I’m not a psychologist, but it seems that humans have a natural tendency to fear the unknown. In a way, however, the unknown is what fuels marketing. The media and communication landscapes change and evolve every day, and it’s our job as marketers to interpret those changes and use them sell products.
Some of the most important unknowns lie in the consumers themselves. First it was Millennials; we didn’t know how to effectively talk to them. After the past several years of observation, research, and trial-and-error, we have a pretty good grasp on the best ways to market to Millennials. They’re on Facebook, they like instant gratification, they prefer mobile media, etcetera, etcetera. But as Millennials get older, we have to start thinking about the next up-and-coming generational stars- Generation Z. Also known as iGen, this group is recognized as those born after 1995 (younger than 21 years old). Generation Z will make up one-third of the American population by the year 2020.
Gen Z is to marketers as a newly discovered insect species would be to a biologist: they’re largely still a mystery.
iGen is particularly bewildering because they’re the first generation to grow up after the rise of social media and smart technology. Does this make them high-functioning, self-aware robots? Maybe. But we have learned some definitive traits about Generation Z, especially over the past year. These are the key insights about iGen and the implications they have for those who advertise to them:
They’re expert multitaskers
Generation Z is going through even the earliest transitional life phases with a tablet in their bag and a smartphone in their pocket. They use a laptop to do homework while Snapchatting on their phone, all the while tuning in and out of a Netflix series playing on TV. They’re doing a million things at once, but more importantly, they’re understanding a million things at once. This means if you want Gen Z to notice your brand, you’ve got to be consistently present across a range of media channels.
They’re less worried about getting a bargain
Research indicates that Gen Z is less likely than Millennials to make a purchase because the item priced at a discounted rate, but more likely to analyze the value they’re getting for their money. They don’t think “Wow, that’s really cheap.” Instead, they think, “What am I getting for this amount? Am I receiving additional services with it? What added benefits are included in the price of this item?” To accommodate, marketers must start thinking less in terms of price and more in terms of value.
They can smell BS a mile away
By this, I mean Generation Z values realistic people and realistic situations. Research shows that the majority of Gen Z prefers to see “real” people in advertisements, while a less number prefers celebrities. They want to realistic storylines and practical outcomes rather than done-up, fluffy narratives. This in mind, a huge mistake marketers are already making is putting themselves on the up-and-coming social platforms like Instagram and Snapchat and becoming the equivalent to that weird old dude at a trendy indie rock concert. Our advice here is keep an authentic approach, especially to social media marketing, and enlist the help of younger, savvy influencers if needed.
They’re the most diverse generation
Not only is Gen Z the most physically diverse generation yet (in America, nearly half is non-white or multiracial), they’ve grown up in an era of political and social progression. Gen Z values things like social equality and are more accepting of cultural differences, more so than their older generational counterparts. Because of this, marketers need to be more mindful of the nature of their messaging, ensuring it is impartial and inclusive.
It may seem like media and advertising gurus have cracked the code on Gen Z, but the truth is that we’ve only scratched the surface of their thought process and behaviors. What we do know is that Gen Z will soon become the largest generational group and spend more money than any other. As scary as it may sound, the future of many businesses is ultimately in the hands of these younger people, so it’s important to keep them on your radar. Move over Millennials, Generation Z is taking over.