Winning over the Next Generation in the 4th Industrial Age

Futurologist Rocky Scopelliti spoke about the seismic economic changes on the way and the challenges and opportunities for marketing

The confluence of demographic change associated with millennials and digital technology will have profound impact in the world of business and beyond, says renowned futurologist and director of the Centre for Industry 4.0, Rocky Scopelliti.

Speaking at the third-annual CMO Momentum conference in Sydney, Scopelliti detailed these changes by firstly defining ‘youthquake’, a term entered in the Oxford dictionary as the 2017 word of the year.

“'Youthquake' is a word that describes a ‘profound social, cultural and economic shift associated with the young generation. And in 2017 it was associated with millennials,” he told attendees.

The second word related to the coming revolution is ‘juvenescence’, which, according to Scopelliti, is defined as the constant state of youthfulness. “I’ve applied this word to describe what kinds of leadership and organisations are going to survive in the Fourth Industrial revolution,” he said.

For Scopelliti, juvenescence is set to replace transformation as the way organisations will thrive in the coming economy. Because it's the leadership principle that’s going to be required to steer organisations through the disruption presented by the Fourth Industrial Revolution.

“The word transformation is one we’re all familiar with and been involved with in our careers. It's reached its useful life because it applies to an end state and is often associated with a significant one-off event,” Scopelliti claimed. “What the data shows is  survival is no longer a function of a once-off event. In fact, we’re regressing back to Darwinian theory - evidence is starting to show those who survive are those who adapt.”

Profound change

Scopelliti released his new book, Youthquake 4.0 – A Whole Generation and The New Industrial Revolution in order to set out the profound changes coming to our lives in the Fourth Industrial Revolution. However, the term 'Youthquake' itself is not new, first coming into the lexicon in 1965 to describe the significant shift occurring in the 1960s. This social change occurred worldwide, disrupting the social fabric.

Five generations later, it's millennials who are setting the agenda, Scopelliti said, noting the composition of Millennials in the workforce is increasing.

“What we’re witnessing is not a once-off event because millennials are the children of the Baby Boomers, the children of the first youthquake. We’re witnessing history repeat itself,” he said. “When it comes to their relationship to organisations, this is profoundly changing."

For example, Scopelliti pointed out millennials have an unquenchable thirst for entrepreneurship, and are choosing to back themselves rather than work for an organisation that does not fit with their purpose.

Alongside the societal shift, data and algorithms are experiencing exponential rather than linear growth and will rule the way of doing business and economics in the coming new industrial age, Scopelliti continued.

“The Fourth Industrial Revolution is here and it’s going to hit you whether you like it or not. It will be terrestrial. Those are the words of Klaus Schwab chairman of the World Economic Forum,” he said.

Key here is the traversing of boundaries on a whole range of scientific and technological worlds that will change the way we think about competitive advantage from the current set of lenses around whether we are differentiated or not.

“We think about value chain and where we sit within the value chain and we then price that value according to whether we’re in commodities zone or premium zone,” Scopelliti explained.

In contrast, the coming age of the experience economy will turn conventional business models and thinking on its head, said the futurist.

“In the experience economy, the bookends are very blunt: You’re either relevant or you’re not," he said. "This is what a lot of organisations are getting wrong. They think their product is in the premium end of the economy, but the experience economy is a living thing, changing everyday. Competing requires an agility a traditional economy is really struggling with."

This shift away from the linear view to a circular one will require an organisation to adapt to a world of accelerated change, Scopelliti said. A company's approach to data will be at the core of this, along with critical skills like rapid ideation and thinking differently.

“This data will sit in platforms that will scale exponentially, allowing you to hit variability, this new economic physics, where the marginal cost of acquisitional supply is virtually zero,” Scopelliti predicted.

The challenge is how to increase our ability to adapt to a world of accelerated change of this new age. For Scopelliti, marketing has a key role to play.

“It’s about the symbiosis of demographic change, associated with the millennial demographic, and the capacity of leaders to adopt juvenescence, the constant state of adoption, the constant state of youthfulness," he said.
“The responsibility you have as marketers to be the advocates of change, the navigators of change, has never been more important.”

Read more of our coverage from CMO Momentum 2019:

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, follow our regular updates via CMO Australia's Linkedin company page, or join us on Facebook: https://www.facebook.com/CMOAustralia. 

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Latest Videos

More Videos

yes AI should be a course so many People Use AI https://g-techsolutions.com...

M Abdullah Khan

Is AI on course to take over human creativity? - Modern creative - CMO Australia

Read more

Extremely informative. One should definitely go through the blog in order to know different aspects of the top retail technology.

Pooja Gupta

Donut King takes in-store marketing to the next digital level

Read more

this is very benefit for us we can through all the thing in this and its very benefit for city personhttps://g-techsolutions.com...

M Abdullah Khan

What does the Oculus Rift launch mean for marketers?

Read more

as we all known AI is very spread and alot of companies used ai and we take alot of work from AI https://g-techsolutions.com...

M Abdullah Khan

Making sense artificial intelligence - Food for thought - CMO Australia

Read more

virtual marketing have as much benefits as also disadvantageshttps://g-techsolutions.com...

M Abdullah Khan

The ethical debate facing marketers around virtual reality - Data-driven marketing - CMO Australia

Read more

Blog Posts

Brand storytelling lessons from Singapore’s iconic Fullerton hotel

In early 2020, I had the pleasure of staying at the newly opened Fullerton Hotel in Sydney. It was on this trip I first became aware of the Fullerton’s commitment to brand storytelling.

Gabrielle Dolan

Business storytelling leader

You’re doing it wrong: Emotion doesn’t mean emotional

If you’ve been around advertising long enough, you’ve probably seen (or written) a slide which says: “They won’t remember what you say, they’ll remember how you made them feel.” But it’s wrong. Our understanding of how emotion is used in advertising has been ill informed and poorly applied.

Zac Martin

Senior planner, Ogilvy Melbourne

Why does brand execution often kill creativity?

The launch of a new brand, or indeed a rebrand, is a transformation to be greeted with fanfare. So why is it that once the brand has launched, the brand execution phase can also be the moment at which you kill its creativity?

Rich Curtis

CEO, FutureBrand A/NZ

Sign in