One of the greatest struggles for small and medium-sized businesses (SMBs) is determining how and where to spend their precious marketing dollars. There are so many emerging content formats and channels to consider and with limited time and resources available to most SMBs, every minute wasted and every penny counts.
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Magisto surveyed an audience of more than 550 SMBs in the United States to understand how they are currently approaching marketing. Findings revealed a fascinating tectonic shift in the ways SMBs are marketing themselves, mostly driven by millennials use of social media and social video. The survey found that 85% of SMBs are currently using social video or intend to use social video in the near future. We are at an inflection point in the adoption of video marketing driven by an understanding of the power of video – especially among the younger generation, who are leveraging different marketing tools and strategies than their older counterparts.
Millennials, the survey found, are 136% more likely than baby boomers to create videos for social media. As social media continues to capture ever-increasing share of mind and dominance in digital communications, the power of social video lies with the younger generation’s innate understanding of audience targeting and creating platform appropriate content for their audience. Even in light of these shifts and transformations, the goals for SMB marketing remain the same: reaching target audiences with the right message, in the right medium, at the right time. How this is accomplished, however, is an entirely new ballgame that is being accelerated at an astounding speed by quality, affordable video marketing.
The objective of our research was to understand how SMBs leverage today’s marketing trends and tools, and how millennials are driving those trends with a focus on social media and the use of social video. We hope that you’ll find the research informative and fascinating as we did.
Marketing goals haven’t changed. Three out of four SMBs want to generate new customers and over half want to build customer loyalty and grow brand awareness. What has changed is that millennials understand how to reach those goals using a new media mix, new tools, and a nuanced culture of authenticity. Baby boomers are struggling to figure it out. There is an evolution happening around word of mouth marketing with social video and social media at the center of the trend. For the younger generation, social media has surpassed word of mouth marketing and completely replaced TV advertising in one fell swoop.
Social media is the new word of mouth
While baby boomer marketers rely upon traditional organic word of mouth, millennial marketers are driving word of mouth conversations via social media, allowing them to have greater reach and target markets beyond their immediate sphere of influence. The younger generation understands that social media has a culture that requires storytelling, where baby boomers assume that traditional marketing content pushed through social channels will have the same effect.
SMBs who don’t use Facebook are invisible
SMB marketing goals haven’t changed, they continue to focus on building brand awareness, generating new customers and maintaining loyalty with existing customers. As millennials take the helm of marketing budgets, the media mix, tools and tactics of how they are accomplishing those goals is radically changing. Their use of social media is eclipsing, and in many places completely replacing traditional marketing. Within social media marketing, native social sophistication and the understanding of powerful nuances drive millennials’ success.
1. Social is the new mass media. Nine out of ten millennials at SMBs lead with social media in their marketing strategy.
2. The culture of authenticity. In order to make a sale within social media, millennial marketers understand the need to speak with the authenticity that the channel requires. Over half of millennials at SMBs lead with branded lifestyle video stories versus traditional product overviews that their older colleagues continue to create.
3. Targeting audience. Millennials inherently understand how to push the right content to the right audience at the right time versus posting media and hoping that an audience finds it. Millennials are 183% more likely to post a video to Instagram than baby boomers.
4. Understanding the power of social video. Millennials are using video marketing as a pillar of their marketing tactics. They are 136% more likely than baby boomers to create videos for social media. Millennials at SMBs are driving the next wave of marketing, and they are doing it with a massive amount of video narratives. SMBs that don’t embrace social video are simply invisible.
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