Welcome to Boostly Podcast Episode 399. This is a recap of my Facebook live where I talked about how customers are 28% more likely to make a purchase if you do this.
Here's the audio for this episode:
Here's the video for this episode:
Timestamp
00:00 Start
00:50 About Klarna
01:30 About Gen Zs
Whilst you’re here
Follow Boostly on the following channels to get more tips, tactics and knowledge on how you can increase your direct bookings
Visual – YouTube
Audio – Boostly Podcast
Transcript from the Episode
I come with you today on the podcast with a stat. And it's something that you need to be paying attention to. Now, when I say Gen Z, what age do you think that is? Well, I recently found out that Gen Z, the age is from six to 24. Right now, as of 2021 24 years old, I was surprised and amazed at that. So at least two of my three children are Gen Z, but we're now looking at Gen Z, where they're going to be the new millennials, and they're going to be the people that assume going to be making bookings, in five years time, they are going to be the ones that are going to be starting a family having a family have a family already. And they're going to be looking to the will have enough disposable income, to then be able to stay travel, vacation workcation, or whatever that may be.
About Klarna
Now, there is a company called Klarna. I've spoken about it before. And the reason why Klarna has been popular recently, is because of their interest, free pay in free marketing slogan, it's grown rapidly and very, very popularized, all over, all over the world, and particularly in the UK and US. And the reason why it is so popular is that instead of having to outlay on a big investment, ie a vacation in one, and instead of not having to worry about credit card fees, you can pay in free 0% interest.
About Gen Zs
And the recent survey that has been released around Gen Z and around pay free is that if you were to offer this service, the businesses that do are 28% more likely to make a purchase, than if they don't offer it, which instantly got me thinking about our industry, the hospitality industry. Now, when a guest comes to make a reservation with you, how are you breaking down the payments? If someone wants to book direct, you take in half up front and half later? Could you in fact, incorporate this into your business model.
So because Klarna have made it really popular? It's so easy, you can integrate it and you can set up an account with them. Or you can even do it now with PayPal, PayPal are doing exactly the same. So how long will it be? Until stripe brings us in? How long will it be to where your PMS is able to help you offer it? And what can you do to get ahead of the game? So if if you're in an area and a demographic, where anywhere from, say 23 to 30? Is your target audience, or where they make a lot of your reservations and bookings? How can you be ahead of the game and start to do this? And how can you start to offer this? And more importantly, how can you talk about it as a market?
So have a little think of what you can do and how can you bring this in. And again, if you can break it down, pay him free. You bring the marketing around it so we pay, you know, one payment now, one payment next month and another payment afterwards, then that's the whole vacation covered. And again, you can bring in your cancellation policy, etc around it. So this is the food for thought. And I would love to pass this over to you in the daily podcast. How could you do this? How easily can you bring it in? And have you already brought it in? And can you share some results so if you are watching the video on YouTube or Instagram or Facebook or LinkedIn, leave your thoughts below.
Before you leave
Please go and rate, review and subscribe on iTunes, Spotify Google Play or Anchor or visit Boostly Hospitality Podcast for the full list of episodes!
If you have enjoyed this post and want to feed my caffeine addiction you can “Buy me a coffee” ️
