Top five ways to target Generation Z
Author: Rob Straathof, CEO, Liberis
Generation Z are tech savvy, impatient and always on the look out for the best service or product. We explore five ways financial services organisations can target the next generation of consumers more effectively.
Virtually all of Generation Z uses social media in some capacity, and they are incredibly engaged in doing so
As we move further into 2018, it’s time to really take note of the next wave of consumers: Generation Z. Born after 1998, this generation grew up with the internet at their fingertips, so naturally they are more inclined to digest information via digital technologies.
We’ve already seen larger players capitalise on this, with Amazon combining the physical and online experience with the launch of their pilot Amazon Go supermarket in the US in January.
But what does this mean for the world of finance? With a growing demand for convenience, flexibility and overall speed of service, should the financial services sector look to change its strategy in order to meet these needs?
Here, we look at five ways businesses can adapt their strategy to effectively target Generation Z:
Harness the power of social media
Virtually all of Generation Z uses social media in some capacity, and they are incredibly engaged in doing so. The uptake of financial services via technology – including alternative payment methods like P2P services and online banking – has been massive.
“Posts must be tailored to each platform while ensuring the company’s key message remains consistent.”
In order to reach these consumers and properly communicate with them, it’s important to be seen on these channels. Posts must be tailored to each platform while ensuring the company’s key message remains consistent.
At Liberis, we have increased our overall engagement rate on Facebook by 259 percent in the last year alone by tailoring our content to influence our own community. This is proof a proactive social strategy adds huge value.
With a desire for convenience, Generation Z likes to have the solutions to their problems at the click of a button and, as a result, will resort to social channels to communicate their problems.
By having a ‘voice’ on social media, and being on hand to assist, you will appear helpful and drive customer loyalty. This will, in turn, support your business in keeping up with this ever-changing trade environment.
There’s been an enormous increase in the amount of video content populating company webpages and social channels. The reasoning behind this is to capture the attention of, and better engage, Generation Z.
Research into digital marketing has found video will account for 80 percent of all internet traffic by 2021, providing a huge opportunity for brands to experiment with dynamic, engaging content.
Financial services organisations are famous for being ahead of the curve when it comes to the implementation of new technologies – with robotics and cognitive computing obvious examples – so why not mirror this with video content.
By using engaging video content on your webpage, you are more likely to attract the attention of Generation Z, increasing the time spent on your page and developing genuine interest in your service.
Businesses need to have a positive online presence if they are to succeed and keep up with the evolving needs of Generation Z.
“By using engaging video content, you are more likely to attract the attention of Generation Z”.