all in the world of business speak as reach you the millenials. Although the millenials are not the most addicted to social media must not lose sight that are the first digital native segment. One of the features of the millenials is his rejection of the notion of property.
the millenials seem to not wanting to be masters of nothing. They don’t buy music, access it through streaming services. Nor do they watch TV, use Netflix on their mobile devices. They don’t want to have fixed jobs, live from the “gig economy” . They don’t buy truck, used über or leased vehicles for hours in platforms such as Car B . (Disclaimer: I do part of the Car B Advisory Board)
the millennial thinking in terms of experiences of life
Maybe what confused to marketing experts, is that the millenials not materially interested. They think in terms of life experiences. So some brands, the most progressive, are making a great effort to accommodate this new reality.
in other industries, such as the financial, continue to blind strokes. While traditional banks insist on setting a problem of attention channels, the Fintech are generating alternative business models that generate greater value for the millenials. For them, the arrival of the digital disruption by digital native companies is already a matter of time.
in theory the transformation toward digital is not so complex
a digital transformation aims to attract and retain customers . This is achieved by eliminating friction between the experience that the customer wants and which can offer the company. In other words, the client has to find what you want without any effort. The model of care should be designed and custom tailored to the millennial turn. In the past customize was impossible. Now, thanks to digital technologies any company can put the customer exactly what they want to see. The key factor is to have the information where, when and how it is needed.
the greatest obstacle to achieve this lies in the inability of current business leaders to understand the complexity of the world of information. In their great ignorance, as it requires computers, they prefer to give the problem to technology. But this is not a technology problem. It is a problem of knowledge of client .
the best companies in the world, starting by knowing its customers
the concept of know your customer is not new. Has it been used since time immemorial. In the past, the key of the business of a shopkeeper was a relationship personalized with all of your customers. You can still see it in operation in small populations. Obviously, as the business scales, and models depersonalize it, necessary technology. Although some companies, they continue to think that the purpose of CRM is to track the sales force, the reality is that, well used, is a repository of information about customers.
but what information do you capture? Today, the cost of storing information is fast approaching 0. So the answer to the previous question is: “all that can capture”. Thus, every interaction with a customer must be carefully designed as an exchange of information. No matter that the interaction is through a digital device or a human. To that end, some companies have designed as more than 150 information points, collecting data about their customers.
“data Lakes” an option to manage the flow of information
unable to control the huge flow of information (Big data) that produces a model with these characteristics, the technology industry has invented a relatively novel concept: “Lakes of data” . For them flows the information captured by the business, with very few restrictions.
obviously talk about just the first step of a complex work of cleaning and organization information. data scientists come to fish insights in the Lakes of data. They then produce datasets, information clean and tight, that I can use the business tools of visualization as a Tableau or PowerBI.
as imagine in principle much information hosted on the Lake of data is not used. Priori when is the information that will be useful in the future strategy would be different if I could. As you may not know it, it has no choice but to capture it and wait to see if someday it becomes relevant. Fortunately, the cost of storing it is almost immaterial.
moral: If you want to reach out to the millenials, will have to make a major effort to capture information on every one of them.