Study: Millennial Entrepreneurs Need Gratification, Will Advertise

Study: Millennial Entrepreneurs Need Gratification, Will Advertise
SHARE
THIS



A new survey has found that millennial-owned businesses are now more likely to advertise on both traditional and digital mediums than those owned by older generations.

The survey, courtesy of business news and how-to website The Manifest, found that about 95 per cent of millennial entrepreneurs advertise for their business, compared to 92 per cent of generation X and 70 per cent of baby boomer business owners.

According to experts, millennials understand the importance of advertising.

Les Kollegian, CEO of Jacob Tyler, a brand experience agency in California, said: “Millennials are used to instant gratification, and advertising helps satisfy that need.

“We live in a world with constant engagement, and millennials are the forefront of that expectation.

“Advertising helps people find a product they’re looking for quickly”.

The survey also found that millennials are not adverse to using a wide range of mediums, including traditional.

A sizable 41 per cent of millennials advertise on TV, compared to 17 per cent of Generation Xers and 10 per cent of baby boomers.

Josh Ryther, senior partner at marketing strategy and brand development agency Deksia, added: “Older generations have tried traditional mediums and either had great returns and stuck with them or didn’t and abandoned them.

“Maybe the younger generation is still testing out these more traditional mediums and hasn’t experienced as much negative return, so they’re more willing to take more of a risk”.

For small businesses, advertising remains imperative to their business model, with the survey finding that 87 per cent of small businesses overall advertise, regardless of generation.

Harry Chapin, CEO and founder of Forge Worldwide, a brand-building company in Boston, observed: “It’s essential for small businesses to advertise in order to not only maintain the level of business they have today but to grow.

“Very few businesses have the ability to attract new customers and grow revenues without using advertising”.

Overall, online and social media remain the undisputed champion for small business advertising.

About 65 per cent of small businesses advertise on social media, and 49 per cent advertise on other digital platforms, such as Google.

This far exceeds the number of small businesses that advertise on traditional mediums such as print (36 per cent), TV (22 per cent), and radio (22 per cent).

Chapin noted that covering a range of different mediums was preferable, in order to best reach consumers throughout the day: “None of us really live in just one channel all the time.

“Consumers today toggle between their phone, computer, radio, podcasts, and TV — and they do it all on their schedule.

“We live in an omni-channel world”.

 

Please login with linkedin to comment

the manifest

Latest News

Crater Teams Up With Director Luna Laure For ‘Harry’s Story’, Canteen’s Newest Campaign
  • Campaigns

Crater Teams Up With Director Luna Laure For ‘Harry’s Story’, Canteen’s Newest Campaign

Canteen’s latest campaign features the combined talents of Director Luna Laure and creative agency Crater. The campaign strives to raise awareness for young people affected by cancer. The awareness campaign centres around Harry Barentson, who at 12 years of age found out his pregnant mum had cancer. While his mother fortunately survived, he lost his […]

AFL Legend Kevin Sheedy Narrates ‘A Love Letter To Victoria’ Via Enthral Partners
  • Campaigns

AFL Legend Kevin Sheedy Narrates ‘A Love Letter To Victoria’ Via Enthral Partners

In partnership with storytelling agency Enthral, AFL star Kevin Sheedy has voiced a video ‘Love Letter to Victoria’ using visuals to showcase the state’s natural beauty and culture. Victoria has been hit with the worst of the coronavirus pandemic compared with any other Aussie state experiencing four lockdowns. Sheedy has partnered with Ethral to share […]

Telstra’s Belong Appoints Howatson + White For Strategy & Creative, Retains OMD For Media
  • Advertising

Telstra’s Belong Appoints Howatson + White For Strategy & Creative, Retains OMD For Media

Telstra’s lower-cost telco, Belong, has awarded its strategy and creative account to Howatson + White, and has reappointed OMD to its media buying account, after a competitive pitch process. Howatson + White will handle strategy, planning, creative and CRM, while former agency Clemenger will continue to have a relationship with Belong, managing PR and retail activation. […]

Coke Releases New Campaign, ‘Turn Up Your Break’, Via Ogilvy
  • Advertising
  • Campaigns

Coke Releases New Campaign, ‘Turn Up Your Break’, Via Ogilvy

Coca-Cola Australia has rolled out its new campaign ‘Turn Up Your Break’. The campaign will be led by a TVC that encourages people to truly pause with a Coke on their break so they can walk away feeling refreshed and uplifted. The TVC features two busy chefs stepping outside for a break, the bustling kitchen […]

Nova 91.9’s Ben And Liam Locked Up In Rundle Mall To Raise Awareness For Mental Health
  • Marketing
  • Media

Nova 91.9’s Ben And Liam Locked Up In Rundle Mall To Raise Awareness For Mental Health

Nova 919’s Ben & Liam breakfast show announced that they’ll be throwing their support behind and raising awareness for a cause very close to their hearts, mental health. On Monday 21 June Ben Harvey and Liam Stapleton will be locked in a purpose-built glass structure, in the middle of Rundle Mall, for an entire week […]

iHeartPodcast Network Australia And The New York Times Agree Podcast Ad Sales Deal
  • Advertising
  • Media

iHeartPodcast Network Australia And The New York Times Agree Podcast Ad Sales Deal

ARN and The New York Times have reached an agreement for ARN to become the advertising sales representative for The New York Times’s podcast portfolio in Australia. The deal will enable Australian brands to connect with Australian listeners to The New York Times’s most popular podcasts, such as The Daily, Serial and This American Life, […]

Verizon Media Academy Ends For 2021 With Youth Charity Pitch-Off
  • Advertising
  • Media

Verizon Media Academy Ends For 2021 With Youth Charity Pitch-Off

Verizon Media’s talent program has come to an end for the third year, closing with a hybrid pitch-off event for Musicians Making A Difference (MMAD). The Verizon Media Academy class of 2021, made up of 44 emerging leaders from across Australia and New Zealand media, advertising and marketing industry, were given just one hour to […]