Running a successful business in any environment takes a lot of work and dedication. At the same time, you must be able to adapt to changes in the economy and consumer buying patterns. One major change that is continuing to come to the business world will be the influence that Generation Z will have. As the oldest members of this generation are now entering their mid-20s, marketing towards this generation’s unique needs will be very important. There are several factors that businesses must understand about this generation to ensure they can adapt successfully.
Generation Will Soon Have a Major Impact
Depending on the definition, a person in Generation Z is somewhere between 10 and 25 years old as of early 2021. Further, with a population of over 85 million people, this generation will have a major impact on the economy within the next five to ten years. Due to this, businesses will need to find a way to connect with this generation in order to continue to be successful.
Ethical and Social Focus is Important
A growing trend in consumer spending is to focus on purchasing products and services from companies that are considered to be ethical with a social focus. Businesses will need to be able to explain to consumers in the future how their products and services can help to improve the community and world around them. If they are not ethically or socially focused, they could lose a lot of business to companies that are more focused.
Another important factor that seems to be more important to Gen Z than other generations is the quality of the brand. While brand names are important, having a brand message and mission statement will continue to be very important. This will help a Gen Z member understand what the goals of your company are and they are more likely to purchase from you if your interests are understood and properly aligned.
Finally, the trends with Gen Z continue to show how important it will be for companies to provide a good mobile experience. Those in Gen Z tend to spent at least twice as much time on their phones compared to adults in older generations. Due to this, you will need to have a good mobile website and social media presence. Those without it will have a hard time marketing towards this new and younger generation.