Crisis looms in the halls of Madison Avenue as audience’s and eyeballs move with an accelerating speed to social media and online video. In the face of fast paced chance and mounting pressure for scale and efficiency, massive legacy marketing budgets have become increasingly unwieldy and harder to deploy. Millennial business leaders at small and medium sized companies are at the forefront of redefining the advertising industry with a comprehensive digital-first paradigm for marketing.
Announced today, our new survey report, From Main Street to Madison Ave. Millennials Disrupting 50 year-old Balance of Marketing and Power, found that millennial business leaders in small and medium sized business, who are successfully deploying billions in digital-first marketing, have a roadmap for the key to doing the same for legacy budgets from more mature SMBs to large international brands. Millennials don’t look at digital-first marketing as a shift, but rather as a natural order, a way of being. Using that reference point they structure teams, budgets and tactics that promote brand building and revenue creation through process driven agility, iteration and an unconventionally granular view of ROI. Today’s marketers, in any industry, can adopt a digitally native lens by dissecting and borrowing the strategies and tactics that are already working for small and medium sized businesses.
We surveyed over 500 SMBs in the United States about current digital/mobile marketing strategies and tactics to better understand, and provide our community and the small businesses that use our technology, vital information on how digitally native companies led by millennials are driving new advertising and marketing trends.
Key findings in the report include:
- Digital-first strategy and share of marketing spend. Millennial at SMB’s are digital-first in that their marketing strategy begins (and sometimes ends) with digital and mobile rather than treating these mediums as an extensions of an offline campaign.
- Integrating the customer journey from brand awareness to purchase. Social media is no longer an extension of traditional marketing tactics, but has become the substrate from which all marketing strategy is conceived of and disseminated from.
- Failing fast is the code for success. For Millennials, agile is not a concept, it’s a way of being. They see Silicon Valley’s “failing fast” mantra as the best way to build products, brands and marketing campaigns. Brand building is treated as a horizontally integrated marketing discipline that is married to revenue creation rather than a siloed marketing vertical. Marketing strategy and execution has a granular design to promote conversation, customer preference, iteration and ROI performance.
- The video marketing revolution will not be televised. Millennials at SMB’s understand that video marketing is a hybrid medium, which combines properties of social culture, TV advertising and digital performance marketing. They understand that the power of video advertising is derived through the combination of storytelling and the efficiency of performance marketing.
Digital media, mobile computing and video have created a shift in commerce that defies tradition; a cultural shift exponentially larger than that of the 1960s and the upheaval of marketing and advertising that requires a new play book.
Download the full report From Main Street to Madison Ave. Millennials Disrupting 50 year-old Balance of Marketing and Power to learn more.