Millennials are changing lots of things about the world we live in — even business.
Now millennial small and medium sized business (SMBs) leaders are revamping the advertising industry via a shift to digital-first marketing, according to new data.
The new SMB survey report, “From Main Street to Madison Ave.: Millennials Disrupting 50 year-old Balance of Marketing Power,” was released today by Magisto, a popular smart video storytelling app.
“The survey found that millennial business leaders at SMBs are executing digital-first marketing programs and spending more than half (58 percent) of their marketing budget on digital media,” according to report authors. “These efforts are causing businesses of all sizes to reconsider traditional marketing strategies and tactics.”
One finding from the survey is that 68 percent of millennials depend on social media ads for generating brand awareness and 60 percent leverage social media ads to drive revenue. Only 27 percent 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 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,” Genauer added.
Some report highlights:
- Nearly half (41 percent) of millennials spend the bulk of their marketing budget on mobile media.
- 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.
- Eighty-eight percent of millennials currently use or want to use video for digital advertising; vs. only 40 percent of baby boomers.
More insights are available in the report, downloadable here.