Factors to Consider When Finalizing Your Mobile Marketing Budget, Part 1
The age of mobile marketing is upon us. Simply put, mobile marketing is the process of mutual engagement and value exchange between marketers and consumers "through" and "with" mobile media. And boy, is value being exchanged.
Value is exchanged through mobile media when consumers and marketers directly engage each other through one of the many mobile media paths. Value is exchanged with mobile media when a mobile call to action is placed in a traditional digital ad. The consumer is then invited to pull out their phone and engage with the marketer.
Marketers are using mobile to generate brand awareness, prospect and acquire customers, retain and generate loyalty with customers, support customers, and stimulate positive word-of-mouth marketing through social media and a wide range of marketing initiatives.
Consumers are using mobile to communicate with their peers and marketers, to obtain information to help them make informed purchase decisions, to receive promotional value of some sort (e.g., discounted offers), or to simply be entertained. They’re text messaging to receive coupons or make charitable donations. They're downloading apps and scanning UPC and 2-D barcodes to get product information. They're visiting mobile websites, playing games, checking in with Fourquare or Facebook Places, and so much more.
Jeff Bezos, founder and CEO of Amazon.com, recently reported that within the last 12 months, "customers around the world have ordered more than $1 billion of products from Amazon using a mobile device."
On a smaller but no less impactful scale, shoe and apparel retailer Steve Madden revealed that within the first six months of launching its mobile website it directly generated $521,000 in revenue, and mobile influenced an additional $2.5 million to $3.0 million in incremental revenue. Wow! Mobile works.
So, how does your brand get in on this action? How can it start engaging its audience through and with mobile marketing? How much is this going to cost you or your customers?