Mark Simpson reports that Gen Z customers are 28% more likely to buy when offered pay-in-4 options like Klarna or PayPal. Hotels can add these buy-now-pay-later features through payment providers or their PMS to boost direct bookings, though you'll need to handle marketing and cancellation policies carefully.
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 6 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 are soon 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, they will have enough disposable income to then be able to stay, travel, vacation, workation or whatever that may be. 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, that is a vacation in one, and instead of not having to worry about credit card fees, you can pay in free at 0% interest. And the recent survey that has been released around Gen Z and around pay in 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 for 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 up 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 and market it? So have a little think of what you can do and how can you bring this in again? Again if you can break it down, pay in free, you bring the marketing around it so they pay one payment now, one payment next month and another payment afterwards. Then that's the whole vacation covered. And then 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. The daily podcast. How could you do this? How easy 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. If you're listening to the audio version on Spotify or on Apple Podcasts or wherever you get these audio podcasts, send me an email marketer.co.uk or come and send me a DM on Instagram @boostly UK. This is where I would love to brainstorm and really start to see where where your thinking is at with this. As always, every single day I tune in and I help you with the tools, the tactics, but most importantly the confidence to get more direct bookings. As always, let's stay proactive. Let's not be reactive, let's always be thinking outside the box. Let's always try and push our business forward and I look forward to seeing loads of you getting tons of direct bookings. I'll be back tomorrow. If you could do me one massive favor. If this podcast has been of any help or benefit to you, please hit that share button. Share it into a Facebook group, on LinkedIn, on your socials, or just share it with a host that you know may benefit from this. As always, I'll be back tomorrow. Thanks for stopping by.
Having a blast. Gonna get it on the Bruce Lee podcast. Bruce Lee like Bruce Lee. Cause it's so hard and the T is loose leaf making up those rhymes. Don't write it, just do it loosely.
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