Most business owners are still trying to figure out the Millennials, but don’t forget there’s another age group hot on their trail and they will be shaping the future of all industries soon. It’s time to get ready now if we hope to sell our products, services, and especially our businesses to them someday.
The U.S. Census says that Gen Z’s makes up 24.3 percent of the US population; that’s higher than Millennials, GenX’s, and Baby Boomers. You can’t ignore those numbers. Bloomberg defines Gen Z as “the group of kids, teens, and young adults roughly between the ages of 7 and 22” in 2019. Before you scoff at their young age, percent currently gainfully employed, and their probable empty wallets, they are estimated to have about $3 trillion in purchasing power by 2020. That will undoubtedly grow as they enter the workforce and build equity.
So if you hope to sell to them someday, like all sales prospects, we need to meet them where they are, not where we are. So where are they? They are passionate about sustainability. They live online. They value transparency, and they search for truth. They are energized by connecting with someone who actually listens and values their opinion. (Who isn’t?)
So getting ready for them seems fairly straightforward. Go where they live…online, be transparent, and especially, connect, listen and respect their opinion. If you can build your business by marketing to them, someday, they may write you a check to buy your entire business.