Want to know something that’s even harder than marketing to Gen Z? Becoming an entrepreneur. Yet that’s precisely what 64 percent of Gen Z college students want to do with their lives, according to a joint study by Internships.com and Millennial Branding. And that’s not the half of it. According to another Gallup survey, 42 percent of them want to “invent something that changes the world.”
Marketers Beware: Gen Z and Millennials aren’t so similar after all.
We can’t teach you 99 tech tricks to turbocharge your day or how to open a banana like a monkey…but we CAN provide you with some of the secrets to capturing the minds, hearts and (digital) wallets of Gen Z, the generation marketers can no longer afford to ignore. Considering Gen Z is the first generation to be raised with the iPhone, Netflix and Snapchat, one might imagine that the secret to solving your generational marketing woes is the screen. But… Not so fast. Press pause and stay awhile.
In case you missed it, the cat is out of the in-flight container: Gen Zers love to travel locally, nationally and globally. A recent global survey of students by UNiDAYS and Ad Age Studio 30 bears this out: an overwhelming 99 percent of Gen Zers have the travel bug in their veins. And with approximately $143 billion in personal income at their disposal, they’re already in a position to circumnavigate the globe millions of times over.
Once upon a time, at the height of the Mad Men era, an American marketing professor and author named Jerome McCarthy was hard at work and introduced the concept of “The Four Ps” of marketing (product, price, place, and promotion). Since the years of shift dresses, mid-century modern appointed Madison Avenue offices that permitted smoking, the 4 Ps have become a ubiquitous and timeless staple of marketing that has never gone out of style.
Hey, kids! For today’s #marketing lesson, I’m going to teach you a new dirty word. Feel free to exclaim it at the dinner table, sing it in the shower or shout it from the rooftops so all your neighbors can hear. But seriously, don’t use it online. Especially if you happen to be a member of the e-commerce team of your marketing department. Because this particular double-four-letter word is not the word any brand marketer ever wants to hear: “DISCOUNT”.
There was a time — not so long ago — when Enron executives were collectively known by their clients as “the smartest guys in the room.” There was a more-recent time when Volkswagen held an unimpeachable track record for emissions safety — until the so-called Dieselgate scandal came to light, sending its stock prices plummeting by 40 percent. There was even a time, at least before the release of Beyoncé’s “Lemonade,” when Jay-Z thought his street cred and talents as a rapper would keep his personal brand untouchable.
For millions of Gen Zers studying at college, a well-priced offer means the difference between affording - or not affording - a new computer, nice clothing, memorable nights out on the town, or a plane ticket home. Students love to save on what they buy - and marketers know it. A quick journey to any corner of the internet will reveal a near-endless supply of coupons, discounts and one-time sales events geared specifically towards students.