By Geoff De Weaver, CEO + Founder Touchpoint Entertainment Inc.http://geoffdeweaver.com/
Only 61 companies from the 1955 Fortune 500 official rankings remain. The disruption and creative destruction that fueled the demise of all the others will continue into 2016.
Sure companies like: Coca-Cola Enterprises, Johnson and Johnson, General Mills, ATT, IBM, PepsiCo and other companies will probably continue to thrive in 2016. BUT, without further aligning of culture, core values, and digital business strategies with today’s distinct demographic profiles, more companies will get disrupted in 2016 than in any other year prior because transformation and acceleration are increasing exponentially.
Companies that don’t align core values, developing a winning culture, attract more exceptional women to their boards and management AND better understand the impact of demographics, i.e. Millennial (Gen Z) and Generation Y are simply going to go ‘the way of the buffalo’.
Digital and Market Disruption are being driven by the endless pursuit of sales and profits. But that can only come from serving customers with low prices, high quality products and services, and great customer service and experience. All of which relate to core brand and company values which can be described as the essence of a company’s identity, i.e. the principles, beliefs, or philosophy of values that your company holds.
Many companies struggle to find their core values because it is not a simple task anymore to discover the unique values that form the foundation of their businesses. Core values are not one-size-fits all; you cannot Google what your competitors believe in and use the same ones.
When Marc Benioff (shown above) launched Salesforce.com back in 1999, he had three big agenda items, they were:
- To create a “cloud” software delivered over the web;
- To build a subscription business model charged monthly;
- And to implement a philanthropic culture where 1% of the equity, profit, and employee time were given to charity.
But, in 2015, Marc Benioff transformed his unicorn and enterprise software company to add one more important goal to its founding agenda: To achieve equality for women at work.
This is a great example of how today’s leading digital disruptors, unicorns and leading companies and leaders are transforming their thinking, cultures and values. In fact, Benioff now believes gender equality should be one of the performance metrics for every CEO in the country. “Just like a CEO might have a market share goal, or some other type of revenue goal or EPS goal, it has to be a metric that every CEO manages.”
Importantly, Gen Y and Z staff and employees are investing more time and effort in researching much more about a company’s mission statement, culture and core values to see whether their values align with that of the company before deciding to apply for a position.
Generation Y are people born during the 1980s and early 1990s while Generation Z are the cohort of people born after the Millennial Generation who range from the mid-or-late 1990s to the 2010s, or from the early 2000s to around 2025.
Importantly, Generation Z will make up 40 percent of consumers in the U.S. by 2020. They all grew up with Internet access, mobile phones and have vastly different habits, personalities, and preferences from the previous generations of consumers. If you are serious about your business in 2016 and going forward, having these groups on your radar screen makes immense sense. BUT, if you ignore them, your business and company will get disrupted.
These generations are so big AND so digital – they’ve been called a “demographic tsunami.”
Quick Snapshots of the Digital Natives:
- Gen Z and Gen Y are the largest segments in the US workforce and are the only true Digital Natives.
- Gen Z wants to change the world.Almost 25% of them are involved in volunteering.
- Gen Z-ers multitask across at least five screens daily and spend 41% of their time outside of school with computers or mobile devices
- They lack brand loyalty.
- Gen Z-ers are close with their friends and families.
- Very commonly, they communicate with speed and often use emoticons and emojis instead of words.
- Gen Y-ers often research a company’s mission statement, culture and core values to see whether their values align with those of a company before deciding to apply for a position there.
- Gen Z care about issues such as: Global warming, Cost of Education, Girls in STEM, Refugees, School shootings, Gender Equality, LGBT Rights, Women’s Empowerment, etc.
- They are future focused & want to work for success.
In conclusion, today’s businesses operate in a world that is dynamic, powerful and revolutionary. This means that brands or products must keep pace and change according to current market needs. Some old school brand consultants may argue that you cannot change the essence of your company’s identity every time you hit a hurdle or get disrupted. But, I ask how else can YOU deal with the challenges of changing demographics?
Because, you may find yourself hiring new employees with different values and beliefs to support the growth demands iof your business. So now is a super time to re-evaluate rethink and revise your core values. Just remember, your business is also like most individuals who grow and learn from their mistakes. This allows you to discover new things that may alter the way you think, react, transform and grow your business as you move forward.
Transformation can and should be a positive step forward which helps you to achieve positive momentum, power, energy and growth. Today’s successful Fortune 500 companies and brands MUST reflect and embrace the positive and constructive changes of demographics if they are to successfully compete globally in the years ahead.
May success be with you in 2016. Stay Passionate and win the day!
More About Geoff De Weaver:
Hailing originally from New York; Geoff De Weaver is the globally experienced entrepreneur, technology disruptor, trend hunter and keynote speaker behind Touchpoint Entertainment Inc. Geoff is an international business executive with 25+ years experience on five continents in the rapidly-changing media, digital, telecommunications, communications and entertainment industries.
Geoff has a global 25-year background of representing some of the world’s most iconic worldwide brands including: Coca Cola, IBM, IMG, P&G, Microsoft, Nike, British Airways, Wells Fargo, EA Sports, MasterCard, Shutterfly.com, EA.com, E*Trade, Nestle, Air France, AT&T, VISA, Unilever, EA.com, Ferrari, American Express, P&G, Trend Micro, Acer Computers, BMW, Shutterfly.com, Mars, Pfizer, TiVo, EarthLink Internet, American Express, Telstra, Weight Watchers, Douglas Elliman New York and others.
As CEO + Founder of Touchpoint Entertainment Inc., the ‘next-generation’ Social Media Marketing, Big Data and Live Event Company – streams live to over 1.55 Billion fans globally and delivers authentic brand experiences worldwide. I help brands bridge the gap between CONTENT, COMMUNITY + COMMERCE and delivers authentic brand experiences worldwide. Geoff also has comfort in operating in truly globalized markets.
C-Level, Marketing Strategy, Digital and Communications Leader with Global Experience – including: US (New York City + San Francisco), Australia, New Zealand, Singapore, Italy, Germany, Brazil, South Korea, Columbia, Finland, Hong Kong, Mexico, Netherlands, Taiwan, the United Kingdom, China, Indonesia and Canada. Geoff has served as a non-executive director, director and advisory boards.
- Geoff has served as a non-executive director, director and advisory boards
- Top 0.5% Worldwide on Twitter Globally
- Top 1% Influencer on LinkedIn and 32+ million network on LinkedIn worldwide
- Top 1% Most Viewed Profiles on LinkedIn (400+ million members)
- Geoff is a Digital Pioneer, Data-Driven, Entrepreneur, Business Coach + Innovator.
- Transformative, Innovation & Digital Disruption – CONTENT, COMMUNITY + COMMERCE
Feel free to get in touch with Geoff for further information:
You might enjoy these recent posts too:
Does Disruption Resonate with your Board? http://geoffdeweaver.com/does-disruption-resonate-with-your-board/
The Ten Commandments of the Digital Age http://geoffdeweaver.com/the-10-commandments-in-the-digital-age/