Article sponsored By PayPal.
Gen Z, which refers to those born between 1996-2012, makes up 20% of the US population. They account for $143 billion in direct expenditure. It's time to pay more attention to Gen Z consumers than you are to millennials. These are five ways you can attract and retain Gen Z customers.
Generation Z is digital native; they have always had access smartphones and social media. They are also the most diverse generation in history. This influences how they think and how they spend money.
Your company must learn about this generation in order to be able to sell to them.
These resources will help you and your team learn more about Gen Z.
- Knit: Instant feedback and Gen Z insights
- NYTimes: Gen Z in their Own Words
- #GenZ Podcast: Stories, perspectives, and experiences of Gen Z
- Pew Research Center: Gen Z Trends and Demographics Study
2. Social Media Managers and Social Media Firms That Employ Gen Z'ers are available to hire
Gen Z buyers are smart and can spot fake advertising. Gen Z representatives in your marketing team or at the firms you work with will help you strike the right tone.
You should look for Gen Z'ers who are the best by offering the perks that they value.
- flexible working hours
- Opportunities for growth
- Involving them in projects that make an impact in the world
3. Purchase Now, Pay Later (BNPL), Payment Options
Flexibility is what Gen Z customers are most interested in. Offering BNPL options such as PayPal's enterprise BNPL is crucial to attract the Gen Z market. They are less likely to be able to spend more money as they are younger. Gen Z will make up 47.4% of BNPL users in 2025.
Gen Z has access to BNPL, which allows them greater flexibility and little or no interest rates. This flexibility is important because most of the group works from paycheck to paycheck.
4. Get a Stand on Social Issues
Gen Z is politically active and politically aware. They prioritize spending money on brands that reflect their values and views. Find causes that align with your brand and make a stand on them.
You risk alienating the next generation if your brand is involved in social issues you don't fully understand. Instead, find ways to promote and sponsor causes that you are passionate about.
5. You can make your brand trustworthy and authentic by taking these steps
Gen Z shoppers value trust. They will not respond to direct advertising, as they often use ad blockers. Brands that are transparent are more appealing to them.
Here are some ways to increase transparency
- Share your data collection and storage habits for ads.
- Make authentic ads and marketing campaigns. Don't try to trick Gen Z clients.
- Your contact information should be easily accessible on your website as well as your social media accounts.
- Use influencer marketing to find smaller and more trustworthy influencers to work with.
Trust can also impact the payment options Gen Z'ers will use. PayPal is a significant competitive advantage. As a matter of fact, 53 percent (between 18 and 39) of respondents trust PayPal to protect their financial information.
Already, Gen Z'ers have a significant impact on consumer spending. Their buying power will only increase over the next few years. Executives must market to Gen Z by educating their brand about Gen Z's thinking and inviting them to join a movement.
PayPal's BNPL can be used to build trust and give Gen Z'ers the financial freedom they desire. Find out more.
By: Neil Patel
Title: 5 Hacks to Attract Gen-Z Consumers
Sourced From: neilpatel.com/blog/gen-z-consumers/
Published Date: Mon, 30 Aug 2021 13:00:00 +0000