Here’s a non-shocker: Millennial business owners depend on social media for brand promotion more than any other medium.
Shocked, right? OK, probably not. But just how much Millennial business owners are using this relatively new media — or how much they don’t use traditional media — may come as a surprise.
New data (PDF) from Magisto shows that 68 percent of Millennial small business owners and entrepreneurs depend on social media channels for developing awareness of their own brands.
Moreover, social media is relied upon by 60 percent of Millennial small business owners to generate revenue for their businesses. Just 27 percent of Baby Boomer business owners rely on social media as a revenue stream or for developing brand awareness.
“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,” Magisto CMO Reid Genauer says. “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.”
Magisto finds that a majority (58 percent) of Millennial small business owners will spend most of their marketing budgets on digital channels. Baby Boomer business owners spend just 14 percent of their marketing budgets on digital ads.
So, what does this mean for your business?
If you’re competing in a market dominated by Millennials, it’s important to understand where they’re generating leads and engaging with their audience.
And it’s probably prudent to go there as well. It may not require completely tipping the scale from a marketing budget perspective, but it should prompt “older” business owners to take a look at social media and other digital marketing options.