Today's consumer: Who are they & what do they look like?

Oscar Gonzales, MBA, PhD

If the industrial era was about building things…………

…..the Social Era is about connecting things, people,

and ideas.

1937 Clothing of the Future1937 Clothing of the Future

1967 – Predictions of Online Shopping 1967 – Predictions of Online Shopping and Emailand Email

CONNECTIONS CREATE VALUE. Rewards those that don’t create value in a vacuum.

POWER IN COMMUNITY. Power comes from connected individuals in community.

BUYERS AND SELLERS BECOME “CO-CREATORS.” As Partners: not an object at the end of a value chain.

The Social Era

Shift from Dependence to Choice

Success means giving up the habits of the old uneven power relationships and

forming new equal partnerships.

Success means giving up the habits of the old uneven power relationships and

forming new equal partnerships.

Social Effects

The consumer expects:

•Contextual Format

•Variety of Choice

•Sense of Entitlement - Everything for free

•Control – The choice not to commit

•Possession of the Brand

•Ease of Use

Generational DifferencesGenerational Differences

Generational

Differences

For the first time in history there are 6

living generations in America.

• GI Generation (1901-1926)

• Silent's (1927-1945)

• Boomers (1946-1964)

• Generation X (1965-1979)

• Millennial’s (Gen Y) (1980 -1998)

• Generation Z (1999 – present)

• Or………

Generation “Wired”• Have a lifelong use of the Internet, texting, IM, MP3’s and

Smartphones (not cell) earning them the nickname "digital natives".

• Have been raised entirely after the end of the Cold War and the Internet.

• They're the children of Generation X

• The youngest members can also be children of Generation Y

• Their grandparents tend to be members of the Silent Generation

It’s Not It’s Not Business As UsualBusiness As Usual!!

The Reality• Some brokers and agents spend all day

defending what they do, how they sell services.

• Unaware that everything that is happening in the real estate industry is ever more likely to happen on a smart device.

• Denying that traditional media is in a death spiral

Consumers listenmore to one anotherthan to of advertisers.

Technology damaged the

traditional purchase funnel.

People are increasinglyindividualist. Avoid being categorized.

It’s not a question of

technology, it’s still about

relationships.

Where do They Want to Live?

Source:

Compared to Other Metro Areas

Houston Population by Race Houston Population by Race 1960 - 20121960 - 2012

Houston’s Population by Age & Ethnicity

Distributions by Education – Houston MSA

Who is Your Competition?Who is Your Competition?

“If you spend all your time looking at your competition, your service will look

like your competition’s a_ _.”

Convergence

• Platforms that consumers use today will likely be replaced in a few years.

• Communication, technology, and other aspects of our lives will continue to intensify.

To focus on who will win over the consumer is to miss the point: The new doesn’t replace the old; the new and the old combine.

To focus on who will win over the consumer is to miss the point: The new doesn’t replace the old; the new and the old combine.

Oscar Gonzales, MBA, PhD