Why GenZ consumers are microbrands’ secret weapon
Says Wikipedia, “A microbrand is a small-scale brand recognized only in a certain geographic location or by consumers in a specific micromarket or niche market.”
Microbrands are still a relatively new phenomenon, creating new opportunities for insightful entrepreneurs. Those entrepreneurs, however, will need to meet the expectations of an equally new type of consumer to become successful: namely Generation Z. Born between 1995 to 2005 they are natural born self starters and intrinsically grasp how to utilize social media not just as a social platform, but as a business tool — with the power to make or break brands. They are ultimately the ones that will allow the success of the micro brands to continue. GenZ are smart and savvy, leading- and structure-changing innovators and they are more dogmatic than ever about both quality and authenticity.
Mahatma Gandhi once said, “Even if you are a minority of one, the truth is the truth” Microtrends always start in a minority of one, but a powerful one whose efficacy allows microbrands to flourish within the WOM Token ecosystem. This ecosystem is built around peer-2-peer product recommendations and because of this direct one-on-one contact, a personalized relationship is created.
Microtrends are a key part of the equation for brand success. These include anything from marketing & media innovations, new technologies, service innovations, new products and innovative business models, to international start-ups. Developing and driving these kinds of microtrends is more important than ever for brands — especially small brands fighting for market share — and in this information age social media channels like Instagram, can yield significant competitive advantage for them.
Word-of-mouth marketing can be classified as a microtrend and it is axiomatic that word-of-mouth marketing is most effective with smaller, intimate groups communities; people who already know and trust one and other, listening and acting on each others opinions and advice. This by no means a new concept, indeed, it’s the oldest in the book. The only difference now is that digital technology has expanded both the reach and speed in which word-of-mouth recommendations can be spread. Ultimately this means that the principles of trusted, intimate communities can still be applied but no longer just in the physical sense. It could be that two people on opposite ends of the world are connected closely through a mutual following of the same person, brand, page, etc. We know how effective the voice of peers are and it’s been proven that recommendations made on a smaller scale from micro influencers garner 4x the amount of engagement than if the recommendation came from a celebrity.
On a micro- and macro-level, WOM Token promises to be one of the most powerful tools in a brand’s possession — it’s the consumers and their community who will build the brand presence online. In so doing, it affords consumers a big voice. It is a notion that works both ways–in favor of the brand and the consumer. WOM doesn’t need, or rely on, mass market reach, it’s a micro-exchange between people and it raises the question, “Is the microbrand driven by the identity of the brand or the community of customers?” Indeed, big brands can still have a big impact with traditional marketing channels, and their “for-pay” posts can pack a power punch: what gets left behind is that genuine, personalized voice–the recommendation–which speaks with an authentic message to drive conversion and turn micro to macro.
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