Consultant Implores Marketers to 'Feed the Goldfish' that is Gen Z

Minneapolis — Although Millennials are in the forefront of their minds right now, marketers are starting to think about a brewing generation of consumers with greatly different motivations, inclinations and attitudes about shopping. Generation Z, born roughly between 2001 and 2010, is considered optimistic, idealistic, open-minded – and large. By 2020, this generation will comprise 40% of the market base in the United States, Europe and the BRIC countries of Brazil, Russia, India and China, according to Michael Stephenson, associate strategy director for Fitch, a brand and design consultancy.Deeply engaged with technology from a very early age, Gen Z lives online and in a state of partial attention, Stephenson said in October during a presentation at the Shopper Marketing Conference & Expo. He encouraged retailers to start forging relationships with Generation Z early and often. “They have an average attention span of eight seconds – that’s less than a goldfish,” he noted, adding that retailers should gravitate toward snack-sized, not king-sized marketing efforts. “Your most effective strategy is going to be constant snacking. Don’t invest a lot of time, energy and money into deep, rich content and experiences. Instead, feed the goldfish. Give them shallow experiences that entice them to come back for more.”Fitch built a generational profile after conducting in-depth interviews, an online survey, shopalongs and reviews of hundreds of scholarly articles. The firm concluded that, overall, Gen Z prefers access and engagement versus ownership. That stems from living in a society where the shared economy is king. Think eBay, car2go, Uber, Airbnb, and Kickstarter.Generation Z’s sensibility also reflects the influence of recent events. It is growing up in a post-9/11 world where the United States is continually at war, giving Gen Z deep concerns about terrorism. Watching parents contend with the housing bust and recession gives Gen Z deep concerns about the economy. Then add cyber-bullying, identity theft, climate change and the specter of student loans, and a generation wears the weight of the world on its shoulders, Stephenson said.“Don’t invest a lot of time, energy and money into deep, rich content and experiences. Give them shallow experiences that entice them to come back for more.”— Michael Stephenson, associate strategy director, FitchThese concerns make Gen Z socially conscious, mature and selfless. Stephenson cited a Fitch survey that determined that 54% of Gen Z would rather cure cancer than win the lottery, about the same percentage as older generations. “Generation Z is just as socially conscious as they are brand conscious,” he said. “I encourage brands to stand for something. Brands that don’t have a voice, that don’t stand for something, won’t be relevant.”Several companies have capitalized effectively on Gen Z’s social consciousness, Stephenson noted. H&M’s clothing recycling program gave customers gift cards for bringing in any brand of used clothing. CVS/pharmacy eliminated tobacco products from its stores, and Unilever’s Project Sunlight provides an outlet for the next generation of leaders. “Give them a stage – a platform for their voices to be heard,” Stephenson said. “Don’t be the problem.”Gen Z also values constant innovation. This group would rather have perpetual betas of new products, messages or technology than wait for the perfect iteration. It wants a drumbeat of updates and upgrades. “Generation Z expects evolution,” Stephenson added. “I implore you to launch something, improve it, and continue to make progress.”There are rewards for engaging with this generation. Gen Z is made up of typical teenagers who like to have fun, be happy and spend about $16 a week in allowance. They enjoy hunting for just the right item and engaging others in their quests through online scrapbooks. There they broadcast potential purchases to their networks, giving retailers free buzz.Generation Z likes new technology and enjoys having fun with it. Any company that offers tech tools and platforms will do well with this generation, Stephenson said. It’s also important for retailers to tap into Gen Z’s social consciousness and desire to make discoveries that help people and improve the world.Gen Z will be a pioneering generation “that will leave the world in a much better place than they found it,” Stephenson said. Companies that target them, share pertinent messages and give Gen Z a voice will make durable connections with this generation that last a lifetime.

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