Generational change in the business world is a hot topic. Many young people enter the business world with many innovative ideas.
Some followed in their father's footsteps to continue their family business, while others launched new business ideas.
Either way, a huge difference can be seen in the way we do business today. Old entrepreneurs seem to try to make as much money as possible and then return it (for example, Bill Gates).
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Well, new entrepreneurs are sure they'll put it back together by filling their pockets. They are more committed to social concerns, environmental values, human relations, and more.
The younger generation remains close to customers
Young entrepreneurs strive to stay close to the minds of their customers and this is one of the biggest generational impacts on the business world. In the past, products were first made and then marketed.
On the other hand, the next generation of companies will study market demand, try to understand what its customers want, plan to focus on customer segments, and then produce products based on the analysis.
So it's like triggering a customer request. Effective CRM (Customer Relationship Management) allows companies to stay connected with customers, understand their needs, and feed them accordingly.
The costs of attracting new customers are much higher than the costs of winning business. Also, satisfied customers recommend your product, which will bring you more business.
Generational change has made customer loyalty even more important.