Public Relations & Social Marketing Insight

Secrets to millennial marketing success? ... Fromm recommends small businesses constantly make “little bets,” taking small risks on novel products and services that might hit big.

 

“If you’re going to win with millennials, you have to temporarily suspend your notion of ROI and EBITDA,” he says. “You have to make little bets and see if they win or lose in the real world. Test things that are way beyond your definition of normal and see if they work. Technology allows you to do that every day.”

 

Social channels will tell you quickly if your wagers are effective or not. “The little-bets theory is based on the fact that millennials are willing to experiment because it’s part of their adventurous DNA,” Fromm says. “And if it’s a hit with millennials, others will follow.”...

A recent study conducted by the online marketing firm Vertical Response and reported on in Forbes concludes that small businesses are spending more time on social media but struggling with the added workload it represents. Perhaps as a consequence, most are doing social media marketing in a vacuum because they’re not tracking results, which means they have no way of quantifying if their time and effort are paying off. “Our survey confirms that small businesses are understanding the value of social media,” says Vertical Response CEO and founder Janine Popick. “They’re spending more time doing it, and investing more money into it at a faster rate. But the extra work will likely lead to time management issues, especially for the small business owner who’s handling social media on top of all the other responsibilities of running a company. This implies that small businesses are in need of tactics and tools now to help them save time.”...