Millennial-led SMBs defining new world order for marketing

Small and medium sized businesses led by Millennials are changing traditional marketing on its head and defining a "new world order", according to new research released by video-editing app development firm Magisto.

by Helen Leggatt

For Millennials at small and medium sized businesses marketing is all about digital with the emphasis on social. More than two-thirds of their marketing budget (68%) is spent on social media ads to generation brand awareness, and 60% of Millennial-led businesses use social media ads to drive revenue. That contrasts significantly with businesses run by Baby Boomers of which just 27% depend on social media ads to generate awareness and revenue.

According to Magisto's CMO, Reid Genauer, Millennials within SMBs are "defining a new world order for marketing" in which "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".

Magisto's report, 'From Main Street to Madison Ave Millennials Disrupting 50 year-old Balance of Marketing Power', also found that:

- 80% of Millennial business owners/marketers intend to use, or already use, video for digital advertising compared to just 40% of Baby Boomers;

- 41% of Millennials spend the bulk of their marketing budget on mobile media;

- For Millennials, agility and customer feedback is a way of being, not a concept;

- Millennials are 3x more likely than Baby Boomers to test digital creative and/or optimize ROI performance;

- Baby Boomers were 112% more likely to invest in radio than Millennials;

- 0% of the Millennial-led SMBs surveyed used television advertising.

Tags: Baby Boomers, digital, marketing trends, Millennials, SMB marketing, social