I attended an interesting event last night hosted by BOSS magazine, it featured talks by Ross Honeywill and Monique Talbot, CEO of Tempest Media.
Ross introduced me to a new concept, or rather put a name and a definition to a concept that Novanate utilise on a daily basis with our Web 2.0 development.
Ross is the co-author with Verity Blyth of a new book called ‘NEO Power - how the new economic order is changing the way we live, work, and play’.
NEO Power explains that the break down of generations in 20 year allotments such as Gen X and Gen Y does little to explain the behaviours of such vast groups. NEO Power helps define a new method of understanding a very valuable group of consumers.
NEO stands for New Economic Order and this group is vastly different to the Traditionalists. They are better educated, believe food is consumed for pleasure not just nourishment (and needs to be complimented by good wine), they earn more, have the highest discretionary spending and are by far the most demanding group of consumers we have ever seen.
NEOs have grown up with the internet and see it as an integral part of life. There is not a second thought about putting credit card details over a secure internet site - how else are you supposed to consume 24 hours of every day? The internet is used for work and play, it is used for research, make purchases, and also leave feedback about these purchases for the next consumer to benefit from.
NEOs are driving Web 2.0 and now is the make or break time for businesses on the Internet - they can either embrace the NEOs, understand them and work with them, or alternatively they can hold steadfast to what they have always known and be left behind.
NEOs crave the attention of digital marketers and online public relations but true to their definition are highly demanding about how they are to interact. It is no longer good enough for a digital marketer to present an Ad or corporate website and expect the NEO to embrace the message.
Understanding the target is key, and companies need to believe in their product or service 120 per cent to find success online. The new consumer wants to interact prior to a purchase, if information is verified by another member of the NEO generation on a forum or through their blog; that information is 1000 times more valuable then viewing static information on a companies corporate site.
A corporate site that has 10 product reviews and 3 of them state negative aspects which are refuted by other users is a more credible source then a corporate site that has 50 all positive reviews - moderating consumer feedback to be 100 per cent positive can have a negative result to a skeptical generation.
NEOs are thorough in their research and highly skeptical, nothing is perfect and honesty is what NEOs hold dear. Understanding the NEOs and giving them what they want can provide serious benefits to your business.
These are only my thoughts on the matter after a very thought provoking talk by Ross, to get the full story visit the NEO Group and get a copy of Ross Honeywill’s book NEO Power.
‘NEO Power demonstrates the extent to which so much of our decision-making is dominated by the techniques, principles and vocabulary of consumerism and marketing. This is much more than a debate about whether NEOs are particularly fond of cabernet sauvignon. It is also about how citizens, NEO or Traditional, engage in the political process, or seek spiritual enlightenment, or construct a set of personal values; and about how individuals justify the imperfections in their world views.’
Patrick Allington (Weekend Australian)
