Social media marketing has become a great disruptor, turning the industry on its head and redefining what it means to create success in marketing. However, the true disruption is more likely generational, with millennials taking a different approach than Madison Avenue baby boomers.
A report from video editing software provider Magisto examines how millennials influence marketing and what that means for the industry.
Millennial marketers are adapting to the changing market a lot faster than their baby boomer counterparts. Among the 500 small and midsized businesses surveyed, millennials spend 58 percent of their budget on digital media, compared with 14 percent of boomers. Similarly, 41 percent of millennials surveyed spend the bulk of their budget on mobile, compared with just 10 percent of boomers.
According to Magisto chief marketing officer Reid Genauer, the disparity is because many millennials are digital natives with a culture of innovation:
For them, digital and mobile-first marketing is not a shift but rather the natural order. Failing fast and being agile is not a concept: It’s a way of being. Creating and publishing mobile-first content is not novel its central. By dissecting, adopting and tailoring a marketing playbook that has already been written by digital natives, legacy businesses can effect bold change with minimal risk.
Millennials recognize the power of social marketing, and it’s a core aspect of their approach. 44 percent of all SMBs surveyed depend on social ads for brand awareness, yet the split between millennials and boomers is 68 percent to 27 percent, respectively. 41 percent also rely on social ads for revenue, and there’s a similar split–60 percent to 27 percent.
Boomers also lag behind millennials when it comes to testing their marketing, innovation and embracing video marketing. Millennial markets have the edge on all fronts when it comes to creating and understanding the future of marketing. Spoiler alert: The future lies with video and social, not with print and television.
Check out the full report for more details.