How can Companies create Products for the Gen Y?

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How can Companies create Products for the Gen Y?
Fremont: In an age, where technology changes at the blink of an eyelid, how are companies supposed to live up to the expectations of their customers? Customization is the new mass scale production, and the generation today wants nothing but the latest to satisfy their never ending desires. Apple came with the iOS, Google followed with the Android, and now Microsoft is out their Windows phone--bottom line bring in the latest technology to attract more customers. The Gen X uses the technology when they intersect with a personal need or fulfills a desire; while the Gen Y mainly uses gadgets for leisure, texting and internet. Blackberry, which initially catered only to the businessmen, has now lowered the price of its BlackBerry curve, so as to cater to the needs of this generation that always wants to be connected. The reason Facebook, Twitter, Google+, and LinkedIn are doing so well is due to the urge of this generation to always stay connected with their peers. The buying decision of this generation is not based on which brand is doing well in the market or which one is the cheapest (though it does affect the buying decision), but based on the reviews by their peers. The new generation likes to share its views on almost about any topic, their motto is 'sharing is caring.' The social media is collaborating with the mobile apps to provide a platform where customers can just give a link to the product they liked, so as to get peer reviews about it before buying. One interesting part is that the role of customization has increased tremendously with everyone from automobile manufactures to the next door takeaways offering products that cater to individual needs. As the Gen Y knows what exactly they want, the product manufacturers can build their products on a large scale and cleverly tailor them to suit the needs of each and every customer. Henry Ford once said "You can have any color you want as long as it is black," which led to all of Ford's cars to be black. But now we can see cars in colors ranging from red to pink. The reason why Dell is having a huge fan following and is minting profits is that they don't stock pre-built computers. They operate on the Just In Time basis, and it is only when the customer gives them the specifications that the computers are build to order. Though change is good, there should be a check on it. Most often we see a technology become outdated faster than it came to vogue. To match up with the generation's needs, the companies have to constantly update their offerings, as the generation Y is very choosy when it comes to what products it uses that they download a mobile app, use it for few days, get bored and delete it. So how are the companies supposed to create products for the Generation Y? They are spending more to understand the behavioral patterns, so as to know the pulse of their customers. It is only when the companies walk hand in hand with the customers will they be able to meet the needs of the Gen Y.

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