Millennial business leaders at small and medium sized businesses are some of the most dedicated when it comes to digital marketing. Indeed, they are spending over half of their marketing budgets on digital media.
These are the findings of a new report from Magisto called From Main Street to Madison Ave. Millennials Disrupting 50 year-old Balance of Marketing Power released today.
In comparison to Baby Boomers (10%), Millennials are also spending considerably more on mobile advertising (41%).
Millennials spend more on mobile media
A majority of 69% of Millennials depend on social media advertising to drive their brand awareness. 60% use social media ads to also drive revenue. That’s in contrast to 27% of Baby Boomers.
Millennial business owners depend on social media advertising
For younger business leaders, digital marketing is not just a channel, but the most important ad channel, led by social media.
Millennials are also three times as likely as Baby Boomers to test their digital ad creative and optimise ROI performance accordingly. 53% of Boomers do not test their digital ads at all.
Video marketing is another hot topic when it comes to mobile and digital ad trends. TV is fast being outpaced and video on mobile devices is taking its place. For Millennial advertisers, video sits somewhere between the capabilities of TV and display advertising.
61% of Millennial advertisers are currently using video as part of their marketing strategy and 45% are dedicating over a quarter of their ad spend to video. Indeed, Millennials are 4X more likely than Boomers to create variations for their video ad creative.
Reid Genauer, CMO, Magisto, explains:
“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. 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.”