- Creating a digital marketing strategy to essentially make the big brands completely irrelevant online.
- Providing consumers with exactly what they need in the easiest way possible.
- Creating flexible pricing and packages that match what consumers really want, not finding ways to charge more for the same (or lesser) service
- Providing value for free when others want to charge for it.
- Increasing quality, not cutting it.
- Working on loyalty reward programs that actually provide real value and rewards
There is a fundamental shift in consumer-driven businesses that has been emerging over the past few years, and it’s shaking up industries and businesses that once stood as giants for decades. Almost daily, an industry giant is either declaring bankruptcy, layoffs, closing locations, or reporting yet another quarter of subpar numbers. The writing is on the wall…. Yet, most industry leaders are refusing to accept reality. Instead, they choose to blame millennials for their demise… Along with these bankruptcies, layoffs, and store closings, we also see newly published articles regarding how “millennials” are completely decimating industries, businesses, and traditions that have stood the test of time. Here’s the thing: are millennials really to blame? We think not… We are believers that the industry and businesses themselves are the cause of their ow demise—not millennials, or any age group, for that matter. Let’s elaborate on what we mean by that… The reality is that a majority of businesses are failing to recognize the changing time and focusing on “business as usual”. Looking back on twenty years ago during downtimes, “business as usual” typically meant finding areas of cutting cost to increase margins or creating a few more marketing promotions with the hopes of increasing sales just enough to ride out the lulls in the economy. Those strategies typically worked for most businesses because, looking back at those times, there were only so many places to shop, eat, or consume entertainment. Each industry essentially had a handful of businesses that monopolized their respective industries, which lead to their economic ebbs and flows with the economy. At those times, there were only so many places consumers could spend their money… Great for businesses in those days, right? Here lies the problem—most executive leaders within long-established consumer-oriented businesses are continuing to run their businesses as if it was the 1980s or 90s. However, the market has drastically changed since then. First, in the age of technology and consumer preferences, the 80s & 90s were essentially a 100 years ago. A very millennial statement, but here’s the reality: the market is truly changing at the speed of light, and even looking five years back has shown drastic changes in both technology and consumers preferences. Technology has enabled consumers to essentially have the knowledge of the internet at their fingertips, and forward-thinking businesses have capitalized on this fact enabling an “On-Demand Economy”. Technology has also enabled almost anyone to start up their own online business with the same technological capabilities of a multimillion-dollar business. Never mind the fact that a small startup with a little knowledge of how Search Engine Marketing works can easily outrank a multimillion-dollar organization in a matter of weeks by using the right Google industry keywords. Technology and increased competition are the real reasons these consumer-facing industries are struggling, not millennials… Businesses just can’t cut cost and rely on a few promotions to ride out the lulls anymore, as competition is all too eager to steal that business away. While corporations are looking at their calculators, small businesses & startups are focusing on