SIGN OF THE TIMES: Brand Recognition, Revenue Depend on Facebook, Twitter, Instagram, etc.
Here’s a non-shocker: Millennial business owners depend on social media for brand promotion more than any other medium.
New data shows that 68% of Millennial small business owners and entrepreneurs depend on social media channels for developing awareness of their own brands.
Moreover, social media is relied upon by 60% of Millennial small business owners to generate revenue for their businesses. Just 27% of Baby Boomer business owners rely on social media as a revenue stream or for developing brand awareness.
“Millennials at small and medium sized businesses are defining a new world order for marketing that is digitally native, social-first and driven by video. They see the entire customer journey through a unified lens turning a system of fragmented consumer touch points into a holistic map that includes growing a brand and a business. Unlike more traditional predecessors, millennials drive all marketing functions via digital channels, with a focus on social media.” Magisto CMO Reid Genauer
A majority (58%) of Millennial small business owners will spend most of their marketing budgets on digital channels. Meanwhile, Baby Boomer business owners are still predicted to spend just 14% of their marketing budgets on digital ads.
Food For Thought
What are the real life consequences of this epidemic divergence?
In what ways will the Boomers, industry and consumer, be shaped, formed, or controlled, governed, and structured? (respond below)
[Unexpected] Example: Election 2016 *cough, cough*