Happy New Year everyone! I couldn’t possibly start off our educational moments this year without using what is probably the most overused phrase this month and that is, “2020 Vision”, or in everyone’s favorite words of Barbara Walters, “this, is 2020”.
But what does entering a new century mean for your business?
To put things into perspective, let’s take a brief walk down memory lane and talk about how technology trends have progressed over the past decade:
- In 2010, Apple released the original iPad, and the iPhone 4 and augmented reality went mainstream, which we would later see in AR glasses and Pokemon Go.
- In 2011 doctors in Sweden conducted the first synthetic organ transplant (a trachea), and consumer robotics started to boom. Does anyone have a Roomba? Do you remember stupid cat videos with the cats riding a Roomba? Like me, have you spent endless amounts of time just sitting there watching this amazing time-saving device?
- In 2012, Microsoft released Windows 8, and don’t forget that momentary moment when we wondered whether the world would end when the Mayan calendar reached the end of its cycle!
- In 2013, retina displays debuted on Macbook Pros, Microsoft released the Xbox One, and scientists cloned stem cells.
- In 2014 Google Glass was launched, but we were still using broadband internet. That year, everyone wanted a smartwatch for Christmas.
- In 2015, Google used machine learning to defeat game players on full-sized boards for the first time without handicap, launching artificial intelligence into the mainstream.
- In 2016, MIT scientists released the first 5 atom quantum computer able to crack traditional encryption, and a rather creepy form of IVF that created 3-person babies was introduced.
- In 2017, web-connected video devices exceeded the world population. And you know that people in poor countries don’t have any, so that gives you an idea of how many toys we have.
- In 2019, Google claimed to have achieved quantum supremacy, personal genome sequencing went mainstream, and the standards for 5G were released.
So as you think about how to plan the next decade for your business, think about this pace of change. Because 10 years from now, Gen Z will be in their 20s and 30s and they will be your clients.
So let’s think about the characteristics of Gen Z today. Remember that these are today’s high school and college kids, so they may change somewhat as they become parents, but some of their habits will likely stick.
For instance;
- They live and interact socially on their smartphones, receiving an average of 3000 text messages per month.
- They don’t watch that much regular TV as they prefer streaming They’re big on Instagram, SnapChat, YouTube (70% watch 2 hours of YouTube per day), and the younger teens are embracing TikTok.
- They prefer cool products over cool experiences.
- They like edgy and visually impressive messages, especially video, and brands that tell a story. They care about making a difference in the world and identify with businesses who feel the same.
- They seem to be incredibly busy and will tend to buy vs. make.
- They follow celebrities, including micro-influencers like YouTube stars and Indie bands.
- They think being an entrepreneur is cool.
- They want to balance work and personal life.
Oh and in case you’re still not taking them seriously, they’re already spending $200 billion per year, not including the close to 10% of adults who say that their kids influence 100% of what they buy. Over 60% want to change the world so keep your message positive and uplifting.
So here is my challenge to you (and you know I like to leave you with a challenge). Think about how your business will be different over the next decade knowing that you need to go all-in on digital, tell a really compelling story that makes people want to engage with you and that you, as its leader will need to be front and center developing relationships not only in person but online, with clients who today view a group chat as a fulfilling form of social interaction? Setting a 2020 vision is easy if you’re only thinking a year ahead. My question is what are you planning for the next decade?