A new report out of the US has found that it’s a new breed of Gen Y marketers who are changing the face of traditional advertising and spends.
The report was done by Mastigo, a smart video storytelling application, and titled From Main Street to Madison Ave. Millennials Disrupting 50 year-old Balance of Marketing Power.
It found Millennial marketers have a far greater disposition to all things digital, with 58 per cent of budgets going to the medium. These efforts are causing businesses of all sizes to reconsider traditional marketing strategies and tactics.
The report also found that businesses owned by Ys would spend 68 per cent of their marketing budgets 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.
Other key findings included:
- Nearly half (41%) of Millennials spend the bulk of their marketing budget on mobile media.
- Millennials see agility and customer feedback as a way of being and not a concept. They are three times more likely than Baby Boomers to test their digital ad creative and/or optimize ROI performance.
- Eighty-eight percent of Millennials currently use or want to use video for digital advertising ersus only 40 percent of Baby Boomers.
“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.