Advice for Leveraging Gen Z’s Billions in Buying Power
After ten-plus years of focusing on the Millennial generation, American brands have set their sights on another promising young segment: the nearly 70 million consumers born after 1995, known by marketing pros as Generation Z. Reasons for the shift? Buying power and influence: currently, the group spends $44 billion per year, and influences another $600 billion in household purchases. By 2020, it will account for more than 40% of all consumers, prompting Forbes to call Gen Z a ‘powerful base that can help your business grow,’ IF you acknowledge them now and adjust your strategies accordingly. Use these tips from Forbes’ 13-member Business Development Council to get a head start.
1. Meet them where they are. Gen Z is the most tech-savvy generation ever, so root your selling strategies in social and mobile channels. Integrate a variety of formats—video, photo posts, user stories—and reach out across multiple touch points. Focus on authenticity, and forego old-school sales gimmicks and empty, fluffy messaging.
2. Treat them as individuals. Gen Z expects brands to deliver a highly personalized experience—at all times, across all channels, especially e-commerce. They treasure their individuality and eschew being labeled. (Hint: to earn their trust, you should, too).
3. Sell the end game. Don’t drone on about features in your marketing but rather focus on results—what they can do or achieve with your offering. This will help them connect the dots and position you as a trustworthy expert.
4. Use lots of video. Gen Z cut its teeth on YouTube, Netflix and Reddit. If you want to break through, tweak your strategy, prioritize video marketing, and beef-up production capabilities.
Earning Gen Z’s trust will be hard. But worth it. For as it’s been said: Whoever wins them over will be rich for a very long time.