Summary List Placement
Every few decades, a new generation comes of age with the same belief — nobody understands them because they are different from the generations that came before them. And it is true, to some extent: Each generation is different and grows up in the context of a unique time.
It logically follows, then, that members of Gen Z, the most connected generation in history, would take it upon themselves to help companies understand what their cohort wants and how to market to them.
“I’d label our generation the ‘purpose generation,'” Michael Pankowski, a student at Harvard University and the founder of the Gen Z consulting firm Crimson Connection, told Business Insider. “Most aren’t putting in the time to truly understand us. You won’t learn how your brand can most effectively fit into the Gen Z meme lexicon just by checking out the Daquan Instagram page for 30 seconds a day.”
Pankowski, a 20-year-old from Rockville, Maryland, launched Crimson Connection in January 2019 after his first semester at Harvard. He was inspired by ads he found on his social media feeds that targeted Gen Zers and still used outdated lingo from 2005.
“It was clear they didn’t truly understand us,” he said. “I realized that if these companies actually had Gen Zers advising them on what we like, it would help them make better ads.”
So he got to work: Pankowski began speaking at events in places like New York, Chicago, and Boston, and publishing articles — and soon, a book — letting companies know that they need to pay attention to Gen Z, the consumer world’s next big generation with a spending power that tops $100 billion. They are the most social-media-savvy generation, the most progressive and pro-government generation, the most diverse generation, and the most well-educated.
“Most companies don’t give nearly enough attention to Gen Z, relative to how important we are in the global consumer market,” Pankowski said. “In fact, some industry professionals still refer to teenagers as millennials. But for the very unhip: Millennials aren’t kids — in fact, a lot of them have their own kids.”
The stakes are high for companies seeking to understand Gen Z: a November Bank of America Research report projected that the generation’s income will reach $33 trillion in 2030 and surpass that of millennials in 2031.
‘Gen Z influences all other generations’
Pankowski told Business Insider that …read more
Source:: Business Insider