Home Entrepreneur Miracles Johnson can teach you about #TheInnovationMentality cultural demographic change

Miracles Johnson can teach you about #TheInnovationMentality cultural demographic change

2 February 2017

7 minutes of reading

Comments expressed by Businessmen the contributors are their own.

The following excerpt is from Glenn Llopis’ book The spirit of innovation. Buy it now from Amazon | Barnes & Noble or Click here to buy it directly from us and SAVE 60% on this book as you use the code LEAD2021 through 4/10/21.

Have you and your business prepared for the strength of the CDS? Cultural demographic change (CDS) is my organization’s term for what happens when the subculture of reach a critical mass or number that is critical enough to have a significant effect on what we do and how we act.

According to Nielsen, population diversity, or “population change”, is projected to represent 54% of the US population by 2050. But we are already at a critically important level of population. that number – what we often call the “ethnic minorities” or the “multicultural population” of the United States (i.e., non-whites like Hispanics, Asian / Pacific Islanders and black Americans). Hispanics alone will make up 30 percent of the US population by 2050, expected to grow 167 percent from 2014. The Asian American population is expected to grow 142 percent in the same period. at that time, black Americans were 56 percent and whites (not Hispanics) were only 1 percent. According to PBS NewsOnly four states made up the majority in 2014 (where the proportion of population change was greater than that of whites). By 2060, there will be 22 states.

These changing demographic groups not only represent a shift in cultural demographics in the United States, but they are introducing “paradigm shifts” that are affecting regeneration and innovation (ways new) across all industries, products and services. The effects of demographic change are driving all industries to serve the needs of larger, broader groups of employees in the workplace and market clients, and also influence how they are identified. and forming external partnerships. They are forcing organizations to engage more authentically, embrace diversity of thought and consider strategies that move away from existing stereotypes to evolve in new ways to make a difference, and allowing for sustainable growth.

See a recent example of a business leader who understands these new customer populations and how they want to be served.

As president and CEO of Enterprise, Magic Johnson proved , Starbucks and many other brands that urban neighborhoods are not a wasteland to invest in. How do they know that demand for products and services does not exist in these neighborhoods? None of the C-suite executives at Sony grew up or went to the metropolitan neighborhoods where Magic is connected. He saw how people there had to drive for more than an hour outside those neighborhoods to get quality services and goods. Using the first characteristic of the innovation mentality (seeing opportunities in everything), Magic saw a way to bring Fortune 500 companies looking for growth to drive urban ROI. – as long as they are willing to adjust the way they reach those urban settlements.

As Magic told leaders from Fortune 500 companies across the US at my summit, “Prepare for America for Seismic Cultural Demographic Displacement, ”“ Urban America is different. You have to adjust accordingly… But before you enter, you have to talk to people. Explain why that is important to them. You must educate them why Very important – why your brand will make their lives better. I did not try and create demand. Demand already exists. I understood what people wanted and then over-entrusted it. By doing that, they will become loyal customers and make money for you. “

Consider Sony, Magic’s first target. He knows the minority is the number one group of people going to the cinema, but there are no theaters in the Los Angeles black neighborhood from Hollywood just a few miles away. So Magic approached Peter Guber, then president of Sony Pictures, and offered to cooperate: If Sony were to supply theaters, Magic would make it available to the customer. Opponents say it won’t work, but Magic practiced what he taught: He entered before the theater opened. He speaks at churches, neighborhood councils and community groups. He explained why Sony came, why he was involved, and how they will provide services tailored to urban consumers and jobs in the neighborhood.

Not that Sony listens to everything Magic says – at first. When the catering providers refused to listen to him and gave his theater the same amount of sausages they gave the suburban theaters, they sold out in a single weekend. suburban. Magic knows what Sony doesn’t do: Minorities don’t go to dinner and watch movies like suburban customers – they eat in but the movie. Many sausages were quickly brought in to be washed with grapes, oranges, and other flavored sodas Magic knew that urban customers preferred. Result? “Each of my sales is so high, we have the highest sales of food in the industry,” says Magic. “We became theaters in the top 10 countries of the Sony chain in the first year. All because I understand that if you understand people and you deliver what they want, you will be successful. You can’t do urban America from an office 3,000 feet in the sky. “

Of course, Magic Johnson is a celebrity, as well as a well-loved and special human and basketball player. But using diverse ideology to capitalize on his personal brand and develop a changing platform makes him far more than your typical celebrity sports spokesperson: His work goes beyond effort. The great but limited force of many athletes’ charities. That’s because Magic is a partner in those businesses. That stake takes his work away from philanthropy. It’s about providing jobs and services to communities in which he cares deeply.

Because Magic listens, he knows that the people his business hires and serves aren’t loyal to a brand because it’s luxurious or it elevates them; they want to be promoted in society and connected with the brand’s story. Similar to how consumers want to know the story behind the products they buy, the changing population doesn’t want to sell – they want an education. They want to feel like they can advance. If they don’t advance, they can’t keep growing.

That Magic transforms demand in CDS into sales is one thing any leader and business can do: He embraces six traits of the innovation mentality: He sees muscle. development, anticipating surprises by talking to the community, pursuing a passion for people in the neighborhood, demonstrating his entrepreneurial spirit from the moment food is served, works generously for both the community and his business partners and leaves an undisputed legacy of bringing business to urban areas across the country.

Most leaders and businesses do not hear their own “magic” and the “diminishing” demand already exists, thus missing out on investment opportunities and significant growth.. They are hearing the same things over and over again, so they don’t see a unique difference and discover the full potential of their business.

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