Study: Millennial Entrepreneurs Need Gratification, Will Advertise

Study: Millennial Entrepreneurs Need Gratification, Will Advertise
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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”.

 

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