Earlier this week I had the pleasure of hearing a key-note speech by Tony Kuczinski, President and CEO of Munich Reinsurance America, at the 2014 MidYear Target Markets conference in Baltimore. His topic addressed how trends in the market will affect everything from how someone buys insurance to how that specific risk is evaluated.
Tony spoke of the major changes in the past 10 years. From social media, to the impact Millennials have on our economy, things around us are most definitely changing. And it’s not whether we believe those changes are good or bad, but it’s what we do to adapt to those changes that will determine our future success and relevancy in the marketplace.
During the week there were many points made about Millennials that impact all sellers of goods and services, whether B2B or B2C. Here are few to consider:
1. Millennials make up 36% of the workforce but represent only 7% of those employed by Fortune 500 companies.
2. Millennials are highly networked individuals focused on working for a company that is a cultural fit while providing meaningful work. Perhaps a reason why this group tends to lean toward working for smaller companies rather than corporate behemoths.
3. 1.75 billion smart phone users worldwide. 60% will use their phone monthly to surf, research, and shop. Millennials have created an insatiable appetite for better, faster, more accessible technology and mobile apps.
4. Given the rapid rise and adoption of technology, the Millennial generation requires instant feedback and ongoing communication at work, much like they receive in their personal lives with Facebook, Twitter, and texting.
The final and perhaps most intriguing change is the shift that’s taking place in where Millennials are establishing their homes…their roots. This demographic is a group that is used to, and requires, sharing. Sharing of everything. Pictures, experiences, ideas, emotions. All are shared via the electronic airways in some fashion or another. This need for “sharing” followed by the need for feedback and validation of what’s been shared has influenced the nature of where Millennials are most comfortable living.
The shift is not only apparent but is also a game changer. The traditional American Dream of a house in the suburbs is changing. Millennials are migrating back into, rather than away from, urban areas. City living is at the core of this demographic. The need for connectivity is growing, not just electronic connectivity but personal connectivity and interaction…the need to be a part of something greater.
This shift is something that cannot be ignored. The attitudes and needs of the next generation will be met regardless of your personal beliefs and opinions. It will be those who listen, observe, and respond who will flourish. The rest who dismiss or ignore will become irrelevant.
What will you do?