Better position your product or service with Generation Z by understanding their values, how they make purchases, and how they differ from Millennials.
Jeff Fromm and Angie Read, authors of Marketing to Gen Z: The Rules for Reaching This Vast--and Very Different--Generation of Influencers, recently shared their Generation Zmarketing insights on my podcast. The below are the highlights from our conversation.
What words best describe Generation Z?
- Fiscally Responsible
Why is it important to understand Generation Z?
- Youth culture is impacting American consumer culture across generations much more broadly than ever before. The next generation provides data points into what's likely next for industries.
- Generation Z is one of the most powerful consumer forces in the market today. Their buying power is $44 billion and expands to $600 billion when considering the influence they have on their parents' spending.
- Generation Z will represent 40 percent of American consumers by 2020.
How is Generation Z similar to Millennials? (Read this for nine ways Generation Z will be like Millennials.)
- The digital, social, and mobile behaviors of Generation Z and Millennials are similar.
- They are both early adopters of all things that simplify their lives.
How is Generation Z different from Millennials? (Read this for eight differences between Generation Z and Millennials.)
- Privacy matters more to Generation Z. They are very careful and intentional about managing their online reputation.
- Generation Z is fundamentally moving towards more traditional values. They are old souls in young bodies.
- Generation Z will be more competitive. This is in contrast to Millennials' collaborative behaviors.
What are the values of Generation Z?
- Human Equality
- Personal Success
- Financial Security
How does Generation Z make purchasing decisions?
- Quality and Value: Generation Z wants to know they are getting the most for their money.
- Identity: Generation Z considers if the brand fits their unique identity and/or if the product reflects their own values.
- Peers: Generation Z crowdsources their purchasing decisions and seeks the opinion of their peers before (and after) buying.
- Accessibility: Brands must make their products or services available in a mobile-friendly and mobile-first fashion.
- Hyper-Convenience: A step up from accessibility, Generation Z wants just-in-time products/services that can be consumed instantly.
What makes brands relevant to Generation Z?
- Taking a stand on important issues. Generation Z practices what they preach and they expect brands to do the same.
- Reflecting a more realistic portrayal of life. Marketing messages that depict a non-diverse and utopian world won't resonate with Generation Z.
- Creating authentic two-way conversations that allow Generation Z to co-create with brands. Don't market to them; market with them.
Listen to my full interview with Fromm and Read here.
I help companies better lead, engage, train, and sell to Millennials and Generation Z. If you’d like help solving tough generational challenges inside your organization, click here.