Nearly All Small Businesses (87%) Advertise, and 67% Plan to Experiment with a New Advertising Medium in 2019.
Millennial small business owners and managers value advertising for their businesses more than older generations, according to a new survey from The Manifest, a business news and how-to website.
Ninety-five percent (95%) of millennial entrepreneurs advertise for their business, compared to 92% of Generation X and 70% of baby boomer small business owners.
Millennials are used to instant gratification, and advertising helps satisfy that need,” said Les Kollegian, CEO of Jacob Tyler, a brand experience agency in California. “We live in a world with constant engagement, and millennials are the forefront of that expectation. Advertising helps people find a product they’re looking for quickly.”
The survey found that millennials also advertise on more mediums – including traditional ones. For example, 41% of millennials advertise on TV, compared to 17% of Generation Xers and 10% of baby boomers.
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“Older generations have tried traditional mediums and either had great returns and stuck with them or didn’t and abandoned them,” said Josh Ryther, senior partner at Deksia, a marketing strategy and brand development agency in Michigan. “Maybe the younger generation is still testing out these more traditional mediums and hasn’t experienced as much negative return, so they’re more willing to take more of a risk.”
Nearly All Small Businesses Advertise, Regardless of Owner’s Generation
Eighty-seven percent (87%) of small businesses surveyed overall advertise, which suggests that advertising helps small business owners across generations succeed.
“It’s essential for small businesses to advertise in order to not only maintain the level of business they have today but also to grow,” said Harry Chapin, CEO and founder of Forge Worldwide, a brand-building company in Boston. “Very few businesses have the ability to attract new customers and grow revenues without using advertising.”
Businesses Prefer Digital Advertising but Still Value Traditional Mediums
Online and social media advertising are the most popular among small businesses.
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The mediums small businesses advertise on include:
Social media (65%)
Event advertising (34%)
In addition, 67% of businesses will advertise on at least one new medium in 2019.
Although digital advertising is preferred, advertising on a variety of mediums is still important for businesses that want to reach consumers throughout their day – not just when they’re online.
“None of us really live in just one channel all the time,” Chapin said. “Consumers today toggle between their phone, computer, radio, podcasts, and TV – and they do it all on their schedule. We live in an omnichannel world.”
Overall, the survey shows that advertising is important to small businesses because it helps them reach and appeal to as many customers as possible.
The Manifest’s 2019 Small Business Advertising Survey included 529 small business owners and managers across the US