Alternation of the generations. "Me Generation" that you have to know

        In the past, many people didn't touch computers until they came out of society for the first time. Modern people are born with Internet mobile devices as their parents. The huge gap in the growth background between generations also makes their life attitudes, values and purchase preferences very different. Born in 1980-2009, this group of "my generation", which is called collective narcissism by the media, has become the backbone of the global economy in the next decade. Managers must grasp its impact on business model and brand management.

Six characteristics of my generation

Born after 1980, "my generation" has accounted for nearly 40% of Taiwan's population. Under the leadership of the self-Media, dare to show and love to show. According to the research done by DDG fangce consultant in July 2019, six characteristics are summarized:

1. Fragmented reading and listening, more visual pleasure than article content

In the original "my generation" of the Internet, there are more ways to receive information, which can be easily used between multi screens and multi screens. Compared with the static text, it prefers the films and images with sensory impact, and is used to receiving the information of snow like fragments, so as to keep in touch with the world at any time.

2. Believe in the power of sharing and attach importance to user evaluation and authenticity

The DNA of "my generation" has the characteristics of "open" and "sharing" on the Internet. It doesn't attach importance to owning and embracing sharing. It believes that the evaluation of real users is far more than the one-way authoritative way of brand communication in the past.

3. Bravely express social values and practice personal ideas

Different from the previous generation's idea of avoiding political and social issues, "my generation" not only pays more attention to social issues, but also expresses its social values bravely.

4. Regard health as life style and practice identity with action

Compared with the elderly who only pay attention to health because of the physical alarm, "my generation" regards health as a life style. From the trend of the prevalence of sports trend and the decline of organic consumption age, we can see that young people tend to express their attitude towards life in the way of action and purchase.

5. The pursuit of scarcity experience is better than the consumption of famous brand products

Born in a relatively affluent generation, the purchase is no longer just an external symbol (brand name, identity), the unique "experience" obtained in the process will be more meaningful, as can be seen from the rise of experience platform and the pursuit of self-made hot sale of household appliances.

6. Open cultivation attitude, groping forward in imitation and learning

Compared with the previous generation of helicopter parents, my generation's parents prefer drone parents (time, 2015). Although parents hover over their children's heads, they pay more attention to giving their children space, interacting like friends, rather than guiding them, and their upbringing attitude is more flexible.

The "my generation" who is born to pursue new things, not only likes to be more fluid and unpredictable, but also dares to challenge authority, is willing to try to define itself in different ways, and is more willing to pay for value recognition. Only by upholding the characteristics of openness, transparency, sharing and storytelling can the brand become the heart of "my generation".

        Rise of "my generation", new marketing model turning the future

2018 World Data lab pointed out that in 2018, the overall annual income of "my generation" officially surpassed that of other generations, reaching US $12.88 trillion (about NT $400 trillion), becoming a major consumer force that cannot be ignored. Facing the rise of our generation, the traditional marketing mode is challenged, and we need to rethink the new business and sales mode:

1. The traditional marketing AIDMA has been transformed into AISAS to reconstruct the consumption psychological mode

In the past, advertising marketing followed the law of AIDMA, from attracting the attention of consumers (attention → interest generating interest → desire arousing desire → memory strengthening memory → action purchase action), to promoting the purchase of channels. But in recent years, with the development of multimedia and Internet, Japan Telecom Company believes that in the stage of commodity cognition, although the source of information is still dominated by media advertising, in the stage of understanding, comparing commodities and deciding to buy, it has changed to use Internet and word-of-mouth as the main decision-making basis, so it puts forward the AISAS model (attention → interest generated → search → action purchase action → share). The Internet original and sharing loving "my generation" has become the accelerator of AISAS. Therefore, brands need to pay more attention to their own evaluation in order to gain the favor of "my generation" in the vast Internet sea and generate a good positive cycle of public praise.

2. Personalization, open sharing, creating 4P new business opportunities

In the past, enterprises paid more attention to "commodity management". The 4P marketing mix oriented by producers: product, price, promotion and place were once regarded as the management principles, and faced the market through planning these controllable factors. Now, in the face of a group of changeful generations supported by high technology and multimedia, the 4P strategies of each brand All of them undergo qualitative change.

Product: customization pays attention to personal style and appeals to social issues

According to the sales force data, 60% of my generation are interested in owning personalized goods, services and information push, which is higher than that of baby boomers and X generation, which only accounts for 40%. Therefore, by creating unique goods, limited invitation system and customized content, it can bring superiority to my generation. For example, Adidas launched "knit for you" on-site custom-made sweaters; for example, coach create service, which allows consumers to customize materials, bags and printing accessories.

The survey also shows that nearly 90% of the young generation pay attention to the social responsibility awareness of the brand and whether the product is environmentally friendly, and will support the concept by purchasing. Therefore, all brands have expressed their opinions on various public issues, such as HM's launch of "love for" All series to show support for LGBT, such as the Australian fire, the topic of "eat Lotte bear biscuit to save koala", the instant hot sales volume, Balenciaga's more favorable launch of public welfare jacket to assist in post disaster reconstruction, etc., is showing that the brand gradually starts from social issues and regains the attention of a new generation of consumers.

Pricing: the pursuit of shared DNA and brand identity

"My generation" attaches importance to the right to use rather than the right to own. This concept challenges the past pricing strategy, and also promotes the sharing economy of reallocation and maximum use of idle resources. With the help of the Internet community and mobile devices, it has become a popular fried chicken. Unveiling the list of CNBC's "top 50 subversives" in 2019, the top five most disruptive and transformative start-ups, such as didi taxi, Wework (shared office), grab (Southeast Asia shared car), rent the runway (dress rental), are all business models under the sharing economy.

In recent years, rammer's subscription service also focuses on the characteristics of "our generation" that attaches importance to the right to use and "paying for recognition". By strengthening the brand image and products, we can make our generation have a good experience and establish a long-term relationship. Even if the cost of goods is relatively expensive, we can also share the cost through the subscription system, such as: Dayuanzi, automobile factory that drinks 10 drinks per month for $499 Benz and other major video and audio streaming platforms (nexflix, etc.) have put forward subscription system. Even IKEA furniture and ubereats have launched relevant measures to provide more free, convenient and unique consumption experience, which has set off a subscription boom in food, clothing, housing, entertainment and other industries.

* promotion, place -- Omo seamless integration

With the development of science and technology, the line between online and offline has been hard to distinguish. The sharing power of social media on the Internet cannot be underestimated. McKinsey research points out that online KOL's word-of-mouth marketing can create nearly twice as much sales as traditional advertising, and 35% more customer retention rate. In addition to the brand's self-Media operation, making good use of the influence of Web cellular will help strengthen the external shopping guide, develop potential consumers, and reconstruct the flow pool. In addition, through the influence of customers' social circle, the new thinking of "social fission" of rapid diffusion of products and services, such as lucky coffee and fresh e-commerce group purchase, has also subverted the traditional sales mode.

Once thought that a good store is the mother of success, but the "generation" who love the visual pleasure is more interested in live broadcasting. From auction, Lian Qianyi sells a million Porsche, ten minutes, 100 billion Ferrari class yachts, Microsoft will spend 1 billion 500 million NT dollars on the Twitch's top 28 live Ninja, and sell tens of thousands of lipsticks in one minute, and over ten million people a year. Li Jiaqi, the first brother of lipstick of coin, "my generation" is undoubtedly changing the old cognitive and operational techniques.

With "my generation" becoming the mainstream of consumption, the world has entered the "vuca era", full of variability, uncertainty, complexity and ambiguity. Technological innovation has led to rapid changes in industry and life style, and the rules of the game have been constantly subverted. Even if it is the industry leader, it may change overnight. It is necessary to be vigilant and close to the tide and vagabond. Only by mastering the trend, can the enterprise respond to the trend, which is the way for the sustainable operation of the enterprise.

Note: at the invitation of National Taiwan Normal University gf-emba, CEO Li Jingfang participated in the "master lecture" to share the "my generation" with new value and how to turn the old business model.