Report: Millennial Marketers Spend 58% of Budget on Digital Media
Today, digital marketing tactics are being utilized by more organizations, but a recent report has discovered that there are differences between how baby boomer and millennial marketers invest in these methods.
The “From Main Street to Madison Avenue: Millennials Disrupting the 50 Year-Old Balance of Marketing Power” report from Magisto discovered that millennial marketers at SMBs spend 58 percent of their budget on digital media, while just 14 percent of baby boomers do the same.
Millennials also appear to be more likely to gauge efforts to determine their ROI. About 60 percent were inclined to create multiple variations of their digital ads to test or optimize their ROI performance. This is compared to just 13 percent of baby boomers who said the same.
“In contrast to long-winded planning and creative cycles and monolithic ad campaigns, millennials are agile,” wrote the authors of the report. “They have adopted Silicon Valley’s ‘failing fast’ mantra as the core to doing business and the best way to build products, brands and marketing campaigns.”
Millennial Marketers as B2B Buyers
On the opposite end of the spectrum, millennials play a significant role as buyers as well. A survey conducted by Sacunas revealed that 73 percent of millennials are involved in the purchasing decision process at their B2B companies. At one-third of B2B enterprises, a millennial is the sole decision maker.
As marketers, millennials turn to a wide variety of digital marketing tactics, and they seek out these channels as buyers as well. About 56 percent said that search engines, vendor websites, and social media are important sources of information during product research.