In an earlier blog post we defined who is Generation Z, the next to enter the workforce over the next five years. Generation Z (GenZ) of teens and young 20 somethings has already started to show its impact on consumer buying trends. They currently make up 25.9 percent of the US population and are expected to account for 40 percent of all consumer markets by 2020.
Furthermore, it is reported that GenZ’s annual spending has reached $44 Billion, includi self-made and family household income.
To disregard this generational phenomenon would result in missed opportunities to grow and expand customer base.
Brands can capture GenZ loyalty through investing in marketing and business initiatives with these five tips:
1. Promote your business or company’s core values. Generation Z wants to connect with the brands that align with their social and environmental values. This generation is not concerned about the cost-value, but the core-value. If your business supports local or global initiatives, promote it.
2. Boost your mobile game. In a recent survey by IBM, 75 percent of GenZ indicated that their smartphone is the device they use over all media sources, i.e. desktop, mobile, laptop, etc. Most cited they received their first smartphone at the age of 12 or 13, compared to older Millennials, who didn’t receive theirs til they were 20. To market to them, businesses need to increase their business’ footprint in the digital realm. That can be made simply by making sure key contact and store information is easy to access online through Google, your website and social media platforms, (Facebook, Instagram, Twitter, and Snapchat). If you are using social media as your main platform to promote to your customers, have a designated person to monitor and respond to queries and requests in a timely manner. Facebook tracks and displays that information to the public on your response time, something a prospective customer may factor in buying decisions.
3. Get to know how they use different platforms. Not all social media platforms are equal or used equally. It may be quick and easy to just push social media posts to all platforms in unison, but GenZ organizes them based on their needs.
- Snapchat – real time sharable moments, mini viral campaigns
- Instagram – brand following or self – promotion
- Twitter – news
- Facebook – search for events and happening
- YouTube-product recommendations
Instagram has become the most popular app for brand discovery, with 45 percent of young GenZers using it to find new products or influencers.
GenZers seek shopping recommendations, YouTube is the app of choice, which brings the next marketing tip….
4. Add video content to your marketing mix, but only in bite-size portions. Born into a constant stream on online stimulus, GenZ have evolved into absorbing content in a fraction of the time (8 seconds compared Millennials at 12 seconds)
Facebook Live happenings at your business. Not only does it promote you, but gives you real-time feedback from your audience on what they would like to see. Engage in conversation with them, poll a survey, or offer up a Q&A.
5. Build trust through privacy protection initiatives. Even though GenZ freely will release information to brands and influencers they trust, they require privacy. Being the most tech-savy generation, they expect security measure to be already of the businesses and brand they follow. Keeping your network software systems up to date and secure, provide two-step authentication for subscribers on your website or email list, and investing in firewall protection are just a few ways to create a cyber secure business.
Marketing your brand or business to this coming of age generation may require some additional investment of time and money, but the numbers show that it is worth it. The return on investment (ROI) of gaining trust and loyalty as a customer, could be just a click away.
Next we will discuss Generation Z joining the workforce, how they are shaping how we look at industry and what businesses need to know to prepare for them.