7th April 2023See What we can do
The Gen Z community doesn’t just adhere to a particular brand but at the same time, they showcase these brands as their identity. It is the moment for the company to look for ways on how its brand could be differentiated and place a competitive position. Gen Zers are more aware of what to choose or not to do. It is more evident from the youngest community that they know better what the marketer actually does while they are repeatedly popping out with one specific logo. It boils down to how brands could see their success with the Gen Z community while building up new relationship boundaries beyond just attention.
According to research, brands that Gen Z finds relatable have a higher chance of success than those that make exaggerated claims or rely on harrowing stories. These brands become a key feature of Gen Z's individual status by being a buddy that they feel comfortable with and happy to show off to their peers. Therefore, being relatable is more important than just being awake to justify the purpose.
It is crucial to differentiate “brand loyalty” from “brand enthusiasm” to avoid the myth of GenZ being a reason for the death of brand loyalty. Since both terms were often not understood well by the majority. Brand loyalty refers to the behavior of customers who repeatedly purchase products or services from a particular brand, often because of a perceived preference for quality, value, or convenience. Companies measure brand loyalty through repeat purchases, which can be an essential metric for determining customer satisfaction and retention.
On the other hand, brand enthusiasm goes beyond repeat purchases to include active engagement between the brand and consumers. It reflects a high level of interest and emotional attachment that consumers have towards a particular brand, leading to positive word-of-mouth, social media engagement, and other forms of advocacy. Companies measure brand enthusiasm by evaluating how often and how positively consumers talk about their brand, both online and offline.
Brand enthusiasm provides companies with a deeper understanding of their consumers' attitudes, preferences, and behaviors toward their brand, which helps them create more targeted marketing campaigns and personalized experiences. Additionally, brand enthusiasm can help increase brand loyalty, as enthusiastic consumers are more likely to repeat purchases and recommend the brand to others. It reflects active engagement and emotional attachment that can lead to increased brand loyalty.
Being digital dwellers, Gen Z has grown up with technology and the internet as a part of their daily lives. Online shopping has been a convenient and accessible option for them since they were young, and it has become their preferred way of making purchases. Gen Z's shopping behavior is vastly different from previous generations. They prioritize convenience, speed, and a seamless digital experience when making purchasing decisions. They are also more likely to switch brands if they find a better deal or a more personalized experience elsewhere.
According to a recent survey, younger shoppers, e-commerce shoppers, men, and higher-income shoppers tend to conduct more research before making a purchase. While millennials used the highest number of sources (23), Gen Z was not far behind, using an average of 19 sources. The survey found that 80% of shoppers use online sources before making a purchase decision, across various product categories. This highlights the importance of having a strong online presence and communicating messages in a vast number of locations to reach younger target audiences. Retailers need to adapt to the changing purchasing behavior and preferences of their customers to remain competitive and retain brand loyalty.
Younger shoppers, particularly Gen Z and millennials, consider their purchases as a reflection of their personality, values, and beliefs. This trend shows that younger generations are more likely to tie a brand or company's real-world impact on society to their shopping decisions. They pay attention to ethical manufacturing practices, treatment of employees, eco-friendly initiatives, and sustainability. Therefore, companies must take a closer look at how they are addressing these types of issues at their own company.
The latest generation of consumers is more sensible and practical than the older generation. They execute their purchase on basis of evaluating the information available with respect to it. Further, they try to imbibe the concept of the act of consuming. For Gen Z, consumption has taken on a new meaning - it's about having access to products and services, not necessarily owning them. There is a shift that is more visible among these communities that they make the product into services and further, the end users are connected to these services. So, it is better if companies open up these opportunities for consumers to earn extra income via these kinds of services and could see a huge probability of succeeding with Gen Z.
Consumption has attached to strong ethics. It is a necessity for every company to maintain transparency with their positions and assure that each step through their value chain is loaded on. Since marketing and work ethics are intersecting for customers. To manage this arena the company should look for marketing agents & influencers who are appropriate to their ethics and have common values & beliefs
Although traditional brand loyalty may be a thing of the past, there are ways to reach younger generations effectively. Companies should start with consumer-centric market research, understand the differences between digitally native generations and their older counterparts, and what they care about. Sustaining the values and passion of the younger generation for new looks drive companies to establish brand enthusiasm, and capture their fleeting attention through social media engagement, personalized experiences, and showcasing their company's values and impact on society.
The Gen Z community is skeptical and expects brands to interact with them on a personal level on their channels. It is always recommended the company should not stop with static marketing while focusing on the Gen Z community, they should extend their marketing mode to an "always-on" model that pretty much engages them effectively. The model should take contextual cues and individual preferences into account to manage individuals at the right time, context, and message. Organizations need to assess their capabilities to enable personalized experience and engagement with Gen Zers across the marketing value chain and across touchpoints at scale to optimize marketing activities continuously. In summary, understanding the shopping habits of Gen Z is essential for businesses to remain competitive and successful. Incorporating a robust digital component into marketing and selling strategies is crucial to reaching this audience and maintaining their loyalty.