By Teddy Murphy | October 15th, 2018
Now that the 2018-2019 school year is in full swing, I think it might be wise to speculate what will continue to soar and what will flop as we cruise towards 2019… at least for the 18-24 year old demographic. All things that flop and all things that hold will follow three simple themes. Through my work with Universal Information Services I get to see how they measure the impact of things that flop, or not.
First is speed. Anything that has a fast pace or makes things faster will continue to grow. Second would be easy, we don’t like things that are too complicated, the simpler the better. Third, all things must be mobile. You want to score big with my age group, make sure we can do it from our wireless phones.
In the realm of social media we will continue to see the oligopoly of Twitter, Instagram and SnapChat. These apps are fast, fun and above all else, easy. We will continue to see Facebook lose popularity with 18-24 years as it continues to become too complicated. Facebook has also lost the “fun factor” that other more popular apps have mastered. It’s very easy to send a tweet or snap out before class, but Facebook posts are deemed as more formal and require more time and thought. With a busy schedule, and fast paced lives, more and more young adults see Facebook as irrelevant.
As Venmo continues to dominate the mobile money transfer market, and the introduction and success of their new debit card linked directly to your Venmo balance, I believe we will see more and more banks start to streamline and refine the mobile banking process. This is evident in the recent launch of Finn, a new all mobile bank backed by JPMorgan Chase. Finn is focused on easy to understand banking that is also fast and has streamlined interface. I think this will become a trend that other commercial banks will follow.
In conclusion, as we see the world pace continue to pick up we will see more aspects of our lives catch up to that pace. So when looking to hit the 18-24 year old demographic, keep the pace up or get left behind. That is what you can expect… at least in my opinion.
This has been another post by Teddy Murphy. I’m keeping my eye on what’s next.