Twice a year, Piper Sandler’s Taking Stock with the Teens survey comes out and brand marketers flock to get the scoop on how teens are spending their money. Using this survey as their Bible, marketers adjust and calibrate their strategies to accommodate the teens.
Let’s find out why the teens are such an important demographic and how you can prioritise them in your strategy.
Why this is your most important demographic
People say that your favourite song in high school will stay with you for the rest of your life. Younger audiences are only just beginning to discover their preferences and if you can get in now, it’s likely that you’ll stay with them too.
And because younger audiences are coming into financial independence, it’s less likely that they already have brands they’re loyal to. Imagine how much easier it is to attract a customer who’s just getting started versus one who already has an account with your competitor.
Payment methods that go beyond the credit card
You might think that credit card payments are the be-all and end-all when it comes to your checkout process. However, 39% of Gen Zs regularly pay using Apple Pay. They’re not interested in typing their credit card numbers at checkout. They want things done in one click and if you can’t offer that, you’re missing out.
Gen Z and Millenials love having the option to buy now and pay later because its fuss-free and softens the blow of a big purchase. If you want to know more about why younger audiences love this option, read this.
Did you know that Revio offers eight different payment options? These include PayPal, QR, and Mobile Money.
Provide incentives that they’ll come back for
Voluntary churn affects all subscription businesses. It’s one thing focussing on bringing new customers in, but you need to prioritise keeping your current ones happy. One thing you can do to prevent voluntary churn as a subscription company is by incentivising younger audiences.
You can encourage subscribers to prepay into an account balance and give them discounted rates or rewards when they do so. The outcome is that you’ve secured their future payments and they’ve secured a discount or reward. Everyone is happy.
If you want to learn more about voluntary (and involuntary) churn, here’s a blog we wrote about it.
Keep things social
Gen Z and Millenials live on their social media — that means you need to live there too. Find out where your audience hangs out and build your presence there. If you can get onto their screens while they’re scrolling Instagram, you’re doing it right.
The alternative payment methods you offer play into this as well. The ping sound that goes off when they make a purchase will deliver major Gen Z satisfaction.