Generational change in the business world is a hot topic. Many young people have entered the business world with many innovative ideas.
Some followed in their father's footsteps to continue their family business, and others have brought new business ideas to market.
Whatever it is, a big difference can be seen in the way business is done today. Old entrepreneurs seem to be trying to make as much money as possible and then return it (for example, Bill Gates).
Well, new entrepreneurs believe they will return it together by filling their pockets. They are more committed to social welfare, environmental values, human relations, etc. To get more information about the business world you can visit https://durrelliott.com/.
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 impacts of changing generations in the business world. In the past, products were first made and then launched on the market.
On the other hand, the next generation company will examine market demand, try to understand what their customers want, plan customer segments to focus, and then produce products based on the analysis.
So it's like triggering customer demand. Effective CRM (Customer Relationship Management) allows companies to stay connected to the customer's mind, understand their needs, and feed them accordingly.
The cost of getting new customers is much higher than what is needed to win some business. In addition, satisfied customers recommend your product which brings even more business.
Generational change has made customer loyalty even more important.