I want you to think about a traffic light and give yourself a colour rating based on how well you think you understand and can reach The Millennial Customer.
Red for bad, orange for could be better and green for great. Now, I want you to read the following line and really let it sink in.
Within the decade, there will be Millennials who are 50 years old.
If your heart jumped, this article is for you.
That skipped heartbeat was the heartbeat of your business – the future of which is likely at risk if you're still reading.
If you don't really understand the majority of shoppers spending money on this earth right now, that's Millennials, then you definitely don't understand your customers and can't possibly understand how they perceive your brand. That's not even looking at Generation Z's increasing spend or tech-native Gen Alpha's impact on the spending of their Millennial parents.
Your customers and the concept that reaches them are like two halves of a coin and that coin is your business model.
A clear business model has the following features:
- Sustainable competitive advantage; a good answer to the proverbial "Why You?"
- Laser sharp understanding of targeted customers and how they perceive your competitive advantage
- A strong brand that connects the competitive advantage to the target customers and understands which parts of the brand story have mass attraction and which parts appeal to just one segment or another
A powerful business model has the following as the foundation for those features:
- Delights with a charismatic and emotive presence that attracts the right people
- Alignment where the business understands the expectations they are building and is capable of successfully delivering its promise
- Resonates by tapping into the varied cultural layers that are relevant to its shoppers
Engages with the way consumers actually are behaving, not just how we think they are
That was a crash course in our world-first business design methodology. The recipe is simple. When you have a clear business model, that is built on a powerful foundation, you have set yourself up for success. With everything working like a well-oiled machine you can then focus your efforts on getting that machine in front of as many people as possible and scale.
Our program Turning Points can turn your traffic light green quickly.