Gone are the days when traditional advertising conquers all for marketers. According to a new survey of more than 500 SMBs, marketing trends for small and medium-sized businesses are shifting from traditional channels like print, radio and television advertising to more digital sharing strategies, like social media and online video.
This new approach to classic word-of-mouth marketing is being driven by millennials who have a completely different approach to reaching and engaging audiences with compelling, authentic stories. This new era of storytellers, content creators and small business owners digest social media stories hourly, keeping up with the world and their competition on their mobile devices.
As marketing trends for small and medium-sized businesses (SMBs) shift to Instagram, Facebook, SnapChat, YouTube and blog coverage and away from radio and television ads, millennials are on the forefront implementing viral conversations using video content as their chosen form of communication, according to data from a new SMB survey.
The new survey, “Unlocking The Most Powerful Shift In SMB Marketing”, was released today and conducted by Magisto as we strive to provide our community and the small businesses that use our technology with the vital information they need to keep their marketing conversations innovative and powerful.
Our survey found that traditional marketing goals have not changed for SMBs, revealing that three out of four SMBs want to generate new customers and over half want to build customer loyalty and grow brand awareness. However, the way SMB marketers reach these goals is drastically shifting away from traditional methods of the past and changing to social media, mobile first conversations driven by millennials and predominantly, millennials posting video content to their Facebook, Instagram, Twitter and YouTube accounts.
The survey found that millennials marketers are 84% more likely to use social media to promote their small businesses than invest in print advertising.
“Millennials retain the same basic marketing objectives as their older colleagues, but are beating their counterparts with a more evolved media mix, greater authenticity, more sophisticated targeting and an overall better understanding of new tools like social video,” said Magisto’s CMO, Reid Genauer.
“Even when baby boomers use social channels, they’re publishing outdated product-centric ads, and are missing their audience and the real opportunity by treating Facebook like late-night local TV.”
Here are some of the key findings:
- Social is the new mass media. Nine out of 10 millennials at SMBs lead with social media in their marketing strategy.
- 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.
- 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. According to the data, millennials are 183% more likely than baby boomers to post a video to Instagram.
- Understanding the power of video. Millennials are using video marketing as the main pillar of their marketing mix. According to the data, millennials are 136% more likely that baby boomers to create videos for social media.