3 Tips For Attracting The Next Generation Of Consumers - Forbes

Young consumers are the future. Millennials and Gen Zers aren’t just young adults with thoughts and opinions. They’re actively reshaping society.

Gen Zers are already bringing a fresh perspective to work. After a slow start, Millennials are on track to become the richest generation in American History.

These younger demographics are sizable and they have significant clout — which is why businesses should be doing everything they can to get their attention as part of a strategy for long-term success. Here are a few suggestions for ways to attract younger consumers to your industry.

1. Align With Preferences

Every industry has its limitations. Even so, companies should be doing their level best to adapt to the preferences of younger consumers within the bounds of their industries.

For example, up until now, healthcare has always been an in-person affair. From physicals to brain surgery, an individual always needed to take the time out of their day to drive to a medical office, check in, wait an unknown amount of time, and eventually see their doctor.

In the modern world, this standard has been turned on its head. Particularly after the coronavirus pandemic, consumers expect to have remote-friendly options when it comes to accessing healthcare.

Online doctor visits have become a common way for younger consumers to access affordable and timely healthcare. Pioneering virtual healthcare provider, HealthTap, has invested in creating a framework that utilizes a combination of technology and top-quality virtual care to cater to digital natives.

Rather than insisting on adhering to traditional practices, the online healthcare provider is aligning its services with the altered preferences of new consumers. This is part of an effort to draw them in with quality services that meet their expectations.

2. Cater to Different Standards

It’s easy to look at the often loudly communicated standards of youthful consumers as something getting in the way of gaining their business. However, savvy companies have learned that catering to these new, highly-informed principles can be a great way to win the loyalty of the younger generation.

For instance, McKinsey & Company points out that Gen Z’s interest in supporting social and environmental issues is heavily influencing the marketing efforts of many retailers and brands. The management consulting firm uses the example of the word “feminist.” The politically charged term increased more than five-fold on the homepages and newsletters of fashion retailers in the short span of 2016 to 2018.

The lesson here is simple. If companies want to attract and retain the loyalty of Gen Z and Millennials, they need to show respect for—and even cater to—their evolving standards.

3. Be Innovative

The previous two points have focused on adapting to the preferences, standards, and general expectations of younger consumers. However, that shouldn’t restrict a business to a purely reactive marketing approach.

As a company, you should also look for the best ways to innovate within your industry. How can you lead the way in meeting the needs of a younger generation?

One good example of this is Amazon Studio’s upcoming “The Lord of the Rings: The Rings of Power” streaming series. The show is adapting an iconic portion of J.R.R. Tolkien’s stories into a serialized visual format.

As they do so, they’re looking for ways to respect the source material and its original characters, places, and events, while simultaneously adding new characters and storylines that resonate with younger consumers. This can already be seen in the company’s initial marketing materials, which are clearly created to draw in the fanbase while also making it intriguing for newcomers living in a 21st-century world.

From aligning preferences to catering to standards to being innovative, there are many ways companies can attract younger consumers — no matter what industry they operate within. The first step is acknowledging the need for younger customers as a critical piece of long-term success. If you can set up attracting young consumers as a key OKR for your company, the rest of the process can roll from there.

Adblock test (Why?)

Article From & Read More ( 3 Tips For Attracting The Next Generation Of Consumers - Forbes )
https://ift.tt/oQi7CJ4