Generation Z: The new promised land
It only makes sense that to thrive at your business you need to keep looking forward. Not only at the horizon, but beyond it. And what lies just beyond the Great Beyond? Generation Z! Forget about millenials, Generation Z (that’s everyone born after 1995) is projected to account for about three times as much as the 200 million dollars in buying power already attributed to millennials. So if Z’ers will account for more and more of many companies’ customer bases, it’s important to tailor marketing campaigns accordingly.
Analyst Neil Patel, who knows a thing or two about marketing, writes about several commonalities that Gen Z’ers share and that we as entrepreneurs can profit from if we can focus in on what makes this demographic so special.
Buying with purpose
Consider: As of now, points out Patel, Generation Z makes up 26 percent of the population, but by 2020 they’ll account for 40 percent of all consumers. That means in just a few short years, nearly half of all consumers will be from this generation! Believe me when I tell you, if I’m involved in marketing I think I’d be focusing now and not later on how to most effectively reach Generation Z! It should also give you a decided edge over competitors that are still primarily focusing on reaching millennials.
And speaking of which, there are significant differences between the two demographics.
Z’ers are even more tech-driven, have even shorter attention spans, and yet want to make just as much or more of an impact on their surroundings.
The Generation Z world is one that has never not known the internet. That’s the bottom line for Gen-Z. Not only are they incredibly tech-savvy, the overwhelming majority of their media consumption is done online and they use a variety of different devices to accomplish this including desktop, laptop, tablet and smartphones
It’s nice to spend money, nicer still if it helps the world as we know it.
What may come as a surprise is Generation Z’s desire to make the world a better place.
Even though they’re young, they seem to share a collective urgency to have a positive influence on the planet. Fully 60 percent of 16 to 19 year olds want their jobs to impact the world, 26 percent currently volunteer, and 76 percent are concerned about humanity’s impact on the planet. These numbers are significantly higher than those for millennials, who seem to be far less concerned with having an impact on a global level.
Show me the visuals
Studies have found that 93 percent of Gen Z say they visit YouTube at least once a week, and 54 percent visit multiple times throughout the day. These numbers are a clear indication that video is one of your best bets for getting your brand in front of this demographic.
The whole concept of “edutainment”, says Patel, is really huge right now – so taking this route can bring about some solid results. The key is to showcase the personality of your brand. If you come across merely as some faceless, overly-corporate company, you won’t have much of an impact. Gen-Zers want brands they can genuinely connect with. Just think about successful YouTube stars as a template. They’ve got personality and are great at relating directly to their audiences.
This just scratches the surface. But the point is clear: know your audience and reap the profits. Before we know it we’ll have another demographic supplanting Generation Z, and that group will be worth even more.