Marketing is vastly different for millennials and baby boomers. Not just how it’s received, but how it’s created.
The video editing experts at Magisto continue their research into how millennial marketers and older marketers approach their jobs differently. Simply put, young people are much more video-forward and digital-forward when creating a marketing campaign.
Consider these stats, which Magisto calculated from interviews with employees at over 500 small and medium-sized businesses:
- Millennial marketers spend 58 percent of their marketing budgets on digital media
- Baby boomer marketers spend 14 percent of their marketing budgets on digital media
- 41 percent of millennial marketers spend the majority of their budgets on mobile
- Under 10 percent of baby boomer marketers do the same
Businesses of any size can learn a lesson from how millennial marketers do their work, says Magisto. Here are three take-aways from the report:
- Think digital-first
As the report says, “In order to successfully cross the digital divide businesses of any size need to put digital and mobile media at the core of their strategy rather than treating it as an extension.”
- Embrace failing fast
Take a note from agile millennial marketers: Ditch the annual marketing plans and rigid ways of working. Create multiple variations of your digital video creative and test them to see which works best. That’s something 60 percent of millennials do, but only 13 percent of baby boomers do.
- Choose digital video over TV
Want to reach young consumers? You won’t do it with TV buys. Those shoppers never had a cord to cut. Online video should be a part—a sizable part—of your media spend. Of SMBs led by millennials, 47 percent are currently testing video, compared to only 8 percent led by baby boomers.
For more, download the full report, From Main Street to Madison Avenue, for free (no registration required).