I was reading a blog post today from Magisto. This post was reporting on the findings based on 500 U.S. millennial and baby boomer small business owners and their preferences on marketing tactics.
One of the areas in question was Marketing Spend on Digital Media.
Millennials were said to spend more than half of their budget (58%) on digital media; baby boomers only allotted 14% towards the same. After trying to figure why the number was so different – it dawned on me. Some people are hesitant to change. Especially when it comes to using your hard earned money to test the waters. I totally understand that, but as I try to let my clients know, who a good amount of them are baby boomers, that the good thing about digital media is that it is measurable! Sometimes just having someone explain how digital media works and the tactics behind the marketing efforts we use goes a long way. Once they learn that we can measure the performance and make changes to campaigns in real time without losing another dollar – then their demeanor starts to change.
The report by Magisto was very informative and full of great data (which I love), but the main theme throughout was how millennials are more apt to spend marketing dollars on new media and digital marketing, compared to baby boomer business owners. When you really think about it, it is not that the baby boomers are less experienced marketers. It really is a gap in educational resources around the subject that makes them hesitant to invest when traditional marketing in their eyes has always been working.
What are your thoughts? How much of your marketing budget are you allocating for digital media such as social media marketing or pay-per-click advertising on search engines?