When it Comes to Your Business, Gen Z Matters

While your traditional marketing efforts may still be earning success with Baby Boomers, Gen-X, or Millennials don’t expect those tactics to work on Gen Z. The data proves that your traditional marketing or advertising efforts just don’t work for the next generation. Now you may think this shouldn’t matter to you or your business, but you’re wrong. Here’s why...

As the Millennial generation continues to age, Gen Z is quickly stepping into the spotlight, becoming the world’s main source of consumer buying power. According to a Business Insider, Gen Z already accounts for an estimated $140 billion in spending power, with that number expected to grow exponentially as more come of age and start to reach the peak of buying power. In the endurance industry alone we are seeing higher participation rates from Gen Z. And while the differences between older age groups are striking, the gap is rapidly closing as the upstart generation continues to influence gen-x’ers and Millenials in their purchasing habits.

The data is clear: the landscape where Gen Z is the number one market influencer is quickly becoming realized. That means it’s time to rethink your traditional marketing methods and reposition your strategy to one that’s focused more on delivering authentic experiences instead of the sale.

Go To Them  

Unfortunately, this isn’t Field of Dreams. If you build it, it doesn’t necessarily mean they’ll come. Don’t just rely on your website to entice Gen Z. Rather, be active on the platforms they use the most. Not sure what those are? Check out our usage in this Pew Research Center Report.

Create Authentic Engagement 

Whether through direct feedback or social media, give Gen Z the opportunities to communicate with you and take the time to respond in meaningful ways. The investment will pay off, as “88% of Gen Z prefers omnichannel branded experiences,” according to Forbes. Gen Z wants to make real connections with your brand and feel like their voices are being heard. Respond and engage thoughtfully to create a culture of reciprocity and they’ll continue to participate.

Showcase Your Giving 

Socially conscious, environmentally friendly, and charitable behaviors will win major points with Gen Z. Facebook IQ highlighted that 61% of Gen-Z is willing to pay more for products that are produced ethically and sustainably. This makes sense, considering they rank purpose and fulfillment high on our list of life’s necessities. They want to feel like they’re contributing to positive change in the world.

If your events have charity partners or fundraising initiatives, let your participants know and encourage them to run for a cause. Think about offering discounted or comped registration costs to commit to fundraising a certain amount. You’ll be sure to draw in more Gen Z participants by offering the purpose and value-driven connection they’re looking for from the businesses we patronize.

Don’t Ignore the Obvious 

Gen Z is a mobile-first generation, with 98% of them owning a smartphone and 75% of them shopping on our phone every day. Our hyper-connected reality is reshaping the way Gen Z interact, consume content, browse, and buy. That means mobile is no longer a “nice-to-have” but should be an essential part of your business strategy. 

Know That Money Matters 

While Gen Z may feel comfortable spending $25 on TikTok lighting, don’t be fooled into thinking they’re not budget-conscious. In fact, studies show Gen Z may be the most fickle-spenders. It’s not that they won’t spend, they’re just extra choosy about where they put their dollars, opting for better deals that optimize the value of what they spend on. They’re more likely than any other generation to pore over reviews and invest time in finding the best bang for their bucks. 

What does this mean for you?  It means that offering discounts or coupons are likely to pique their interest. Make sure they know about available discounts by sharing it with them on social media and through targeted email campaigns. Offer them rewards, too. They’re more likely to keep spending if they know their dollars are going towards creating additional value.