Generation Z, also known as Zoomers is the newest demographic sector. Born after 1996 these Zoomers are know to be the most diverse, independent and self confident of all the generations. They apparently don’t rely on their parents as much as previous teen generations did but are less focused and have short attention spans. Which is why businesses should think more about targeting the Millennials. Known as Generation Y, born between 1981 to 1996 they have been nurtured and pampered by parents who didn’t want to make the mistakes of the previous generation. They are confident, ambitious, achievement-oriented and also have high expectations. While most people think of millennials as young, reckless teenagers, in reality this generation is maturing with over half having children. So if you want to grow your business you need to understand the Millennials in terms of what they want, need and desire. So what do they want?
CONVENIENCE
Millennials have grown up in a world where convenience has gone through the roof, from fast food, streaming, social media, online food deliveries and the ability to ask Google or Siri any question they may have. They have been raised to think that everything is fast and efficient. In reality this obviously isn’t always the case but for businesses that recognise this they will have consumer leverage. Developing a convenient way to purchase your goods will satisfy this need.
EXPERIENCES
Previous generations have been very focused on buying material things whereas Millennials are more interested in buying-in to an experience. From travelling the world, music festivals, climbing Kilimanjaro, they are wanting those experiences and the feeling of being part of something. Therefore you need to find a way to sell an experience that the consumer can buy in to along with your product. You can do this by associating yourself with charities, sponsorship, hosting etc
CHOICE
Having lots of choice is what the Millennials expect; and makes them feel in control. They can log in to Netflix and choose from thousands of programmes and films to watch, they can compare the same product online from numerous companies and they can pay by numerous different ways too. To target these individuals you need to offer them choices in some way.
COST
Millennials are known for not being great with money. Some have been saddled with student loads along with average salaries, therefore they don’t have much disposable income. You also have those that are at the opposite end of the scale who have lots of disposable income, with great social lives, eat out regularly and have all the latest gadgets. Understanding these differences and offering options tend to exceed just premium brands.
BELONGING / ACCEPTANCE
As with most people millennials what to belong. They want to fit in and connect with like minded people, whether that’s not using plastic water bottles as everyone is very focused on looking after the planet, to following certain people on social media as they are influential and they would hate to not know what’s going on.
RECOGNITION
Some say the millennials are the “Generation Me’. Yes they maybe more self-centered than previous generations, however social media is the driving force behind individuality and being recognised by everyone and anyone. How many Instagram posts do you see that were from trips people took six months ago or of products that they state they “couldn’t live without”. This is just an excuse for posting and boasting. You can really use this to increase your own product of service exposure and drive brand loyalty. By getting these individuals on board and offering rewards, samples of new products, competitions or exclusive events will really appeal to these millennials and hopefully help you to reap the rewards.
So how do you reach these millennials – The spending power and influence these millennials have is growing by the day, so you must try to understand and engage with them at every opportunity. So take time to look at your marketing and social media plan and see where you can make these connections with the millennials by using the tools I have given you