One secret to successful entrepreneurship is to make you know where your brand currently stands. This will give you an idea of whether you are making more money than what you’re spending. You get to learn if you get to keep your best customers and continue to serve them with quality service. You can check if your business strategies are still effective or if it is time to pivot your business in a new direction. Aside from this, you can also check if your business is now ready to scale up and start catering to new and a bigger target audience.
If you still DIY your accounting tasks, then it is about time that you invest in more comprehensive accountancy services. This allows you to restructure your accounting affairs so you can focus on adding more value to your brand. You no longer have to play the guessing game when it comes to your tax affairs with a reliable accountant on board.
Aside from your finances, it is time how well our marketing is holding up. Are you still focusing on millennials but not Generation Z? Then it only becomes a must that you start considering marketing to today’s young generation.
There are a lot of reasons why businesses need to consider Gen Z as part of their bigger customer base. Here are some of them.
Gen Z’s Spending Power
According to news, Gen Z has a spending power of $143 billion. Reports even say that Gen Z will account for up to 40% of the number of consumers worldwide. This goes to show just how valuable today’s young generation can be to the economy.
Gen Zers have a different approach to shopping. They usually spend more on technology, essential products and utilities, their education, low-priced clothing, and sustainable products. This means if you sell products or services related to these products and services, then you definitely could use the help of Gen Z to pour in more revenue.
Their Love for Tech
Generation Z basically grew up to be tech-savvy. They embrace technology and spend most hours of their days on their gadgets. They are more likely to try out new innovations which means they can be among the first ones to try out your new offers.
Since they love technology, it makes sense that you reach out to them using different modern marketing techniques. Since they are online a lot, you can leverage your digital marketing strategy and tweak your tactic to make it more attractive to online Gen Z consumers. This also means they will naturally be attracted to techy solutions, online offers, and the like.
For one, you need to make sure you have a professional, easy to navigate, and user/mobile-friendly website. Give them lots of payment and delivery options to choose from. It is also advisable that you start building your first mobile app since this will make it easier for these mobile-driven retail consumers to do their shopping.
They Value Real, In-Person Experience
Gen Z loves technology but they also value real-life interactions. They love good and personalized customer service both online and in-store. This means if you have a brick-and-mortar business, you can get more foot traffic by marketing to Gen Zers.
If you have an online store and you plan on opening your first brick-and-mortar business, you can easily entice your online Gen Z consumers to visit your physical location. You can use several techniques to turn this into reality. One way to do this is to offer pick-up options for their online orders.
Embracing BOPIS or buy online, pick-up in store option, allows you to improve Gen Z’s online shopping experience. They get to pay for their orders online, pick-up what they ordered for in their preferred location, and experience real-life customer service from your brand. You get more foot traffic and increase your chances of making more sales as they check all of your other offers while collecting their orders.
You Can Build Cult Loyalty With Gen Z
News tells us that Gen Z believes in brand loyalty. Sure, they would not hesitate to try out other brands if it meant buying cheaper alternatives. But like millennials, Gen Z would be willing to stick to a brand if the company can satisfy their expectations.
Gen Z wants businesses to be more sustainable. They want brands to have a sense of social responsibility and to exist with a purpose. If you can push beyond cult loyalty, you can expect Gen Zers to continuously support your business.
You can push beyond brand loyal by getting the approval of their family, friends, and favorite influencers. Gen Z trusts the recommendations of the people they follow on social media. If you can nail your influence marketing, then your business can enjoy a goldmine of followers.
No one can no longer deny the fact that every business now needs to start marketing and catering to Gen Z. It is only a matter of time before they take over most of the consumer groups and their buying power is one you can’t ignore. So, make sure to step up your marketing game and start attracting Gen Z into trusting your brand.