How is business responding to a generation who prefers loyalty to novelty? - 3min read
Millennials’ buying decisions and workplace values will no longer be the dominant forces shaping business strategies. There are new kids on the block. Gen Z looks beyond instant gratifications and ‘dream jobs’ to stability and loyalty.
Gen Z’s fascinating buying habits
Looking at the Big Ideas that are shaping 2019 and beyond, business analyst Jill Schleshinger interestingly notes that Gen Z (now 13-28 year-olds) have buying habits reminiscent of that of the children of the Great Depression.
This is something worth taking note of. Why? During 2019, Gen Z will surpass Millennials and become the largest ‘generation’ in the world, making up 32% of the global population. Gen Z values and preferences will shape market demand, no longer those of the Millennials.
These kids and young adults have seen their parents get retrenched, lose homes and experienced other spin-offs from the recent global financial crisis. Uncertainty shaped their lives more than it did those of the two previous generations. The result is that perspectives on work, money, buying and investing more closely resemble that of their great grandparents – children of the Great Depression – than other subsequent generations.
Gen Z’ers value security above fulfillment and therefore invest in loyalty before novelty. They prefer buying from people and brands they trust to simply buying from whomever sells the best experience.
Loyalty is also what they look for in business and work
Living with a real sense of how uncertain the future is and how fragile financial and political structures are, Gen Z’ers understand their dependence on relational loyalty.
Pranam Lipinski, co-founder of Door of Clubs which encourages and supports campus clubs as vehicles which birth future leaders, surveyed thousands of Gen Z students about their values and preferences and concluded that they prefer ‘success and financial stability over that dream job’. They no longer simply prefer the ‘dream job’ their Millennial predecessors searched for, but are once again ‘far more likely to remain loyal to an employer that provides a stable environment and benefits’.
How do we cultivate trust in business and stability in working environments?
We recognise this emphasis shift to buying from people you know and trust and the need for a stable working environment through which to grow a successful career.
Skynamo’s mobile sales app is changing the sales conversation by creating more transparent and stable working environments, leading to more trust between sales teams and customers.
Jannic Zietsman, a regional sales manager at Lionel’s Vet Supplies, talks about the radical culture shift their sales team has undergone because of the transparency brought about by the Skynamo mobile app.
‘What I value most about Skynamo is the fact that all information is always fully available to everyone at once. The app brings more transparency to our sales team and company.’
Employees can at times be understandably hesitant to admit to managers when they’re unsure about things which is not great for team dynamics and can easily result in environments of fear and dishonesty. However, as Zietsman continues to share, ‘I’m now able to initiate these conversations and help my reps get back on track again. I can be much more proactive as a sales manager and lead the difficult discussions, which is to my reps’ benefit. Our conversations are so much more fruitful.’
Understanding customer needs helps businesses connect with customers on a personal level
Not having a clear understanding of sales rep activities effectually meant that B2C Premium Drinks didn’t truly understand their customers’ needs.
‘Skynamo gives our reps access to more accurate and regularly updated customer and product information, enabling them to deliver services according to customer needs. They also relate with customers on a more personal level. It all starts with something small, like greeting a customer by name. It’s a matter of respect which is so crucial to relationships - and business is all about relationships,” says Derryn Maclear, Salesforce Development Manager at B2C.