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 this week by Magisto.
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,” a provided report reads.
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.”