"This is the year that Generation Z becomes the biggest consumer cohort globally, displacing millennials as a top obsession for investors trying to figure out how to cash in on their unique shopping, eating and media habits. While they might still be in school, they have spending power to the tune of $143 billion in the U.S. alone, leaving fund managers salivating at the chance to harvest some of that potential alpha". (see link to the article below)
Having spent time and effort trying to keep pace with those pesky millenial's, you know, the ones with all that spending power and influence, we're now being told that 'Wall St' is tapping into 'Gen Z' to help choose stock picks for the best companies to invest in early enough.
How can a bunch of school kids help predict the companies of tomorrow, you're asking yourself, surely that's the role of wise old investment fund managers?.
Quite simple really, it tends to be the younger generations who finds and shares with peer groups the early stage coolest products/services to use on the internet because that is their world reality. Its how they are growing up so if you want to get behind the next 'Unicorn' then keep looking and listening to those trends.
Oh, and if you want to find something to use for free, go find a Gen Z!
See, most early stage companies don't have unlimited access to finance and resources to market the coolest new product, gadget or service like established businesses do. But, they also aren't constrained by legacy systems, legacy thinking, legacy marketing and a slow bureaucratic incremental approach to innovation, they are also much (technologically) savvy and braver than previous generations.
They tend to be ran by people who are closer to those Gen Z & Millenial age groups that are coming through, so they themselves look to replicate how they behave, most social platforms (FaceBook, Instagram etc) came from those age groups. As the internet continues to weave its way into everything we do, see, touch and play, then like 'electricity' it becomes pervasive, and these are the generations who are growing up with stuff that you might think is the new fire, but for them it's just expected and demanded.
So, as these cheeky Millenials who are finding their way into the workplace are becoming the 'internal GO TO influencer' and possible future "Change Makers" for organisations, they are already disrupting you.
The reality is that all this is happening today, not tomorrow, and its already having a huge impact on traditional buying habits and behaviours.
Chances are that the guys who really understand the power and benefits of connecting with folks on social media are already going to kill off your business, not because they are the next new shiny start up, but because to them social media is part of their everyday lives. They are already the go to 'internal influencers', so when the 'leadership team need info on the product or service they are thinking about buying, who do you think they turn to for the initial research, and more importantly where do you think they go to get that information?
Certainly not your website, or corporate brochure that's for sure!
For you 'Social Media' is still a place to 'sponsor' and advertise your latest product/service offer, or worst still, somewhere to post the equivalent of your CV........So, if your mindset for winning new business is still sat in outbound cold calling, e-mailing, and advertising you need to take a long hard look at how sustainable that is in the new digital economy.
A few facts that will help with context;
- Over 68% of the 'buying research is done before any direct contact is made with a potential vendor.
- There are between 8-10 internal stakeholders involved in that due diligence stage.
- These internal stakeholders invest over 40+ hours in that process.
This is what we call the 'Social Buying' stage.
So no matter how great your sales teams are, how much you ramped up the budget for cold calling and other forms of 'outbound' activity for your unique (no one is unique btw) life changing product/service, facts are that if your not visible during that due diligence phase then you won't even be on the radar. But if your competitor has taken the time to invest in understanding, adopting and deploying a 'Social Media' strategy and you are stuck doing the same old , same old, then without a doubt they will win out over you time after time.
We work with companies that genuinely want to understand how to unleash the true power of 'Selling through Social'. We teach you how to become 'front of mind' during the critical buying process, we hold you and your teams hand throughout, and we even ensure you have a robust social management and implementation structure to deliver strategic ongoing success.
We have a tried and tested process where we take you, and your colleagues on a journey that will truly weaponise your company to win out in the social media landscape, along with a calculation formula that will estimate the ROI of that investment for your company.
Well, as 'practitioners' of of what we do you wont be receiving any pushy sales calls or e-mails, so....
Please get in touch with the author.
“Gen Z has their finger on the pulse on the companies that speak to them, that they think are going to grow with them,” said Phil Bak, CEO of Exponential ETFs. “Therefore they’re probably better suited to pick those investments than some of the more seasoned financial professionals.”