Millennials and the IoT: Part 1

Millennials and the IoTLast week, we mentioned the business need to adapt in a world of “evolving tools and audiences.”

Evolving tools? The meaning there is plain. Within the IoT, tech innovations have become a new normal. Connected devices are popping up everywhere, transforming old gadgets into slick new must-haves, offering new ways to make our lives ever more digitally integrated.

This landscape brings a bevy of opportunities – some just emerging, others yet to be discovered – that savvy decision-makers can capitalize on. Of course, it will take some deep, creative rethinking. (Check out our last post for a few examples.)

Evolving audiences? That’s a little less self-explanatory. But in a nutshell, we’re talking about millennials.

A new generation, new expectations

Millennials – that includes everyone born after 1980 – are a powerful group. They haven’t even all graduated yet, and already they wield an annual $170 billion in the U.S. alone.

And they’re not their parents.

The millennial generation is pretty different from the one that came before them. Born and raised in the digital revolution, millennials have never experienced a pre-digital world. As a result, they’re comfortable with the rapid-fire innovation that’s continuously transforming the world around us – in fact, they expect it.

Millennials are, in short, early adopters. More, they’re self-admittedly dependent on technology – to the extent that some say they’d rather give up chocolate… or alcohol… or even water than sacrifice a critical app (source). Some have said that losing their phone would be worse than losing their car. Some have said it would be worse than losing their pinky finger.

As this generation comes of age and commands yet more buying power, enterprise decision-makers would do well to consider what opportunities the millennial mindset brings… and also what imperatives.

Those are questions we’ll be exploring in part 2 of this series. Check back next week!

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