to being bored
- Intolerant to be kept waiting
- Lacking attention span
It is a group that engulfs media 24/7, at all times socializing and sharing experiences through their devices. With that said, perhaps it is easier to cater to their needs than one might think.
Because of the Now’s Generation ever-connected way of living they have become an invaluable group of consumers, as they offer countless touch points for marketers and service providers to exploit.
The goal here to be achieved is building reputation by fulfilling the needs of the Now Generation, as reputation has become an economic asset. So by delivering to the customer what they want, the way they want it, the customer WILL share their experiences with the world.
Customer experience is when it comes down to it, the means to an end but not the end. And for this generation speed, quality, relevance, and simplicity is everything. Take a look at the most popular apps in the world. SnapChat, Instagram, FB Messenger. See how specialized and simple they are. This is the user experience your bank should be going for. Why would they want a different and more complicated user interface when handling money? Payment interactions are social interactions too. So if you get this right, you will earn their respect and reputation will follow.
The Now Generation needs to know that companies are listening to them in real-time and are always there for assistance. There is a need for banking solutions that are both convenient for consumers and cost-effective for banks. While nonbank technology players lack the scale and trust of large banks, they can quickly disrupt and redefine the customer experience. A partnership should liberate banks to focus on their core competencies (customer service, compliance procedures, etc.) which they have acquired through years of experience.
By combining these two factors, user experience and trust, we have a winning formulation. This is something a bank and a Fintech could excel at together.
Go and get them. And do it “now”!
The Now Generation is the most important one to win over. It is as simple as that.
Here is why:
They control the general consumer behavior.
Uptake and usage. Their opinion affects both. They are so many, they have such a strong voice, and never in history it has been easier for anyone to be heard. Everyone is a public critic nowadays.
And because the Now Generation are usually “first movers”, it’s them you need to target and your product design must be based on their views. They are the core and the starting point of user bases. Work around it and use it to your advantage.
“The Parent Trap”.
Older people follow the younger ones. Not the other way around.
Parents are constantly trying to find ways to connect to their children. But even though everyone is more connected than ever, the communications are not necessarily close and personal. Parents feel they are having difficulties relating to their children. That’s why they lean towards the same services hoping to get more involved and to avoid being perceived uncool and outdated in the eyes of their children.
Just as the Now Generation is influenced by their peers, in many ways, parents are influenced by their children. They followed their children to Facebook – in fact they even drove them away with too much presence. They also followed them to SnapChat, and young travelers were for example prominent on Airbnb when it was starting out, which has now gone mainstream. Young people are eager to try out new things, and as soon it has been tested others are willing to give it a go.
The largest generation in history (Millennials) is about to move into its prime spending years
Millennials are of course an important part of the Now Generation and they are moving into their prime spending years. Millennials are now the largest generation in history and in few years they’ll be the majority of the workforce. In addition, this group begins to reach their peak earning age in 2020.
In the U.S. for example, in 2014, Millennials generated $2 trillion in liquid assets, that amount is forecast to grow to $7 trillion by 2020. By 2025, they are expected to generate around 46% of all U.S. income.
Currently Millennials are starting to build wealth, buy homes, buy insurances, save for retirement and starting families.
Which leads us to the fact that banks can no longer deny that they’ll have to attract and retain this group. Don’t invest significant resources later… when it’s too late . Go and get them. Do it now. They must be worth the added effort and risk. Because how great is the risk of doing nothing?
>>Read about how Nova, an Icelandic telecommunication company, won over the Icelandic market by focusing on the Now Generation.>>
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