we will be releasing our book, “12 Months to Maximum Business
Performance”. But we don’t think
you should have to wait. Many of the principles discussed in this book can be
applied to your business right now.
Therefore we are releasing, for the benefit of our business community,
chapters from the book as it is being written and revised.
The latest generation is Gen Z. They are the generation that is growing up after the Millenials. Incidentally, the government doesn’t designate official ages for a generation. Rather, such a designation is garnered over time until there is a general concensus on what that generation should be defined as. That said, Gen Z is presently defined as anyone being born between the mid-1990s and early 2000s. Or roughly, 15-25, to use round numbers.
What Influences Gen Z to Buy?
Gen Z has a different psychographic than the other generations, including millenials. I’m here to talk about how they judge the company producing the product as well as the product, and what you can do as a marketer in your social media to further your appeal.
The Baby Boomers were materialistic during their acquisition days. Their mindset is often to buy the product that makes the most sense, has the right price, conveys the proper status, and so on. Notice that nowhere in these criteria is anything pertaining to the manufacturer.
Gen Z, on the other hand, does want to know about the manufacturer. They may ask “What is the seller and/or manufacturer doing for the good of society?”, “Is the manufacturer a business we trust?”, “Does the manufacturer have a good reputation in the eyes of society?”.
The Good News and the Bad News
So the bad news is you can no longer just produce products with a blind eye to societal good. If you’re motivating instinct has been to produce the maximum profits for your stakeholders, with little to no instincts to directly benefit society other than by introducing your profit, then you may lose traction with Gen Z.
But the good news is that once Gen Z likes you for what you are doing, their loyalty to you is likely to be higher than in past generations. The other good news is that this is new research and a new generation. So, you have a competitive advantage right now to start doing what this young generation is after: doing good for society and than letting everyone know about it.
What You Can do to Further Your Social Media Marketing
I leave it to you to determine what “do good for society means”. Admittedly, you may be better equipped than this author to make decisions in that arena which are creative and appropriate to you. What I’m suggesting here is:
In your Editorial Calendar add posts for what you are doing for society
Include photos of entities you are doing good for
Include letters, articles from others stating the good you are doing for others
Mention the strides you are making to furthering your impact with society
Mention the resources you’ve committed towards furthering society, be they in terms of money, time, or staffing.
Social security has issues. Cutbacks to it are expected to begin in 16 years and recipients are forecast to receive only 3/4 of what they expected. So you can imagine my shock to find out that the Social Security Fund is precluded from investing in stocks! I’m a Chartered Financial Analyst, the highest certification for investment management and valuation. Many years ago, stocks were considered risky and bonds safe. Also, back then it was expected there would always be sufficient workers to self-fund the social security fund. Hence, there was no reason to take much risk at all. So back then investing in bonds made sense.
Since then, however, things have changed. Starting about 10 years ago or more, bonds became almost as risky as stocks. To the extent that they aren’t viewed as safe; rather, they are viewed as having different investment characteristics than stocks. Which is why even the youngest investor, with the longest time frame, should still be invested in bonds.
So just how bad has the Social Security fund underperformed most investors? Stocks have returned 49%, while Social Security has returned only 17%. A 50/50 blend of stocks and bonds would have performed better than that, while still being viewed as conservative.