Zconomy - Jason Dorsey, Denise Villa

Zconomy - Jason Dorsey, Denise Villa

Whether as clients or future employees, Gen Z is here to radically change the market. Are you ready to adapt to those changes? 

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Have you ever wondered about how your behaviors and aspirations differ you from your parents?

All new generations bring changes to the industry and we need to understand every generation's behavior to adapt.

In the book "Zconomy", Jason Dorsey and Denise Villa present studies that will allow you to conquer this generation that is changing the market, Generation Z, also known as Gen Z.

With this summary of "Zconomy", you will learn strategies to conquer, sell and hire this new generation!

You don't want to be left out, right? Stay here and we will tell you what this generation has to teach you!

About the book "Zconomy"

Jason Dorsey and Denise Villa conducted extensive research with 13-to-24-year-olds to understand how to recruit, retain, train, motivate and sell to Gen Z, the first generation to lead fully digital lives.

Published in 2020, the book "Zconomy" teaches in only 266 pages how to understand Gen Z and how to use strategies to reach and engage this new generation to make them our allies.

About the authors Jason Dorsey and Denise Villa

Jason Dorsey is co-founder and president of The Center for Generational Kinetics (CGK). In his company, Jason conducts researches to understand how every generation behaves to help big companies to adapt to each generation.

He also became a bestselling author when he was only 18 years old. He participated in hundreds of interviews, including 60 minutes, Today, The Early Show, CNN, CNBC, and New York Times.

Denise Villa, Ph. D., also a co-founder of CGK, has been featured as a generational expert in numerous outlets such as Washington Post and The Wall Street Journal.

She was also a finalist in Profiles in Power and the Woman's Way Business Awards.

To whom is this book indicated?

This book is indicated for CEOs and managers who want to learn strategies to generate leads from Gen Z, the generation that is able to change your business with only one click.

It's also indicated for CEOs and managers who wish to understand how to recruit, hire and retain in their companies this generation that is reaching the market.

Main ideas of the book "Zconomy"

To help you understand better Gen Z in order to reach them, the authors focus on:

  • The events that shaped Gen Z that make them so unique;
  • How most of this generation experiences happen in a 6.1-Inch screen;
  • Their perception of money, saving, and spending;
  • What they expect from companies in order to buy their goods;
  • What they expect from companies before applying to a job vacancy.

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[Book Summary] Zconomy - Jason Dorsey, Denise Villa

Welcome to the new normal

What makes Gen Z so different from other generations? Well, this is the first generation to lead fully digital lives and the COVID-19 pandemic made them even more dependent on technology.

To begin, Jason Dorsey and Denise Villa explain what really defines what a generation is. According to them, a generation is a group of people born about the same time and raised in about the same place.

But why the same time and place? Because within the same generation there may be differences between people from urban and rural areas, as much as people from the same age in different countries.

The authors also explain that outside of time and place, there are generation-defining-moments. Those defining moments are important because they can shape points-of-views, priorities, values, and behaviors.

The generation-defining-moments affect each member of the generation differently, for example, their age when the event was happening, their gender, socio-economic situation, culture, geography, among others, have an impact on their perception of the event.

The events that shaped Gen Z

In the book "Zconomy" are addressed the generation-defining-moments for this generation that soon enough will become a workforce. It's important to understand those events because they influence the way this generation thinks and behaves economically.

Gen Z, in the USA, saw an afro-American president be elected twice, saw gay marriage be legalized, and witnessed the rise of fake news that influenced the population's behavior in the pandemic.

Now, think about it, they saw it happen while they were still teenagers, or at most young adults that were starting to worry about academic education.

This generation is watching every day people from their age become famous or entrepreneurs. And all thanks to social media. Now imagine not only being compared to your cousin that is studying medicine, but also to that Youtuber who is already a millionaire?

Gen Z and technology

According to the researches shown in the book "Zconomy", Gen Z presents an unprecedented technology dependence, and that dependence follows them from a young age.

Unlike Millennials, Gen Z has grown up with increasingly cheaper technologies, which leads the authors to believe that this will be the most globally consistent generation of employees and consumers.

Technology's influence on this generation is changing their behavior. According to Jason Dorsey e Denise Villa, teenagers from this generation are already worrying about retirement and they even analyze the social values of a brand before spending their money.

And since we talked about buying, what about we dig into what the authors have to say about the profile of these new consumers?

Meet the world's most influential customers!

In the book "Zconomy" it is made clear that Gen Z is not willing to buy from companies that don't care about diversity and inclusion.

This generation not only wants the companies to take a stand in favor of diversity while buying but they also search for information about which positions of power women and minorities occupy inside a company before deciding whether they should buy there or not.

And why is it so important to understand them? Because, unlike Millennials, Gen Z actively engages in initiatives and movements from a young age, thanks to social media. They don't need to go to a street protest to make a stand, with only one click they can spread their opinion on the internet for everybody to see.

And for that reason, brands need not only worry about the image they are passing to the world, but also about how to become relevant to consumers who are no longer influenced by commercials on TV, but rather by social media on small cell phones screens.

But how can we reach this generation?

First, if you have ever heard about Amazon, Shopee, Aliexpress, Ifood, Shein, you know that online shopping is increasing fast. Gen Z doesn't know a time where shopping couldn't be done with only one click.

Researches conducted by Jason Dorsey and Denise Villa have shown that to attract this generation as consumers, a company should present value, individualized content and ads, and social responsibility.

You may remember the first time you talked with someone about something you wanted to buy and then an ad appeared on your device offering that product. For some generations, this might be scary, but for Gen Z not only is this normal but is also something that they expect to happen.

That's because this generation expects a user experience more individualized. And speaking of individualized experience, this generation expects companies to care about values rather than profit.

Before buying from a brand, they like to analyze the positive impact that this brand has on the world. For this generation, the worst thing a company can do is to worry only about business.

And, at last, the authors talk about the importance of value. Gen Z values the money they spend, therefore, your product must attract them by pricing, utility, or durability.

And what are the consumer goods that are attracting this generation?

Apparel

When it comes to apparel, Gen Z values thrift stores and bazaars. For them, used clothes stores offer style at a great price. That way, clothes stores need to adapt to this "thrifting" mindset to offer individualized style, pricing, and quality to consumers.

Beauty Products

Another consumer good that has been gaining popularity is beauty products. To draw attention to your brand, Jason Dorsey and Denise Villa claim that you should make tutorial videos on YouTube and link your products. This generation is crazy about tutorial videos.

Games

For this generation, games are not only for entertainment. Through games, Gen Z connects with their friends. These days there are great opportunities for leaders to explore the love of this generation for games to reach them, whatever your industry is.

Entertainment

You may have heard about the influencers on social media. Gen Z doesn't watch commercials anymore. They rather buy products that were shared by an artist or an influencer that they admire.

Food, beverages, and restaurants

First of all, to attract this generation, the food industry needs to adapt to delivery.

However, when it comes to restaurant places, this generation appreciates good music, lighting, and a beautiful environment. After all, why should they go to a restaurant that doesn't look cool in pictures? And think about it, the pictures that they post are a way of sharing your brand organically.

But if you think that looks are enough, Gen Z appreciates restaurants that care about the client experience. After all, have you ever thought about going to a restaurant with a vegetarian or food intolerant friend and not having enough diverse food to please everyone?

The industry of the future

The businesses mentioned above, are industries that have always existed, but they need to adapt to attract more customers from Gen Z. But what about talking about the businesses that are rising because of this generation?

Banking

As previously mentioned, this generation worries about not only saving but also saving enough to ensure a comfortable retirement.

Therefore, they are looking for banks that make clear how much are they making, how much are they spending and how much are they saving, and what is the best way to make the money yield even more.

One more thing, they don't like cash. That way, the banks that attract them are those that are mobile-friendly and that are easy to open accounts, transfer and receive money, and also pay the bills online.

Cars and transportation

Unlike other generations that dreamed about getting the driver's license as soon as they could, this generation doesn't care a lot about it, after all, a car is an expense and an expensive expense.

Thus, the members of Gen Z that are still considering having a car, want electric cars with high quality, because there is no better option for the environment.

It's important to highlight that this generation prefers used cars and sedans so they can have more room to give their friends a ride.

Travel, hospitality, and tourism

This generation that knows the world better than any other generation thanks to the internet, doesn't want to know the world only through screens.

Gen Z is looking for authentic, economical, and easy-to-book travel experiences through apps on the mobile, like the ones that can be found on Airbnb.

And as a workforce? What can we expect from Gen Z as employees?

According to Jason Dorsey and Denise Villa, Gen Z wants to work and they want to work hard, after all, how can financial stability be achieved if not through work?

That way, as they aspire for financial stability, they want to work at companies that are already stable on the market, and for them, the stability of a company is related to size.

But of course, not everyone will be able to work for a large company, thus, there are some qualities that are essential to make them interested in your business: quick application, personalized training programs, mentorship, growth opportunities, environmental and social responsibility, etc.

How do they find out about a company?

Although they look for their friends and family to better know about a job vacancy, the search engine for this generation is YouTube.

Therefore, be ready to release information about the vacancy job and career pathway of your company through YouTube and social media.

Without further ado, let's see the tips presented in the book "Zconomy" to attract Gen Z to your company!

Job application

The findings made by Jason Dorsey and Denise Villa in their research show that the duration of the job application process has a big impact on the applicant decision from Gen Z while choosing a job.

If the job application is too complex and takes too long to be completed, it's very likely that they will give up before finishing it.

You may be thinking that they are too spoiled and lazy. But try to think this way, most of them never completed a job application before, and, regardless of the length, job applications can be intimidating.

Another thing to consider is that we are talking about a generation that lives in a world of efficiency in which the steps to complete something should be the minimum possible.

That said, we present below some suggestions to make a job application that are presented in the book "Zconomy":

  1. Allow people to save the application when it's partially completed.
  2. Collect the applicant's name, phone number, and email address in the beginning, so you can contact them if the application is not completed.
  3. Make a short video explaining how the application job process works and how to complete the application.
  4. Make the initial job application short. The additional information you need can be collected in a second interview.

How should we interview them?

As it was mentioned, we are talking about a generation that is still inexperienced when it comes to the market. Therefore, the authors suggest that some precautions must be taken when it comes to interviewing people from Gen Z:

  1. Explain your expectations. At this moment, what they should wear, when they should arrive, and which documents they should bring must be explained to make the interview process less stressful.
  2. Make it clear which documents can and which documents must be brought to the interview.
  3. Explain when they should arrive, where to park and where they should check-in.
  4. Ask questions that allow them to show their skills and knowledge. Ask how they would solve some challenges, scenarios, and problems.
  5. And remember that the interview is a mutual marketing process. Thus, inform them about the stability in your company, the benefits offered, and how the company cares about the employees and their careers.

And after hiring them? How to retain them?

According to Jason Dorsey and Denise Villa, some studies published have shown that the chance of retaining an employee within the first six months increases 33% when employers use an onboarding process focused on the individual's personal identities.

In other words, when a company shows that they care about its employees, their employees start to care more about the company.

Therefore, there are some tips presented in the book "Zconomy" to retain employees from Gen Z:

  • Show them that it's possible to grow inside the company and that payment raises can be achieved in a short period of time.
  • Give them benefits to make their lifestyle better, such as gym passes, cafeteria, resting room, etc.
  • Give them paid days off. Show them that you care, besides the traditional days off, give them a day off to rest on their birthday, for example.
  • Offer them snacks once in a while. This is a cheap way to keep your employees happy and to show them that you care.
  • This generation is not interested in being paid only once in a month, thus, give them their payments frequently, or weekly, or daily.
  • Establish a mentor for them. It's important to know that someone has your back when a problem arises or when you have a question.
  • Invest in fast communication. This generation likes to receive frequent feedback, that way, instead of giving feedback monthly, what about telling them when they are doing a good job, or helping them when something is not going as expected? But do it frequently, once a week is just perfect.
  • And finally, forget about emails! Just kidding, you don't need to forget it completely. For official matters use emails to make it official. But for simple solicitations and notifications, you can simply use a message channel. After all, they love fast communication.

What do other authors say about it?

Well, we can summarize Gen Z's life with the word "technology", right? So, if you don't want your company to be left out, what about reading "The Digital Transformation Playbook"? David L. Rogers teaches five steps to adapt your company to the digital world and leave your competitors behind.

Now, it's no use in adapting to the digital world and not caring about your employees. So we suggest you read "Felicidade Dá Lucro". Have you ever thought about having employees that want to reach good results not only because they have to, but also because they agree with the company's value?

Lastly, invest in diversity! Do you want to know why diversity is so important? In the book "The Creativity Leap", Natalie Nixon explains that diverse people have different points of view and it's impossible to innovate without thinking outside of the box, isn't it?

Okay, but how can I apply this to my life?

Soon enough the Millennials are not going to be the majority in the workforce and adapting to Gen Z is essential to keep your company on the growing path. So, what about remembering some of the tips given by Jason Dorsey and Denise Villa to adapt to this generation?

  • Make your business more technological and mobile-friendly. Remember, this generation accesses the world through their smartphones.
  • Set a purpose for your company. Help the environment, the poor, it doesn't matter how but implement in your business actions that go beyond profit.
  • Try to understand that fast communication is essential. Therefore, don't send long emails. Send a short video or a text message, okay?
  • Make your employees feel special. Happy employees want to see the company grow.
  • And it doesn't matter if Gen Z is your client or your employee. Always think about them as individuals and offer them personalized service.

Did you like this summary of the book "Zconomy"

You don't want your company to get stuck for not adapting to what's new, right? Then, we hope our summary was helpful!

If you liked our summary, leave feedback in the comments! And if you want to read the whole book, just click the image below:

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