Gen Z changing the shape of business

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Tiếng Việt

Gen Z changing the shape of business

Generation Z is changing the way brands communicate with their audience.

(From left) Expert panellists RMIT University Professional Communication Lecturer Dr Justin Battin, Yeah1 Group Director of International Business Mr Sha, Navigos Search Managing Director Ms Mai Nguyen, The Yen Concept and Lai Day Refill Founder Ms Helly Tong, Adtima Account Lead Mr Phi Huynh, and RMIT University Logistic and Supply Chain Management Associate Lecturer Mr Bill Au at the Global Innovation Series event.

Vietnam’s Generation Z now accounts for almost 25 per cent of the national population (15 million) according to the latest Nielsen report. With their spending power increasing and their influence growing on family decision-making, they have become industry’s primary focus.

RMIT University Professional Communication Lecturer Dr Justin Battin has observed significant market changes in communication between a brand and the audience as a result of the digital era.

According to Dr Battin, the most significant shifts have been a move towards a conversational approach to consumerism between the brand and customer, instead of a traditional one-way communication method, and Gen Z’s insistence “to be involved… and part of the branding process”.

“As Gen Z are more skeptical compared to past generations, they are not easily convinced by traditional advertorial content, advertisements and celebrity-endorsed products, which is changing the foundation of branding,” Dr Battin said.

“This is a generation of self-learners armed with a range of diverse informative content. [A brand’s] code of ethics and key messages are collectively taken into consideration before they make a consumer decision. If the brand is not representative of their value system, they are less willing to forge a partnership with them.”

Organised by RMIT University, the Global Innovation Series brought together leaders, innovators and industry experts for networking, idea-sharing and peer-learning.

From the points shared by speakers at the RMIT Alumni Global Innovation Series event, Gen Z: The future of economy and workplace, the consumer decision-making journey is no longer linear but involves a seamless interaction with online and offline platforms, and includes research from multiple sources before a purchase is made. Trust instead of price has become the main driver in Gen Z’s decision-making process. As a result, user-generated content becomes an invaluable source of information that Gen Z regards as reliable and authentic.

“Gen Z does not like being marketed to but prefers being marketed with,” Aditma account lead, Mr Phi Huynh stated.

As shared by Mr Huynh, the interconnectivity of social platforms allows Gen Z’s opinions to be heard and widely spread to an extent that advertisers cannot ignore.

Founder of Yen Concept and Lai Day Refill, Ms Helly Tong also shared her branding philosophy which is based on transparency, a value that Gen Z resonates with.

“As Gen Z values codes of ethics and transparency, they do not care if they get a free trial before making a purchase. They care more about the meaningful story behind the product or brand,” Ms Tong said. “The message and the product must go hand-in-hand with the brand’s commitment to social responsibility and the community.”

Ms Helly Tong (pictured right) emphasised the importance of transparency in communicating to Gen Z customers.

The Gen Z: The future of economy and workplace event heard from expert panellists Yeah1 Group Director of International Business Mr Sha, The Yen Concept and Lai Day Refill Founder Ms Helly Tong, Navigos Search Managing Director Ms Mai Nguyen, Adtima Account Lead Mr Phi Huynh, RMIT Professional Communication Lecturer Dr Justin Battin, and RMIT University Logistic and Supply Chain Management Associate Lecturer Mr Bill Au.

Story: Cindy Tran

Alumni

09 January 2020