The 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.
Aged 23-38, Millennials are known to be more environmentally conscious than previous generations, preferring raw and natural products as opposed to synthetics. Millennials are eager to incite positive change in the world, they want their consumer choices to benefit the greater good and exhibit humanitarianism. According to the Financial Times, Millennials are seeking authenticity, and it’s disrupting the market. “A wind of change is ripping through the consumer industries. For decades, big meant better, consumers trusted brands they knew, and convenience food was a novelty. No longer.” Millennials are in a sense, breaking the traditional consumer-corporate relationship mold by prioritizing simplicity over complexity, smaller quantities over bulk, and authenticity over manufactured when it comes to products.
Aged 7-22, Gen Z culture is majority social media. An astounding 80% of all Gen Z utilizes social media platforms. Instagram champions the Gen Z demographic, with approximately 73% of their online presence utilizing the Instagram app. While Gen Z are self-proclaimed “digital device addicts”, they are keener on maintaining internet privacy than Millennials, which compliments their focus on individualization. While authenticity is a main principle for both Millennials and Gen Z, the latter emphasizes authenticity even more. More so, Gen Z prioritizes financial wellness more than Millennials do, while the generation also cares less about idealism and emotional maturity.
In part 2 of this topic, coming at the end of the week, we'll share some strategic suggestions on how you can adjust and adapt your lead gen strategy to accommodate these changes from up and coming demographics. Ready to dive in specifically for yourself? Request a free lead gen audit with the button below!