According to a 2019 McKinsey report, Gen Z and millennials now make up $350 billion of spending power in the US alone. This figure accounts for about 40% of the global consumer market. And the spending habits of these generations are far different than any others before them.
That’s why, if you want to stay ahead of the curve and keep up with today’s market, it’s essential to understand the best marketing practices that will appeal to these groups. Here are some of the best strategies you can implement to accommodate the ever-changing landscape of marketing:
Reevaluate Your Target Audience
If you’re not already targeting millennials and Gen Z, now is the time to start. These groups have vastly different spending habits than older generations, so you must tailor your marketing efforts specifically to them.
To reach these audiences, consider using platforms like Snapchat and Instagram, which are extremely popular among young people. Also, ensure your website is mobile-friendly, as these generations are much more likely to use their phones to access the internet than desktop computers.
When creating content, keep it short and to the point. These generations have shorter attention spans than older generations, so they’re less likely to read lengthy articles or watch long videos. However, they are more likely to engage with visually appealing content, so use high-quality images and videos. Tailoring your content in this way will help you reach your target audience more effectively.
Social media influencers are a powerful marketing tool that can reach massive audiences with minimal effort. And since millennials and Gen Z are so active on social media, influencer marketing is an effective way to get them.
When selecting influencers to work with, ensure they align with your brand’s values. You also want to choose influencers who have a large following for your target audience. Finally, don’t be afraid to negotiate payment. Many influencers are willing to work for complimentary products or a discount, but you can also offer them a percentage of sales or a flat fee.
Either way, influencer marketing is a great way to reach millennials and Gen Z. With the right individual to represent your brand, you can effectively appeal to these groups and keep up with today’s market.
Millennials and Gen Z are far more likely to trust a transparent company than one that isn’t. In a study by Edelman, 70% of millennials say they would be more loyal to a completely transparent company.
To be transparent, share your company’s mission and values with your audience. You should also be open about where your products come from and how they’re made. If there are any controversies surrounding your company, address them head-on. Hiding information will only make millennials and Gen Z distrust you more.
And since social media is such a powerful platform, use it to your advantage. Share behind-the-scenes content, give insight into company decisions, and be open about any mistakes you make. By being transparent on social media, you can show your audience that you’re a trustworthy company that cares about its consumers.
Appeal to Their Values
Millennials and Gen Z are the most socially conscious generations yet. In a study by Cone Communications, 86% of millennials said they would be more likely to purchase from a company that supports social or environmental issues.
To appeal to their values, incorporate sustainability into your marketing efforts. Now is the time to start if you’re not already using sustainable practices. And if you are, make sure you’re marketing it properly.
Incorporating sustainability doesn’t have to be complicated. You can start using recycled materials, investing in renewable energy, or offsetting your carbon emissions. Whatever sustainable practices you implement, make sure you communicate them to your audience. With this, Millennials and Gen Z will appreciate your efforts and are more likely to support your company.
Keep Up with the Trends
Millennials and Gen Z are the most tech-savvy generations yet, so it’s essential to keep up with the latest trends. One way to do this is by ensuring that your database is up to date. This part is where SQL server database performance tuning comes in. By optimizing your database, you can keep your data organized and accessible, so you can make quick decisions when trends arise.
Another way to keep up with the trends is by using marketing automation software. This software can help you automate email marketing, social media, and lead generation tasks. Automating these processes will free up your time so you can focus on other areas of your business. And by using marketing automation, you can stay ahead of the competition and keep up with the latest trends.
To keep up with the ever-changing market, businesses need to employ a variety of marketing practices. By being transparent, appealing to millennials and Gen Z values, and keeping up with current trends, companies can stay ahead of the curve and continue to thrive. So, what are you waiting for? Implement these marketing practices today and stay ahead of the competition.