What do my customers want? This is a question that companies, especially successful ones with a wide reach, ask themselves time and again. First and foremost, it is important to understand who these customers are. In the short to medium term, Generation Z and Millennials (Generation Y) will make up the largest groups of buyers. These differ not only from one another, but also clearly from generations before them.
Generation Y is often referred to as Millennials and stands for those born between the early 1980s and the mid-1990s. This generation values flexibility, self-realization and personal development. One’s own “purpose” plays a major role. Companies will not be able to lure them or retain them in the long term with a lavish salary alone. Personal responsibility is a must. The possibility of sabbaticals, home office and further development opportunities are important to millenials. Those who have chosen this generation as a target group for their own products should be honest and transparent. Like the customer group itself, companies should also have their own purpose. And since flexibility is a top priority, they should offer different usage options (e.g., subscriptions) and payment options.
This need for self-realization and purpose is even more pronounced among Generation Z, born between mid-1990 and around 2010. This generation, born around the turn of the millennium, no longer distinguishes between the real and virtual world. Both worlds are merging into one. Digitization with platform models is omnipresent. A work-life balance is non-negotiable; New Work is primarily geared to the needs of Gen Z. The focus is on fun at work, a pleasant and, above all, fair working atmosphere, in the right working environment. In order to appeal to Generation Z and make contact with them, companies should say goodbye to perfectly created glossy content. Generation Z is reached when content is adapted to them and understood. Entertainment is one of the fastest ways to capture Generation Z’s attention. If you don’t stand out, you’ll go under.
The crucial question is: How can companies advertise products or services in an entertaining way that is appropriate for the target group?
Understand your target group with us
Whether in recruiting or in the development and marketing of products, a deeper understanding and a target group-oriented approach are essential. And we support you in understanding the generations Y and Z. For example in our keynote “Leading Generation WHY & Z” or in our Inspiration Club.
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