Adjusting Your Lead Gen Strategy for Gen Z
As we discussed in our earlier post on this topic, most recent generations, Millennials and Generation Z, have grown into large demographics that hold growing purchasing powers in the current global market. In 2020, the combined purchasing power of Millennials and Generation Z massed over $3 trillion dollars.
It is no secret that one of the most crucial aspects of an effective inbound marketing strategy is social media. With platforms such as Facebook, Instagram, LinkedIn, and Twitter, B2C, and B2B marketing has become a digitally fueled process via social media. With over 4 billion users combined, social media powerhouses continue to dominate the forefront of every modern consumer in 2021. That being said, marketers are turning to Millennials and Gen Z, digital natives, to shape new business models in order to optimize online strategies and pave newfound success.
So what do you do about it?
Analyzing the vehicles of social media platforms may also help marketers determine where to allocate resources when building strategies around Millennials and Gen Z. According to Sprout Social, 79% of Facebook users are both Millennials and Gen Zers (ages 18-29; 30-49) Therefore, utilizing Facebook through investing in optimizing analytics, ad targeting, and social monitoring may be advantageous if you’re looking to attract either generation. Marketers can utilize social media giants like Facebook to their advantage through built-in analytics tools. Pinpointing target audiences can be done through applications such as Facebook Analytics and Facebook Audience Insights. These platforms generate key performance indicators and metrics that help marketers cultivate business strategies through relevant, specific, and measurable consumer information and trends.
As of March 2019, Instagram released Instagram Checkout, which allowed business accounts to digitally showcase merchandise and conduct business transactions over the app. This emerging market is a huge opportunity for companies to advertise to the 73% of Gen Z who are already existing in the Instagram space. Specific companies who have remained prominent figures in the Instagram Checkout business environment since its initial release are Zara, Revolve, Warby Parker, and Nike. Instagram Checkout is an example as to how important it is for marketers to understand the impact of algorithmic cookies in online shopping. Due to shopping feeds being curated by the accounts users follow and like, there is an upward trend in inbound strategies capitalizing on personalization.
As we mentioned, personalization is a huge plus when considering marketing products and services made for both Millennials and Gen Z. Modern examples of businesses that have capitalized off this psychographic are Uber and Lyft. As the two largest market sharers in the ride sharing industry, Uber operates internationally whereas Lyft operates solely in North America, the two companies both build their services with personalization at the forefront. With components such as instant access to rides, conversational drivers, and trusted point A-to-B customer journeys, Millennials, and Gen Z flock to their services.
Navigating marketing personalization is essential to fortifying a strong inbound marketing strategy, according to Hubspot, “using personalization to create a more 'human' marketing experience,” will be at the forefront of most marketers’ business strategies. The benefits of personalization are blatant, as “message personalization is the #1 tactic used by email marketers to increase engagement rates.” Currently, Millennials are experiencing their lifetime income peaks, meaning they are becoming larger determinants as to how the overall business cycle flows. While it is important to capture and cater to Millennial demographics when employing an inbound marketing strategy, it is increasingly important to forecast the trends that Gen Z is setting, as successors of Millennials, they will soon overtake presidency in the market and purchasing power.