The New World Marketplace is where people and technology come together. It’s the pace of change, shift, complexity and series of critical demographic junctures. It’s a multicultural society where “we” is getting trickier to define in terms of race, ethnicity and religion. It’s a place where cultural shifts create long-term evolutionary changes. It’s where globalization has blurred traditional boundaries. It’s the path forward to the “next society” where it’s all about managing the velocity of this transformation. It’s a world where leaders and organizations must learn faster than this velocity to succeed and grow. It’s a world where insights and foresights matter, and relationships are based on a shared reality that is much softer and more intuitive.
It’s a New World where China is soon becoming the #1 English speaking country in the world. This means English-speaking markets will increase by over 300 million – the largest talent pool ever. India’s major exports are no longer gems and jewelry. It is now human capital. If every Indian working overseas sent $100 home every week, it would equal 1/3 of India’s total export value.
There is an overwhelming amount of data that supports the world changes and shifts ~ I can only name a few here ~ but what’s more important is to understand and embrace this New World, so we can maximize collaborative shared responses to the inevitable challenges of change.
Meet the New United States
We are now living in a country where gaming is becoming bigger than movies, eclipsing traditional media. According to Pew Internet research, 53% of Americans 18 or older play video games… 21% play every day or almost every day. According to video game demographics, 39% of people who play computer and video games are women. 40% of online gamers are also women. 35% of game players are usually under eighteen years and 65% are over eighteen years old. Four out of five young adults play. The average age of a video game player is 18 years old. People in this age range spend more time playing video games than watching television.
There are 400 million registered users of Facebook and 110 million users of My Space. Facebook grew 173% in 2007 and 276% in 2008; its demo is doubling every month. There are 2.7 billion searches performed on Google each month. The number of text messages sent and received everyday exceeds the total population of the planet. On-line spending has withstood the recession and stayed on course…20% of consumers spent over $100 on-line in the second quarter of 2009. 63% use broadband, 27% have HDTV, 75% have both cell phone and PC. The amount of new technical information is doubling every 2 years.
But it’s not all about technology. In the U.S., 70% of new businesses are started by women. Today women-owned businesses account for 40% of privately held companies. What may be more surprising to some of you is that one out of five companies with revenues of $1 million or more is owned by a woman. So why do most banks and financial institutions still heavily target men? (See articles on marketing to women).
Currently one-third of the U.S. population is nonwhite and accounts for 83 percent of the national population growth from 2000-2008. In 2008, the under-18 population had already reached majority status. Almost 25 percent of U.S. children have a parent who is an immigrant. By 2011, multicultural population will increase by 12.4% and their buying power by 44.4%. By 2050, the majority of the U.S. population will be nonwhite. How do you think aging of this group will redefine America? Think about the change that is beyond our comfortable definition of “multicultural”.
How will we redefine Corporate America and Marketing?
As baby boomers retire, it is estimated that the labor pool of the U.S. may begin to decrease by 10,000 per day, for the next 15 years. By 2015, there will be 12 to 15 million more jobs than skilled people. Students are currently being prepared for jobs that don’t yet exist, using technologies that haven’t been invented, in order to solve problems we don’t even know are problems yet.
These emerging diverse societies have different behaviors, habits, and expectations. They are more likely to want training and recruitment that is based on virtual reality and gaming technologies. They want their messages to come from viral campaigns, as well as microsites and branded contests. They view marketing as entertainment and are increasingly willing to trade personal information for content.
According to Dr. Frank Luntz’s study, “What Americans Really Want”, the 2020 generation (those born between 1980 and 1991) not only spend more time with a computer than with a TV, but they also believe more in UFOs than believe Social Security will exist when they retire. 53% agree with the statement, “I want it all and I want it now,” and avoid news, shows, and sites. 41% of 2020 chose opportunity as the most important American value. 35% chose equality as one of the 2 most important American values. Of 15 life priorities, everyone picked “loving family” as #1 for 2020 and #2 was happiness versus health and security for adults. How will aging of this group impact Corporate America’s quality of staffing, productivity and way of doing business? How do you think your marketing and branding messages will need to be shifted?
This group has no brand loyalty and does not trust Corporate America. They are acutely sensitive and hostile against wall street and any sort of negative attacks by politicians and products. Baby Boomers boycott to show displeasure; 2020’s want revenge. To address this market, you have to understand that they want what they want …. lower costs, give more for less, offer unique and free content that is only available from you, and stop suing them. In return, they agree to spend more time on site and take in the ads, buy at least something, and stop stealing. Companies should demonstrate social responsibility, encourage creativity and create a youth friendly environment to attract talent. That means companies actually have to understand, relate and respect this multicultural group and its opinion, as employees as well as customers. Don’t tell them what’s wrong with the competition. Tell them what’s right about you. Be extraordinary. Embrace diversity, freedom, creativity, adventure and inspiration in your branding messages, and this market will relate.