Recently, there was a survey conducted by Magisto of 500 United States based businesses, both small and medium in size. The survey was done in order to take a closer look at the marketing strategies being used: digital and mobile. Here are some of the interesting findings.
Digital Media Focus
Younger adults seem to be far more concerned with digital media than older ones, and this interest transfers into business. Millennials spend 58% of their marketing budget on digital media, according to Magisto. This is a large contrast to the baby boomer generation, who spend only 14% of their marketing budget on digital media. In addition to this, 41% of Millennials spend their marketing budget specifically on mobile media.
Brand Awareness via Social Media
Nowadays, it is absolutely essential to use social media to market your business. 44% of brand awareness now comes from social media ads alone. Print ads have dropped to 13% and TV ads have dropped to 5%. The younger generation understands this importance, and it is reflected in the statistics. 68% of millennials use social media marketing whereas only 27% of baby boomers do. Social media is important for brand awareness as well as generating revenue.
The younger marketers understand the importance of video content and its use for digital advertising. Video content has grown significantly in the past year alone, and 88% of millennials plan to use it this year. Video content is also paving way for innovative creative opportunities for branded content. Millennials are four times more likely to use these opportunities than baby boomers are. Magisto also discovered that despite these growths, not all small and medium sized businesses are prepared to embrace video content as a form of digital marketing.
There seems to be an age gap in those that are willing to participate it vs. those that are not. 8% of baby boomers are testing out video content ideas for digital marketing strategies, and 47% of millennials are. The primary reason that some businesses are opting out of testing video content is the cost involved. In addition to that, people do not want to take on the technical difficulties and time consumption that creating video content ensues.
Overall, it is fair to conclude from these results that millennials have a great impact on digital marketing strategies, as they are far more involved with them than the baby boomer generation. Digital-first strategy is displaying a growth in interest, social media is playing a huge part in the customer journey from awareness to purchase, and video marketing continues to grow.