As we move further into 2018, it’s time to really take note of the next wave of consumers: Generation Z. Born after 1998, this generation grew up with the internet at their fingertips, so naturally they are more inclined to digest information via digital technologies.
We’ve already seen larger players capitalise on this, with Amazon combining the physical and online experience with the launch of their pilot Amazon Go supermarket in the US in January.
But what does this mean for the world of finance? With a growing demand for convenience, flexibility and overall speed of service, should the financial services sector look to change its strategy in order to meet these needs?
Here, we look at five ways businesses can adapt their strategy to effectively target Generation Z:
Harness the power of social media
Virtually all of Generation Z uses social media in some capacity, and they are incredibly engaged in doing so. The uptake of financial services via technology – including alternative payment methods like P2P services and online banking – has been massive.
Posts must be tailored to each platform while ensuring the company’s key message remains consistent
In order to reach these consumers and properly communicate with them, it’s important to be seen on these channels. Posts must be tailored to each platform while ensuring the company’s key message remains consistent.
At Liberis, we have increased our overall engagement rate on Facebook by 259 percent in the last year alone by tailoring our content to influence our own community. This is proof a proactive social strategy adds huge value.
With a desire for convenience, Generation Z likes to have the solutions to their problems at the click of a button and, as a result, will resort to social channels to communicate their problems.
By having a ‘voice’ on social media, and being on hand to assist, you will appear helpful and drive customer loyalty. This will, in turn, support your business in keeping up with this ever-changing trade environment.
Embrace videos
There’s been an enormous increase in the amount of video content populating company webpages and social channels. The reasoning behind this is to capture the attention of, and better engage, Generation Z.
Research into digital marketing has found video will account for 80 percent of all internet traffic by 2021, providing a huge opportunity for brands to experiment with dynamic, engaging content.
Financial services organisations are famous for being ahead of the curve when it comes to the implementation of new technologies – with robotics and cognitive computing obvious examples – so why not mirror this with video content.
By using engaging video content on your webpage, you are more likely to attract the attention of Generation Z, increasing the time spent on your page and developing genuine interest in your service.
Go mobile
Businesses need to have a positive online presence if they are to succeed and keep up with the evolving needs of Generation Z.
By using engaging video content, you are more likely to attract the attention of Generation Z
Recent studies show 38 percent of Generation Z use mobile apps for banking – compared to 19 percent among other generations – demonstrating a clear need for services to be mobile compatible.
In order to be mobile compatible, you must ensure your website is responsive, fits the relevant screen dimensions, is optimised for mobile data speeds, can be easily navigated and has an accessible online portal.
With Generation Z constantly on their mobiles, there’s not much room for error in this department. If your site isn’t mobile compatible, you’re missing a trick.
Less is more
Today, the average attention span of a consumer is just eight seconds. So, whether you want this new wave of consumers to click on your blog post or fill in a form, you’ll have to give them all the information they need within this time frame.
In order to achieve this, you have to cut through the noise. Generation Z know what they want and have grown up with the ability to quickly filter through huge amounts of information to identify what they actually need.
Your web page content, therefore, needs to be not only compelling, but also distinctly concise, providing the facts on a strict need-to-know basis.
Create a community
Generation Z spend a lot of time communicating online, whether it’s with other like-minded consumers in forums, via Twitter or directly with the brands themselves. It’s, therefore, important to establish your voice and get involved in the conversation.
When doing so, make sure you tailor your content so you are talking ‘with’ your target audience rather than ‘at’ them – make your language involving as well as engaging. Note this tone of voice and any language rules in your brand guidelines to ensure the company message remains consistent. This will help generate maximum value across all of your channels.
Generation Z don’t just use one platform, so if you want to communicate your content and brand offering, consider a presence on multiple channels – so long as it is appropriate for your business and target audience.