Small business owners are embracing mobile marketing solutions at increasing rates, but they may not be targeting the most lucrative audience. For decades, Baby Boomers have been big spenders and advertisers have focused their efforts on this demographic. As millions of Boomers enter retirement, however, their spending habits will be greatly reduced. Now may be the time to market to a different generation.
According to a recent study conducted by media research group AdroitDigital, Millennials – roughly defined as individuals born between 1980 and 2000 – are the most important demographic for marketers. They are more populous, tech-savvy and ethnically diverse than older generations and spend $600 billion a year.
One notable finding in the report is how Millennials are influenced by advertising. New media like mobile, web and video advertising are much more popular than more traditional techniques like print, radio and video.
The report also found that:
- 36 percent of Millennials said that digital advertising is the most effective method for influencing their brand decisions
- 39 percent of all respondents said that brands that do not embrace mobile advertising solutions are outdated and undesirable
- 52 percent of Millennials prefer brands that are willing to adapt based on consumer opinion ad feedback.
Within the generation there are some notable differences in opinions about the importance of mobile. More men than women think that mobile is important. The same holds true for younger Millennials compared to the older end of the demographic.
Small businesses that want to attract this increasingly important demographic will need to incorporate mobile into their marketing strategies. Partnering with an internet marketing agency like KeyMedia Solutions will help you increase your internet presence and keep you ahead of your competitors.