Your discussion this week will focus on “Generational Marketing”.There are many articles written on this topic as marketers have found that the more marketers know about the varying generations, the better they are at developing effective marketing strategies.
I have provided you with links to multiple articles in the Content Area of D2L to help you begin the process of researching the varying generations and techniques to market to them.You can choose to discuss only these articles with your classmates and that is acceptable but I will score students posts higher that not only discuss the information from these articles but also bring information from sources they have researched.*When using resources make sure you cite your sources in your post. You do not need to use footnotes as this is not essay, but cite and link your resources at the end of your post. Also, do not simply copy and paste from the articles.
When discussing these generations, you can approach this assignment in a couple of different ways and both are acceptable, you can either discuss one generation more in depth or multiple generations and take a broader perspective. Either way you should include specific characteristics about the generation that you found interesting and discuss marketing strategies you would recommend in targeting that generation. You should also include in your post any opportunities or trends relating to these generations for businesses in the future as a market segment.
*This needs to be written from a marketers perspective rather than talking about it from a personal perspective. You may find it helpful to state, “As a marketer I would …” rather than, “I am a Millennial and I recommend…..” or my parents are “Gen Xer’s and ….”
Below are the links.
Developing a marketing strategy for Generation Z
With the current changes in technology and culture shift, marketers have to define and familiarize themselves with new generational marketing strategies. Every single generation displays its unique challenges in the market and in this case, businesses are expected to adapt well to various market forces. Focusing on generation Z, a consumer group that is venturing into the global market, a clear understanding of who they are, how to influence them and their purchasing behavior will ensure marketers reach this generation.
While there isn’t any specific date range definition, Generation Z represents consumers born in mid-1990s through early 2000s. To be more specific the group includes youngsters in their early twenty’s and today’s teenagers. Thus, the group’s oldest members are college students or immediate graduates. Currently, this group forms the most influential consumer forces worldwide (Michael). Their purchasing power is estimated to $44 billion and increases to $600 billion in consideration of their influence on their parents spending power. As Generation Z ventures into the modern workforce their earning as well as purchasing power has continued to increase.
A marketer will always put into consideration the unique characteristics of a particular generation in order to determine specific approaches required to reach the group. For better engagement with Generation Z consumers, a marketer has to frequently interact with digital marketing platforms. This generation is characterized by great expertise in research work and self-education where 20 percent of teenagers use tablets to access reading material, 33 percent watch online lessons while 32 percent work online with their classmates. Secondly, Generation Z is concerned with the world hence, they are aware of the social, economic, political and environmental challenges that modern societies face. Thirdly, unlike other generations, Generation Z considers formal education less important and they desire to become future entrepreneurs (Thomas). More than 61 percent of the group wish to start their own businesses after college. Finally, this group consist of skilled researchers who study online consumer reports and compare prices across various sites before making a purchase.
However, as a marketer it has come to my realization that Generation Z can easily be influenced through the application of effective marketing strategies that would lead to an improvement in marketing techniques. To begin with, being a digital generation, marketers have no choice but to forget their traditional strategies and adopt digital media to reach these consumers. This generation lacks loyalty on specific products and prefers reviewing online and researching various websites before purchasing a product. This influence calls for the application of digital marketing strategies and elimination of traditional media such as emails, newspapers and mail by the marketers (Thomas). Again, apart from making money, a business has to strategically exhibit its purpose on this generation. Businesses with positive purpose are known to be right and fair enough to improve the world. Next, emphasizing on entrepreneurial features such as self-empowerment, positivity, resilience and determination enables marketers to bond with Generation Z. Finally, meaningful interaction between marketers and Generation Z can result to brand loyalty that can be achieved through hosting competitions, events, games and asking for feedback and ideas on product designs. Thus, with the application various strategies marketers will be able to secure the required investments and reach their target group.
Good execution of digital marketing strategy creates opportunities and trends that ensure Generation Z will continue to interact with the future markets. New consumer generations help businesses and marketers to shift their marketing approaches and practices to maintain a continuous revenue driving and brand growing. Through proper adoption of digital marketing, marketers have an opportunity to interact with socially energetic and motivated young people who would like to connect with their companies (Steve). This can lead to the development of brand ambassadors who would remain loyal to a company’s brand hence, creating lifelong relationships.
Therefore, generation Z forms an important key to business development and regardless of one’s market target, it represents a great opportunity for business growth and sustainability. Being a marketer, it is right to conclude that Generation Z has a significant influence on the global market through their spending power.
Michael, Dimock. “Defining generations: Where Millennials end and Generation Z begins.” Fact Tank, 2019, https://www.pewresearch.org/fact-tank/2019/01/17/where-millennials-end-and-generation-z-begins/
Steve, Zimmerman. “Introducing Generation Z: Developing a marketing strategy for emerging consumers.” Experian, 2020, http://www.experian.com/blogs/marketing-forward/2020/02/14/introducing-generation-z-developing-a-marketing-strategy-for-emerging-consumers/
Thomas, law J. “10 Vital Strategies to Use When Marketing to Generation Z.” Oberlo, 2020, https://www.oberlo.com/blog/marketing-strategies-generation-z