The factors affecting and determining the working plan of every particular industry are very different. However, all different industries have one common factor that should be taken into consideration in order to succeed – Generational Kinetics. The problems stemming from not understanding the generational dynamics and planning out your strategies keeping them in mind are innumerable. Failing to take this aspect seriously enough, could lead to breaking any business structure wide open, in the coming 5-10 years. Here are answers to some of the questions you might have in mind regarding Generational Kinetics.
Why does figuring out Generational Kinetics matter in any business?
According to Collins Dictionary, “A generation is all the people in a group or country who are of a similar age, especially when they are considered as having the same experiences or attitudes.” For example, ” The Baby Boomers, Gen X, Millennials, Gen Z… ” Not only do the people of a generation have age in common but majority of them grow up with the same mindset, thought process, preferences and expectations. They also have the same kind of reactions to almost every scenario. Knowing your country’s local and national demographic cohort definitely helps in shaping appropriate marketing strategies. Not only that, it helps strategize employment terms, understanding the demographic trends in our population as well as workforce. This article by the catalyst gives a clear indication as to the country specific, current and expected trends in the next few years.
How is the study of generational dynamics different from Market Research?’
Looking into only market research, we can only understand what each generation says and leave it at that. However, a key difference between generational dynamics study and market research is that, apart from finding out what each generations says, its thought process, preferences, it also digs deep enough to look for solutions for all these arenas affecting the generations. Another downside to having a go at business solely based on market research gives generalised market study, whilst a study of generational kinetics gives a holistic in depth generation specific problems and solutions in order for build different strategies to target different generations making it possible to fully make profits at large scale. The data is less generalised and more precise.
How does this benefit your business / Industry?
The lump-sum data derived from the study of generational dynamics allows plenty of room for improvement in any industry. It’s possible to look into their specific target market. Devise plans that aren’t just based on market research but to combat every issue that the company faces, by understanding the thought process, employing generational specific solutions to these roadblocks and getting past these issues in order to provide extra value to the company.
Market research and generational research are two very different studies. Combining two forces will lead to unfolding many problems and finding appropriate solutions that lead to success in the industry. Generational Kinetics studies are still very under-talked about but it gives immense value to each industry if explored.