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Marketing Guide to Gen Z – The 3 Most Vital Things to Keep in Mind
Gen Z, and their $44 billion of spending power, approaches retail different than their predecessors. To stay relevant, pawnbrokers must once again evolve their marketing strategy around acquiring this new age demographic. Marketing to Gen Z is gaining traction, reports show that by 2020, Gen Z will command nearly 40% of all consumer shopping.
Gen Z is online. Really, really online. On average, they spend five plus hours online daily. In this article, you’ll learn how Gen Z is buying and selling, and ways that you can capture the attention of this generation. Below are the top three ways to adapt your marketing approach to bring Gen Z to your door and keep them coming back for more.
1. Gen Z and Online Presence
This generation uses mobile phones to research product, services, and companies before ever stepping foot in your brick-and-mortar store. How does your store look online? Is the information up-to-date? Is your message welcoming? Forty-six percent of Gen Z consumers will purchase in-store after researching your store online. This is 12 to 27 percent more than any generation, so the effort here will pay off.
Gen Z uses their smartphones and tablets as pre-shopping research tools before they even set foot in a brick-and-mortar store, so pawnbrokers need to offer mobile shoppers detailed information about products and services that will help move them down the path to purchase, even if that purchase isn’t online. This means geofencing, product listing ads, and Google Ads. Your software provider may already do this, so check with them first.
2. Charitable Presence
Gen Z are very aware of potential issues affecting their future. Whether, environmental, political, or socio-economic. This group has created a culture in which, ignoring these issues has become taboo. A study from The National Retail Federation and IBM showed that Gen Z views these issues more seriously than any other generation. Additionally, Google published a study that showed results indicating that Gen Z shoppers want to engage with brands that are “a representation of their values”.
So what can you do with this information? Increase the visibility of your positive community influence. Get your employees to engage in a “Volunteer Day” Canned food drives, planting trees, trash clean up days, etc. All of these are easily marketed on social media. Increasing your visibility as a company that cares, is a fantastic way of building relationships and trust with the future generations.
3. Become an entrepreneurial hub
Did you know that 72% of Gen Z teens want to own their own business one day? This is the generation that grew up during the fall of the housing market. They are not fooled in to thinking that there is any such thing as 100% job security. With the cost of education ever at an increase, Gen Z has become increasingly efficient at self-educating. In fact, 33% of them prefer to take lessons on subjects of interest online!
So what can you do with this? Host a Teen Entrepreneur Workshop. Team up with your local high school. Provide a program where teens who are excited about business can come and see how a business actually runs. These events are also fantastic things to market on social media. You will start to become an integral part of the community, providing economic stimulation and education.
Progress is better than perfection when adapting a new marketing strategy. Focus on one piece at a time; and execute on the plan. The pawn industry is becoming more and more rich with quality industry specialists that are in the business to help you succeed. Draw from the expertise of pawn business coaches, your pawn software, and marketing companies to help you succeed in bringing new Gen Z customers.