Gen Z represents over 30% of the global population - It’s time to put a fresh spin on your old Customer Acquisition Strategies for this cohort!
5 Ways to Acquire Gen Z Customers (without getting boring!)
Now that Gen Z represents over 30% of the global population, it’s time to put a fresh spin on your old Customer Acquisition Strategies.
The 5 Classic Stages of Customer Acquisition:
- Define Your Demographic
Analyze customer data. Use it to segment your audience. Create strategies to target each group.
- Calculate Your Costs
Balance your budget. Calculate ROI. Determine the lifetime value of your customers.
- Choose Your Channels
Decide the best way to reach your customers. In-store? Online? Omnichannel?
- Set Up Your Strategy
Identify the tactics, goals, and success metrics that will underpin your strategy. Then implement it.
- Reward & Retain
Use reward and incentive programs to keep loyal customers. Turn them into brand evangelists.
What Sets Gen Z Buying Behaviors Apart?
- Keen Researchers: 80% research products thoroughly before purchasing.
- Data Privacy Skeptics: 39% trust brands to protect their data.
Ethical Buyers: 70% want to purchase from ethical brands.
Socially Conscious: 68% expect brands to contribute to society
Comfortable with BNPL: 37% used buy now, pay later solutions in 2021.
Second-Hand Savvy: 27% are more likely to buy second-hand products to help the environment.
Inclusive: 76% feel brands should address issues around diversity and inclusion.
Eco-Friendly: 73% will pay more for sustainable products.
New Generation, Fresh Approach
Gen Z is a discerning group. Social and environmental issues influence their brand choices just as much as cost and service. In response, leading brands are rethinking their customer acquisition strategies.
Strategy 1: Adopt Omnichannel: 87% want consistent omnichannel brand experiences that use a mix of digital and physical touchpoints.
Strategy 2: Embrace Individualization: 91% of consumers are more likely to purchase from brands that deliver tailored offers. 58% of class-A Gen Z shoppers will pay more for personalized products.
Strategy 3: Incentivize with Rewards: Loyalty programs influence 62% of Gen Z consumers. 73% of consumers are more likely to recommend brands with strong loyalty programs. 29% of consumers expect rewards to be tailored to them.
Strategy 4: Harness Social Commerce: 97% of Gen Z consumers say social media is one of their top sources of shopping inspiration. The #tiktokmademebuyit has over 2.3 billion views.
Strategy 5: Acquire, Retain, Grow: Even a 5% increase in customer retention can increase company revenue by over 25%. Customer acquisition costs have increased by almost 50% over the past five years.