Newsletter
November 2019 Newsletter
Small businesses not targeting millennials or Gen Z enough, missing out
According to a research conducted by American Express, less than 25% of small businesses in Australia have strategies in place to attract millennials and Generation Z.
Between millennials and Generation Z, they represent more than half of the country’s population. With small businesses not capitalising on this huge potential, the latest American Express SME Pulse research reveals that 90% of bigger businesses have formulated strategies to reach Gen Z.
The research also found that over 90% of the small businesses in Australia are comfortable with their existing marketing strategies of not targeting the millennials and Generation Z, which truly is a blind spot as they don’t see it as a potential problem for their business.
Mark Seward, American Express Vice President of Global Commercial Services Australia and New Zealand, shares that there are easy strategies that small businesses could potentially look at to target these younger audiences.
1. Point of Contacts – The younger generation prefers to be connected online - hence being available online and also being able to respond timely - are two key factors.
2. Personalisation – Understand what the younger audience wants and tailor your message to resonate with them. Millennials and Generation Z want to build meaningful relationships with service providers and are even willing to pay more for better service.
3. Transparency – If you made a mistake, be open and be clear of how you are going to fix it.
4. Creativity – Use images and taglines to grab their attention as they are picky about what information they want to see from you
5. Word of Mouth – Leverage great experiences your customers have with you. The younger audiences are more likely to purchase a product if their friends are talking about it.