Generation Z describes the nation’s 73 million young people from early elementary school to recent college graduates. The exact years can vary with most sources listing the generation beginning with those born in 1995 or 1996 and ending with birth years between 2010 and 2012. The important take-away for business owners is that 40 percent of consumers will be a member of Generation Z by 2020.
They Look for the Lowest Price First
With the oldest of this generation being just 22 or 23 years old, they are nowhere near their prime earning capacity years. Many are repaying thousands of dollars of student loans as well. Yet another thing shaping their frugality is that they suffered the consequences of the economic downfall a decade ago when their parents lost homes and jobs.
People in Generation Z also don’t want to miss out on anything. To reach them most effectively, you need to highlight the uniqueness of your product or service and why it’s worth what your company charges for it. You also might want to emphasize that it was created using ethical manufacturing standards.
Their Lives Revolve Around Social Media
Generation Z is constantly surrounded by their peers through multiple forms of social media. The influence is so great a study conducted by MNI Research indicates they may check social media accounts as many as 100 times per day. The rely on the input of their peers on social media far more than celebrities or others providing paid endorsements.
The most important thing your business can do to reach this generation is to have a vibrant social media presence on as many platforms as possible. However, they won’t be impressed seeing the same content on every platform. Your company must take the time to individualize content to each network.
Engage with Them Online
Generation Z consumers value things their friends have shared online when deciding what to buy. They also appreciate a company that considers their opinion and life experience. The person handling your company’s social media accounts should make it a point to ask engaging questions or requests to share photos. Be sure that your youngest customers know how to leave an online review and encourage them to do so in as many places as possible. This helps them feel heard and also gets your company the exposure it needs.
This is a Socially Conscious Generation
It’s important for members of Generation Z to support organizations that share their world views and overall values. One way to attract their attention is to demonstrate that your company values and supports many of the same things.
The one caveat is that your small business must do this in an authentically because even the young children of this generation can tell when a person or business is acting in an inauthentic way with ulterior motives. You might consider alerting your customers that a portion of their sales price will go towards a worthy cause or give them the opportunity to donate themselves online or in person.
Of course, generations are made up of millions of unique individuals. These are just some common trends to watch for among Generation Z consumers.
If you’d like to discuss ways you business can attract the attention of your idea customers, Business Partner Alliance is here for you. We provide targeted coaching, consulting and business advisory services to help small and medium sized business owners achieve new heights. We put our passion and experience to work to help business people achieve their goals. Let’s meet for coffee to see how we can work together.