Companies’ revenues at risk through not understanding Gen Y

Companies are having trouble keeping up with Generation Y consumers, according to a recent article on Silicon.com.

This is a worrying fact for some companies as it is these Gen Y consumers that are increasingly setting the technology agenda and becoming a vital audience to reach in determining which products and services will succeed in the tech space.

Gen Y consists of 18- to 28-year-olds who are leading the way in technology adoption and are the most internet-savvy group, spending more time online than they do watching television.

Charles Golvin, principal analyst at Forrester Research said Generation Y is the audience companies are most struggling to understand - a key issue due to their importance for future revenue growth.

Gen Xers (aged 29 to 42) also use technology extensively but more when it intersects with a personal need or fulfils a desire. “Generation X uses technology when it supports a lifestyle need whereas tech is embedded into everything Gen Yers do making them the first "native online population.”

These “digital natives” often haven’t experienced life without the internet, mobile phones and other relatively new technologies and therefore need to be addressed as such. For example, they will be comfortable with a variety of technological terms and won’t need a new concept to be explained in as much details as Gen Xers would.

Another example comes from a client event that we recently attended. The room was a mix of Gen Y and Gen X media commentators and there was big difference in how they both subscribe to the media. Broadly, Gen Y graze and read whatever grabs their attention. Gen X subscribes to chosen feeds which they go back to over and over. What does that spell for PR and how it needs to feed this grazing and this subscription habit? I think we’re all still learning.

With this in mind, it is important that companies get advice on how to understand this new breed of tech-savvy consumers. Otherwise, it will be the Gen Yers revenue that grows while companies that fail to address this issue will see their own revenues drop.

Cross-posted to the Hotwire Interactive blog.

Working with Workology

I've just been playing around with Workology, which comes across a mix of a social network and an online collaborative workspace. As a member of Generation Y, it appeals to me as it points towards the new ways of working that young professionals will experience in the future.

Workology describes itself as "a selected circle of proactive individuals, organisations and businesses who believe there’s a better way to work than the traditional ‘nine to five’. Workology brings everyone together to create work opportunities that suit your workstyle and are otherwise tricky to find."

The site 'works' in a number of ways:

• You can showcase your expertise by setting up your own mini site, which comes with its own URL and free, unlimited storage space. Importantly, the content can be searched for independently on the net and is not behind a gate.
  
• You can work with other members in collaborative workspaces to create work opportunities or solutions to suit your individual needs, in both public areas or in private groups.
  
• You can connect with other like-minded members to get advice and support and find opportunities - a good way to boost your professional credibility in a similar vein to professional blogs, Linked In, etc.
  

Entry to the Beta programme is available via request from the Workology homepage to request entry to the exclusive beta programme. You also get 25 invites once you’re a member so you can get your current community involved staright away.

There is also a Workology blog with technical updates, service announcements and opportunities to talk to the team behind the site.

It's an interesting concept, which I'm sure will mean that many other sites with a similar aim will spring up soon. There's not enough users on there yet (less than 100) so it's too early to gauge its usefulness, but it is certainly one to watch over the coming weeks.