Why is studying the new generations of consumers so important?
According to Jeff Fromm, knowing about the next generation gives businesses clues about what to expect from them. Because the members of various generations have lived through key experiences in history (such as the 9/11 bombing or the JFK assassination), they may have a common outlook with their peers.
“For business, youth culture is the canary in the coal mine” about what is to come, says Fromm, president of FutureCast, a subsidiary of the Barkley advertising agency and a speaker at CUES’ Execu/Net, Aug. 19-22 in Sedona, Ariz.
“I wasn’t the first person to use Venmo,” Fromm says. “But if I want to pay the babysitter or the lawn boy, they look at me like I’m crazy if I say, “Can I write you a check?” So I use technology for that transaction.”
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