Tuesday, August 8, 2017

Rushing to Re-cohort

Take a look around you and everywhere everyone is proclaiming that it is essential to re-engineer what they do to cater to the so-called "Millennial cohort" (which I would characterize as those in the economy who are in their 20s and 30s).  This goes beyond simply ensuring that new and younger prospects are not overlooked: it is a full bore demand that the entire marketplace adapt to these consumers.

I think there's way too much change being sought.  And it could backfire on those who reshape their appeal.

A business that puts all its eggs in the Millennial basket and fails to make the sale to that archetypically-feckless cohort risks losing its existing customer base and then has no choice but to fold.  I am seeing this sort of thing playing out with some large department chains and casual restaurants.

Even some businesses that play the Millennials' game are doing poorly because the stated Millennial core philosophies don't always lead to market success.  The fingerprints here are seen in greatly reduced productivity and unfocused management.

Perhaps worst of all, I see increasingly inane advertising campaigns darn near everywhere that I am certain are generated by older cohorts in search of Millennials they don't understand.

Bottom Line:  I continue to believe that products and services will continue to make sense if they solve real consumer needs and represent quality and attention to the customer.  Flighty efforts to focus on a single age cohort may not be appropriate in all circumstances.

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