What happens when the next generation is not interested in your product?
A thought-provoking article (“The Cheapest Generation“) in the September edition of The Atlantic explains how Millennials (Generation Y) are not interested in buying cars or homes. Let’s imagine for a second, they don’t want your product either.
What do you do?
You have three choices:
- Give them new reasons to be interested
Folding isn’t much of a choice, so let’s look at the other two.
Ford tried to get the young market excited first (giving the market new reasons to be interested), by rolling out a fun little Fiesta and giving the car away to Gen-Y bloggers. Sales spiked at first and then bottomed out. Kids don’t want to buy cars. What next?
Next, they got smart and paid attention to what this audience wanted and what they were already doing. Ford’s research found Gen-Y was more into sharing rides. With this knowledge, Ford contracted to provide cars for Zipcar, with the thought that once this audience is ready to buy cars, they’ll be more familiar with and more likely to choose Ford cars.
Television and cable are facing similar issues right now. That’s why you see televisions turning into giant computer screens—“Smart TVs.” As for the major players in cable and fiber optic providers, they are still trying to figure it out.
Adapting, though it may cost you financially and be uncomfortable at first, is actually the easy part. Finding new reasons for this market to buy is much harder.
Give new reasons to be interested
Marketers are used to having to create interest, but now you must be better than ever at giving people more reasons—new reasons—to be interested in your product. How do you do this?
You can’t just come up with reasons. This is important—Your reasons they should want your product don’t matter.
What are the reasons your audience would want your product?
First figure out why the audience does not want your product. Do some market research and then ask and answer these questions:
- What are the advantages to them for their choice?
- What does the product or avenue they chose instead have as an advantage over your product?
- Can you conquer that advantage? How?
- How do you convince them of that?
I can’t give you the answers. You have to do the work to find that out yourself. But I have given you the right questions to ask, and that’s a start.
Just remember, you’re looking at this from your audience’s perspective. Can you think of any more questions to ask?