Do you know the age of your market?
Do you know who your market will be in 10 years time? How about five years from now?
A recent KPMG report ‘Investing in the Future’, stated that the biggest challenges for the investor class will come from the ‘demographic shift’. Which is one way of saying Gen X retires and Gen Y matures, having enough money to find investment opportunities.
The new investor generations will be ‘digital natives’, people that have never known a world without the internet. A generation who have had their ethics molded by Dumbledore, and more recently, Game of Thrones and The Hunger Games. They are not afraid of any challenges – magic, direwolves, battle royals, or spilling blood even if it is close family – bring it on as long as it can be consumed through a screen.
This is a generation who have grown up expecting immediate personalised answers and advice – that will happen when Facebook is your public information bulletin. If you want to catch them then it will be hard to hold their attention without a social media strategy.
Most organisations see the need to open their social media doors so they can stay connected to their audience and keep up with their competitors. The Sydney Swans have over 200, 000 ‘likes’ on Facebook. Even the ANZ has some 190,000 people ‘liking’ them. Not all ANZ customers like their bank but they have a direct line to tell them what they want. This new generation expects to connect with their chosen brands online whether it be to air their complaints or find an answer to their queries in real time.
The second biggest platform behind Facebook is LinkedIn. It might only have 29% penetration of the Australian market but with close to 7 million members it has become a club that is an essential networking site for professionals. A handy destination if you are selling financial products.
Clearly social media has become a critical business communication tool for all generations. And while it is easy to get lost in the blizzard of social media outlets and platforms there is always an opportunity to be heard. But first you have to engage.
What social media works best for your business?