Let's continue our discussion today, with Jasmine as our subject.
Merchandise: Remember, Jasmine knows nothing of the economy of 1993 - 2007 that shaped Jennifer and benefited Judy. Jasmine doesn't have money. And yet, Jasmine is going to exhibit wild swings. She'll pay $800 for an iPad, but she won't pay $0.80 for an app. This will lead Jasmine-based marketers to solutions that "scale" ... you either find 1 customer that generates $400 of gross margin, or you find 1,000 customers that generate $0.40 of gross margin. Jasmine's economy is going to be one of extremes ... low prices and low margins, or a few high priced winners. Success in her economy is nearly opposite of success in Judy's economy, where you simply asked a co-op for 5,000,000 names a year at $0.06 each.
Creative: This function will be reinvented in a Jasmine-focused businesses. Social won't be a "channel", it will be a feature built into every part of the Creative process. I think it is highly unlikely that Judy/Jennifer focused marketers will be able to lead this process, I believe this will come from Jasmine-aged employees.
Finance: Finance Executives will be required to have "faith". The business model is essentially opposite of the predictable "Judy-catalog-focused" business model that Finance folks are used to. Jasmine-based Finance may require making many bets, hoping that 1-2 of 10 bets hit big. More uncertainty, more pressure, more risk ... at least in the next 5-10 years as the app-based economy shakes out.
Service: Jasmine is going to expect everything to be perfect. She's used to a thousand apps that work seamlessly with her iPad or iPhone, and cost virtually nothing, so she's not going to tolerate $14.95 for eight-day shipping and handling. And if she grumbles about something on Instagram or Twitter or Pinterest, she expects a response, now. If Jennifer represented the end of the call center as we knew it, Jasmine represents the reinvention of the modern customer service center.
Passion: So many of you tell me that you don't understand Jennifer, so you essentially ignore her. When it comes to Jasmine, you tell me that you understand her, but you don't want to relate to her. I think we'll see the passion of Jasmine's generation overwhelm existing businesses. Jasmine will pick and choose her own winning brands, and the passion of her generation will provide her with her own solutions. Look to employees who are like Jasmine, and harness their energy. Too often, I visit companies that don't value the passion of younger employees. This will need to change, to be successful marketing to Jasmine.
Excellence: Jasmine needs a mentor. Jasmine-focused businesses know more about Jasmine-centric tactics than anybody else. They'll need mentors to help guide them through growth and Management issues. With mentors, Excellence is certainly achievable.
Vision: I think Vision is easier for Jasmine-focused businesses than for Judy/Jennifer businesses. The Jasmine-focused business just needs to survive the short-term .. the Judy/Jennifer business needs to survive the long-term. Vision will be easy, Evolution will be hard.
Evolution: Jennifer-focused businesses are largely web-based, Jasmine-focused businesses will be app-based. Something will come after this, something that Jadyn will embrace (Jadyn is currently 12-18 years old). The Jasmine-focused business will need to evolve as apps evolve, and will also need to potentially embrace whatever it is that Jadyn embraces.
Chemistry: You read so much about how Jasmine operates in a team-focused, de-centralized environment. Chemistry is going to be different among Jasmine-focused employees than it is for those who have always dealt with Judy as a customer ... Judy-focused businesses often employ a centralized, command-and-control style of Management. If Jasmine-focused businesses hire Jasmine-aged employees, Chemistry will be different.
Time for your thoughts ... how do you see the ten building blocks impacting Judy, Jennifer, and Jasmine?
Yes, this is business fiction. If this isn't your thing, take a break and read this article about Build-A-Bear and their promotion t...
RFM is great for targeting one catalog to one customer. However, RFM is tough to manage in a multichannel environment. This becomes clear ...
If you don't like geeky math, please skip this post, because I am about to show you how the sausage is made! I have eight variables in...
Remember our e-commerce customer from yesterday ... 50% organic, 50% catalog driven? We mail a catalog, and the $3.00 matchback outcome is ...