This post is a part of Bite Sized Wisdom series.
Young generation(Gen Y, Gen Z, Millenials, Xennials) have tastes that is clearly very different from their predecessors. Long gone are the days where people look for the cheapest alternative. Price is now just one spectrum from which you can see a product/service. Instead of striving for cost leadership, it’s better to strive for differentiation. What value do you offer other than price, that makes you a good choice for clients?
For example, 30k IDR (~2.5 USD) for toasted bread sounds ridiculous if you look at the cost of goods sold perspective, but from a “nongkrong”/hangout place perspective, that’s fine. You spend 50k IDR (~4 USD), you hangout with your friends for a couple hours!
Related to jobs to be done, and value selling, what’s the story that you tell to these young generations? Why should they hire you? Are you enabling them to be happy? In the end, we spend money for a reason, for a specific purpose. Until you identify it and communicate it with your clients, younger generations will be assuming things, and have the wrong expectations about your brand.