Meet GenZ: Key takeaways
Neeraj Kohli
Fractional CXO I E- commerce I Sales I Strategic Alliances l Leadership I Angel Investor I Mentor
Meet GenZ: Key takeaways
1) GenZ are still 10 years away from peaking as a cohort but are significant influencers on the GenX parents. Some view them as “elitist - entitled”. It is NOT a homogenous cohort, three main segments – Value seeking, Quality customers & the image cluster possibly the largest in value terms – with 2 sub clusters, showcasing & self expression. The GenZ care about Authenticity, Focus on value – purpose the brand & organization represents and do they really “walk the talk”, definition of value itself has changed from simple price, durability etc. – it is multidimensional. Luxury is fine, as long as they get uniqueness that sets them apart. this is their secure identity. Brand perception is “true thoughts of my own” generated from multiple sources, this is their secure identity in a world full of contradictions, they want to “test credentials” and form an opinion themselves. Sustainability is a trend getting stronger with GenZ. They are also breaking tradition on where they buy their food.
2) Market Dynamics: Niche brands can fast start with low costs – Omni channel availability of products and information – Expanded Social Media. Experiencing the brand across channels is a continuum, not a preference of one over the other, they want convenience, impulse and experience at different points in time across categories – whatever triggers them. All the these factors are also about life-stage, these will evolve and change as they age.
3) Marketers Role is far more complicated, they are no longer “orchestrators of the dialogue”, you are “one” voice in it, a part of the conversation. Instead of a few celebrity influencers, the need for many Micro-influencers who can share their genuine experiences and authentic love for the brand in their respective communities. The brand narrative and authentic emotional connect is maybe more important than Data Analytics and sharp targeting – your consumer has an information overload. Beware of superficial claims – “cancel culture”. Loyalty is elusive, inertia is weak. “you have to win the purchase everytime”.