MENLO PARK, Calif.--(BUSINESS WIRE)--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.
The new survey report, From Main Street to Madison Ave. Millennials Disrupting 50 year-old Balance of Marketing Power, was released today by Magisto, the world’s most popular smart video storytelling application.
The survey found that millennial business leaders at SMBs are executing digital-first marketing programs and spending more than half (58%) of their marketing budget on digital media. These efforts are causing businesses of all sizes to reconsider traditional marketing strategies and tactics.
Additionally, the survey found 68 percent of millennials depend on social media ads for generating brand awareness and 60 percent leverage social media ads to drive revenue. In contrast, 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’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 in the report include:
- Embracing the Digital-First Strategy. Nearly half (41%) 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. Eighty-eight percent of millennials currently use or want to use video for digital advertising; vs. only 40 percent of baby boomers.
Digital media, mobile computing and video have created a shift in commerce that defies tradition; a cultural shift exponentially larger than that of the 1960s and the upheaval of marketing and advertising that requires a new play book. In order to better understand small and medium sized businesses current marketing strategies, Magisto surveyed small and medium sized businesses about their digital/mobile marketing strategies and tactics.
For more on the findings of From Main Street to Madison Ave. Millennials Disrupting 50 year-old Balance of Marketing Power, download the full report.
Magisto is the world’s most popular smart video storytelling application that uses Emotion Sense Technology™, a patented story detection that automatically analyzes and edits raw video footage and photos into movies, making everyday video storytelling easy and fast for consumers and businesses. Marketers can use Magisto’s Smart Storyboard to create video content optimized for platform, audience and creative without any knowledge of video editing. Magisto is available for iOS, Android, PC and the Web. For more information, visit Magisto.com, Magisto.com/business or finds us @magisto. It’s not magic, it’s Magisto.