Destroying the Workplace
The millennial generation is destroying the workplace. We think wearing jeans to work is appropriate, every assignment needs a gold sticker upon completing, but most terrifying is that we bring with us a new wave of technology revolutionizing business practices on a global scale.
This undeniable disparity between generation x and the millennials pose issues far beyond company culture, but rather down to the core of business and financial planning. To think by 2025, demolishers of the traditional business atmosphere like myself will overtake 75% of the workplace by 2025. Will 12 years be enough to bridge the gap?
Many companies wondering the same question postpone joining the social media realm for a variety of reasons, but most are masked by the consensus that valuating the benefits of social media in monetary terms is seemingly impossible. In the Harvard Business Review Analytics Services survey polling 2100 organizations found the top two benefits perceived were an increase in product awareness and website traffic, however 75% were unaware which channel was most effective in targeting their specific consumer base. There is a recognized understanding that there is some benefit, but numerous companies like those surveyed here are unable to understand the link from cost to profit.
Conversion is Key
There is no doubt that maintaining a social media presence is beneficial from an awareness standpoint, but making initiatives profitable is the true concern of any business. It is perceived that every company ‘should’ have a website, facebook, or twitter, but simply maintaining these websites with the annoying occasional promotion or insincere open-ended question without interaction is virtually useless.
The benefit does not lie in maintaining the bare minimum, but rather the development of relationships. With the boom of ecommerce and exponential growth forecasted in the future, it is interesting to think that social media could potentially replace the customer in-store experience entirely. This now leads to the question: who will foster these online relationships?
Millennials like myself! Having grown up with a cell phone in one hand and laptop in the other, the same qualities that give us a bad rep could mean big bucks for organizations. The dreaded members of the millennial generation like myself have an unprecedented understanding of social media. Similar to learning a second language growing up with ease, we have mastered the language of technology. Combine this understanding with higher education, and the most profitable marketing strategies to convert social media users into loyal customers are sure to follow. And the best part? We will do it all in jeans; gold stickers in hand.