admin Consumer market trends change in congruence with the changing demographics of the population. Each generation of consumers has its own preferences and likings. In order to remain relevant in the constantly evolving marketplace, brands need to effectively cognize the ever-morphing contours of consumers choices. The Gen Z population is currently reshaping this landscape with their quirky choices and tech-savvy approach. Brands have to be able to capitalize on this trend by attentively reinventing ways of catering to this large consumer base.
According to statistical data, the Gen Z population makes up for more than half the demographic of active consumer worldwide. Their purchasing power stands at a whopping $44 billion and extends to $600 billion in terms of their influence on their parent’s spending. This implies that in order to become a branding prodigy which dominates the current age, a brand has to modify its approach, keeping this core demographic in mind. Listed below are some of the most astute ways in which brands can expand their influence over the growing Gen Z populace:
- Accord Priority to CSR
The Gen Z demographic is all about social causes. The members of this age cohort are dedicated to bring about change by focusing on social issues and concerns that plague the current era. They care deeply about social, environmental, and cultural issues. Thus, to create a lasting impact on their psyches, a brand will have to boost its CSR efforts.
To gain the trust of socially this conscious segment of consumers, brands have to align their values with those of this segment in an authentic and actionable manner. Establishing conscious brand values and working to bring about real change through corporate social responsibility will help brands gain renewed currency among the Gen Z populace.
- Capitalize on Micro-Influencer Trends
What began as a feeding frenzy of influencer crazy in 2018, has now been partially abandoned. While brands continue to invest in influences with a mammoth social media following, their branding strategy for the Gen Z audience has to be tweaked. Micro-influencers are the new trend that can revolutionize branding for this cohort.
Micro-influences are those who have a social media following of 1000 to 100,000 followers. As the influencer campaigns increased, the trust of Gen Z members shifted in favor of the micro-influencers. According to recent studies, micro-influencers drive 60% of more engagement than their counterparts with a formidable following. By using micro-influencers brands can represent the diversity and inclusion they may often speak about. Moreover, these individuals are more relatable to the Gen Z audience, making them more likely to follow these trends.
- Sharp Content
A conspicuous feature of the Gen Z populace is that they prefer not to engage with lengthy and complicated content postings. As a specific age cohort, they are more accustomed to sharp, witty, and relatable content. Brands can take note of this essential characteristic. They can make their content more user-friendly by incorporating these changes.
Brands should not make their posts too wordy as then they risk losing the attention of this segment. The attention span of this generation is quite minimal. Thus advertisement campaigns have to be designed with this in mind. They can use data, stories, videos, and make their audio-visual content more interactional to attract the Gen Z audience. With visually captivating art and charts, brands are more likely to capture the attention of this cohort.
- Build a Community
It is important to note that this socially conscious group of consumers responds well to community building efforts by brands. They are actively seeking ways to interact and engage with like-minded individuals online. Brands need to build on this important insight. They must try to facilitate authentic connections and conversations.
Brands can undertake community building by collaborating with those influencers that embody the values the enterprise stands for. Or they may also lay emphasis on soliciting advisors and feedback from Gen Z members during product development phases.
- Embody Transparency
The Gen Z is all about transparency and accountability. Since they are driven by the need to research and ponder every choice they make, brands must know that Gen Z members will probably delve deep into their websites and scroll through their social media accounts to get a better sense of the brand’s personality.
According to most Gen Z members, brand trust is second only to the price of the product in determining their choice. Brands have to carefully craft their corporate and company cultures to ensure transparency and authenticity. This is important because it matters to the Gen Z audience. The beliefs of the brand need to be infused well into the fabric of the brand to attract the Gen Z.
Branding is not simply about following the overarching trends of the current period. It is also about evaluating the most significant segment of the consumer demographic in the market at any given point in time. Since the Gen Z cohort has emerged as a seminal market segment, branding protocols of companies must be realigned to satiate their preferences and needs, in order to flourish in the market.
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