Generation Z or iGen is the name given to young people born anytime from 1995 to 2012. This generation, while still relatively young, has been figured to be the future of businesses all over the world, and businesses have been trying to catch their attention to no avail. This is because most business owners fail to realize that iGen’ers are significantly different from their predecessors –Generation X and Y (Xennials and Millenials respectively). For example, iGen’ers are less cautious and risk-taking, more likely to think for themselves and not believe authority figures, spend less time in shopping malls and more time online, all unlike the generations preceding them. That notwithstanding, iGen’ers have the capability of influencing family spending by billions, avoid traditional services and products and still manage to have huge purchasing power – the reason why smart brands are planning for tomorrow by targeting them. The key to bringing iGen’ers under your influence lies in being able to understand them and use the knowledge to your advantage. Let’s look at a few unique traits of this generation and its impact on the business world.
They are very digital
Being born at the peak of the information age, and growing up with so many gadgets and technology around them, the average iGen’er is always online. This means that businesses that want to stay relevant in the near future or make sales off of their purchasing power will have to stay as digital as possible, keeping up with latest trends in technology and keeping them busy online. Are you on Social Media? Is your website correctly set up on Google?
They are much more tolerant of others – races, backgrounds, and social status
iGen’ers having grown up online, and in an age where unity in diversity is preached virtually in every corner of the world, overcame cultural and background differences and are much more interested in collaborating with people from different backgrounds. This means they are socially responsible and identify more with socially responsible causes or firms. Is your business socially responsible? Are you more tolerating of a particular gender than the other?
They are very entrepreneurial by nature
Perhaps this is as a result of stories they might have heard from the Xennials and Millenials or from their personal observations of the world around them. A recent case study pointed out that 78% ofiGen’ers in a particular location preferred to be business owners. This mindset affects the way they think and behave as they are very independent and shun away from things that could make them ask for help or depend on someone. Is your product tailored to provide everything they need in your niche for them?
They generally have short attention span
iGen’ers are very likely to delete an app just after installing it, once they sense it’s boring. They are also very likely to abandon an ad video halfway through it. Vision Critical reports that iGen’ers are the most active users of ad blocking apps. This means that firms and businesses have to step up their act if they intend on holding the attention of this generation enough to sell products.
One thing is sure, businesses that intend on controlling the market in the next five or ten years need to make sure they have great influence on this powerful generation. So, is your business discoverable to Generation Z?