Millennials are at the forefront of marketing and advertising. They’re easy to understand, they have high purchasing power, and they’re tech-savvy. But there’s a new generation on the horizon: Generation Z, the generation born after 1995. This new group is about to enter adulthood in the next decade or so–and it’s time marketers start getting ready for them. Are you looking to build a neo bank for generation Z?
What do we know about this new generation?
We will present in this article eight pivotal differences. They are also known as post-millennials and they are a bit different than millennials. There’s a lot to be learned about this group of consumers, so here are some things you should know if you’re marketing to them:
1) Generation Z is much more entrepreneurial than previous generations – 43% want to start their own business
Gen Z is a generation hungry for entrepreneurship and pursues the creation of its own impact in society and the business world. They prefer to have their own workspace, they are digital natives, they prefer offline workplace communications and flat organizational structure. They also tend to seek employers with a similar on-demand culture and do-it-yourself mentality. They are the only generation that deeply wants to impact organizational structure, they explore education alternatives, and firm understanding while always prefer to communicate face to face. Gen Z understands that 0 paper business is key.
2) Generation Z (Gen Z) has been described as “civic” or “global citizens” because they care about social issues and problems in the world.
Generation Z is different from the Millennial generation when it comes to significant global events related to environmental and social issues. They not only care for their own people and country but also for young adults and young people from around the world. They are the most sensible generation with regards to ESG factors from any other generation that is precedent.
3) The majority of generation z prefer face-to-face communication over digital platforms
Gen z is the post-millennial generation, and the only group of the young generation, that are the digital natives of the digital age. They are the first global generation that they were born in the era of multiple digital communication tools, search engines, how-to youtube tutorials, on-demand video, and instant messaging. But in contrast to younger generations of today that live online forever, they also prefer to live in the physical world.
4) Realistic (Gen z) vs Optimistic (Baby Boomers)
Seventy-seven percent of Generation Z expect to work harder than previous generations. Millennials became optimistic thanks to their encouraging Baby Boomer parents and growing up in a time of prosperity and opportunity. Generation Z will be realistic thanks to their skeptical and straight-shooting Generation X parents while growing up in a recession. You sales approach and sales cycle will be different.
5) More trust to government than in businesses.
Gen Z is more likely than older generations to look to government to solve problems, rather than businesses and individuals. Fully seven-in-ten Gen Zers say the government should do more to solve problems, while 29% say the government is doing too many things better left to businesses and individuals. On the other hand, older generations place more trust in individuals and their global peers compared to generation z.
6) Private vs Public
Gen z has pivotal differences from the Millennials and Baby Boomers generation in many ways. One of those being their attitudes towards privacy and personal information on social networks. Millennials were digital pioneers in the modern age. They witnessed the introduction and rise of social media, instant messaging, smartphones, search engines, and the mobile revolution. Generation Z did not witness these innovations, but rather, they were born into them. Ubiquitous connectivity, powerful mobile devices, highly curated global information, and 24/7 news cycles are native to Generation Z. Seventy percent of Generation Z would rather share personal information with their pet than with their boss.
7) Lower birthrate with regards to generation Z’s parents
This emerging generation will be a smaller group than their older counterparts due to birth rates being at an all-time low. This will result in a smaller target group that is at the moment only 12% of the Western population. This is an issue that most probably will continue to the next generation too. COVID can still change the behavior but millennials and gen z will be looking for different marketing campaigns.
8) Sharing information
Findings show that while Gen Z is the next generation that has view significant global events, and although they are very open to sharing information, their attitudes towards online safety and security are mixed. For marketers who might be wondering how best to approach generation z consumers, one thing seems certain: Teens don’t care about privacy, but they should because it could affect them in the future in many ways.
This is no silent generation, generations differ but there is no ideal generation for your business…. it’s time to act! Members of gen z will anticipate challenges working with large companies and will certainly be more careful at large student debt. Gen Z employees will also consider their leisure in a different way and you will feel it when managing your human resources and retaining talents. Generational differences are shrinking so investing in your digital tools it’s not a generational bet.
Luckily for you, InvestGlass has invested heavily in knowledge to help businesses like yours understand what it takes to convert these consumers successfully so that your company can grow with them! With tools and services designed specifically for GenZers and millennials, we’re confident that you’ll be able to meet their demands while still maintaining an excellent experience through every step of the funnel–all without breaking the bank on marketing budgets or hiring new employees. Are you ready?