The purchasing power behind Generation Z
Millennials, it’s time for you to step aside. These days, a new generation is taking over the spotlight and they are giving everyone valuable information about societal change in a hyper-connected, technology-driven world.
For some people, the term Generation Z may be a new one to hear, since the label isn’t yet widely used. The newest generation to be named, a Gen Z-er was born between 1995 and 2015 – making them roughly and currently between 4-24 years old.
On average, a member of this generation spends at least 3 hours a day on their mobile device. Known as digital natives, they have grown up around smartphones and tablets.
If you’re a business owner, it’s important to understand this new generation’s spending habits and their financial mindset. By doing so, you’ll be able to plan your marketing strategies appropriately.
Ready to get started? Here’s everything you need to know about marketing to this new group of consumers:
Unlike their older siblings, Generation Z is known as the social media generation. In saying this, marketers and business owners need to be aware of major digital trends and ensure that their social media presence is top of mind. It’s important to post regularly, engage with your audience in a meaningful way, and to highlight promotional offers on channels such as Instagram, YouTube, and Snapchat.
As a result of Gen Z being fully immersed in innovation, technology, and digital strategy, brands also need to become like-minded participants and market their company appropriately. The key is to be creative with your digital marketing efforts and to stand out in the crowd. For assistance, DRMG’s Power Ranker can help you capture leads and sales, and capture campaign conversions in real time.
When it comes to when and how often they will spend their money, this generation is known to be cautious. However, they will occasionally bend the rules when it comes to their frugal spending habits.
Generation Z places a strong emphasis on transparency and making purchase decisions based on trust. In saying this, it’s important to make sure that your mission and corporate values are clearly stated on your company’s website. Telling your ‘story’ could help amplify your company’s marketing ‘noise’ and entice a Gen Z-er to purchase your product or service.
Lastly, Gen Z thrives on innovation, technology, and digital developments. They also have a strong admiration for sustainability and companies that resonate with them on this level.
In saying this, if your business has any type of sustainable practices – make them known. Flaunt them in any way you can! It’s also a good idea to create a network of Gen Z conversation-driven influencers on your social media platforms, who will help inspire and educate your audience about sustainability. In turn, this will drive purchase behaviour.
By 2020, Gen Z is expected to account for 40% of all customers.
The bottom line? Digital marketing will be your best bet in order to grab the attention of Gen Z-ers. Embracing technology and creating an innovative marketing strategy will help earn their loyalty and business.