Millennial-led SMBs defining new world order for marketing
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.