Millennials disrupting balance of marketing power
October 19, 2016
Millennial small and medium sized business (SMBs) leaders are redefining the advertising industry’s marketing approach with a digital-first shift, according to data from a new SMB survey by Magisto, the smart video storytelling application.
The survey found that millennial business leaders at SMBs are executing digital-first marketing programmes and spending more than half (58 per cent) of their marketing budget on digital media. These efforts are causing businesses of all sizes to reconsider their traditional marketing strategies and tactics.
Additionally, the survey found 68 per cent of millennials depend on social media ads for generating brand awareness and 60 per cent leverage social media ads to drive revenue. By contrast, only 27 per cent of baby boomers depend on social media ads for generating awareness and revenue.
“Millennials at small and medium sized businesses are defining a new world order for marketing that is digitally native, social-first and driven by video,” said Magisto’s CMO, Reid Genauer. “They see the entire customer journey through a unified lens turning a system of fragmented consumer touch points into a holistic map that includes growing a brand and a business. Unlike more traditional predecessors, millennials drive all marketing functions via digital channels, with a focus on social media.”
“The data suggests that businesses of all sizes should look to digitally native millennial marketers to better understand the changes in the marketing industry and to outline a roadmap for spending massive legacy marketing budgets in new ways,” added Genauer.
Additional key findings include:
- Embracing The Digital-First Strategy. Nearly half (41 per cent) of millennials spend the bulk of their marketing budget on mobile media.
- Failing Fast is The Code For Success. Millennials see agility and customer feedback as a way of being and not a concept. They are 3X more likely than baby boomers to test their digital ad creative and/or optimize ROI performance.
- The Video Marketing Revolution Will Not Be Televised. 88 per cent of millennials currently use or want to use video for digital advertising; vs. only 40 per cent of baby boomers.