Zakary Tormala is a marketing professor at Stanford. He
teaches courses on attitudes, persuasion and consumer behavior. He is
particularly interested in the power of potential.
According to his research, people
value potential more than achievement. This creates a phenomenon in which what a
person might do is of higher
value than what another person has actually
done.
We see this all the time.
From the rookie point guard who is recruited straight out of high school with a
multi-year, multimillion dollar NBA contract, to the junior senator from
Illinois with zero administrative experience who is elected President of the
United States. (No hate mail please. I voted for him too.)
Even with the inherent risks
that go along with betting on the come, potential is still more powerful than
achievement. Professor Tormala proposes that the uncertainty is precisely what
makes potential so attractive. People with potential are interesting and
exciting! Who cares if they actually haven’t done anything yet?
This got me thinking about
millennials.
These days you can’t
swing a dead blogger without hitting an expert who’s extolling the virtues of
millennials. (Please don’t make me list them.) The general consensus is
millennials are going to fix everything.
Of course they are. Just as
soon as they get a job and move out of mom’s basement.
Until then, let’s separate
potential from achievement.
Someday millenials will
outnumber us. Today people 50+ outnumber 18-32 year olds by 32 million.
Someday millennials might outspend
us. Today boomers spend $2.9 trillion a year—this represents nearly half of all
consumer spending.
Someday millennials might be
financially secure. Today we control about 75% of the wealth in the U.S.
Someday millennials might own
their own homes. Today home ownership among adults younger than 35 is the
lowest in recorded history.
Someday millennials might
buy cars. Today 63% of all new cars in the U.S. are purchased by people over 50.
Someday millennials might
pay their own way. Today more than half of U.S. parents are providing financial
support to their adult children.
Someday advertisers will
wake up and realize that by blindly pandering to the potential of the 18-34
demographic, they’re ignoring and insulting the people who actually buy their
products and grow their businesses.
Yeah. And someday monkeys
might fly out of my butt.
Great post! Love the writing!!!!!
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