What is the point of discussing mobile marketing? You’re probably viewing this on a mobile device 70% of the time. That is the reason. Smartphones, tablets, and other mobile devices are altering the way customers connect with companies and, as a result, the way brands communicate with consumers.
From e-books to e-commerce, almost everything is now available on smartphones. People are no longer need to sit in front of a television to be amused or to keep up with the news. To read emails or purchase online, they don’t require a desktop or laptop computer.
That implies that, regardless of where they are, customers may connect with your business while commuting or hanging out with friends. Would you like to learn more about mobile marketing?
What is Mobile Marketing?
You may call it the greatest successful marketing effort of all time. Any digital marketing activity focused on customers on their mobile devices – smartphones, tablets, feature phones, and other similar devices — via websites, mobile applications, social media, emails, SMS, and MMS is referred to as mobile marketing.
Mobile advertising (social media, online, and app advertisements), search optimization, mobile-friendly sites, location-based offerings, email marketing, in-app offerings, mobile coupons, QR codes, push notifications, SMS, and other mobile marketing efforts are common.
What Is the Importance of Mobile Marketing?
Forbes published a list of five data-backed reasons why mobile marketing is growing more crucial in 2017.
● The amount of time spent on mobile devices is growing.
The typical American spends over 500 hours per year surfing websites or conversing on their mobile device, giving you plenty of chances to grab their attention and get them talking about your brand on a gadget that we use so regularly that it has become a part of our everyday life.
● Mobile commerce and mobile marketing are inextricably linked.
When it comes to e-commerce, average smartphone conversion rates are up to 64% higher than average desktop conversion rates. E-commerce sites like Amazon and eBay see a lot of traffic via mobile devices.
● Consumers make purchases at retailers.
When customers are ready to buy, search engine optimization and a mobile-friendly website might offer you an advantage. Consumers can browse and compare online while strolling down the store aisle thanks to mobile technology.
● The open rates of SMS are greater than those of email.
SMS has a 98 per cent open rate, with up to 90 per cent of individuals reading the message within three seconds of opening it. This is a significant increase in email marketing and other digital media.
● Mobile marketing appeals to a larger audience.
Manufacturers are reacting to consumer demand by inventing mobile gadgets that are quicker, more powerful, and less priced. Marketers and advertisers may now reach a far larger audience and get their words into the hands of their customers.
Do you still have reservations? With the threat of a global pandemic in 2020, the value of mobile marketing for companies will be undeniable. Furthermore, the global smartphone user base has already topped three billion people (Statista, August 2020). In the next years, that number is expected to rise by several hundred million.
KPIs & Metrics for Mobile Marketing
How many good leads did you receive? The crucial word here is “quality,” rather than “quantity.” Conversions are most likely to come from high-quality leads.
Rate of Conversion
Conversions are the result of having quality leads – you must compare the number of individuals who completed a sale or took an action on your page to the total number of people who viewed the page.
Attribution allows you to evaluate how important each performance channel is to your total marketing outcome. Because mobile marketing is a multichannel approach, you’ll want to know how the various touchpoints in the consumer journey contribute.
Cost Per-acquisition (CPA)
You can see how many leads or conversions you’ve gotten by looking at your acquisition. As a result, the financial impact is known as acquisition cost or CPA. It’s a statistic that determines how much money your marketing activities generate. You may calculate your CPA by calculating how much it costs to acquire or convert a high-quality lead.
Stickiness and Engagement
One of the most essential KPIs in mobile marketing is engagement, which can be monitored across all channels. For example, you may track social media engagement, as opposed to email, SMS, and push notifications, which are all distinct from user engagement and stickiness in mobile apps.
Lifetime Value (LTV or CLV)
In mobile app marketing, lifetime value (LTV) or customer lifetime value (CLV) is an important indicator. You can track the entire amount of income generated by a user from the time they install the app until they quit using it.
Return on Advertising Spend (ROAS)
The total ad spend is the amount of money you spent on mobile advertising, while the return on ad spend (ROAS) is the amount of money you made. An effective performance marketing strategy will result in a higher return on investment (ROI) than the cost of advertising.
Return on Investment in Mobile Marketing
The return on investment for mobile marketing varies depending on the medium. The return on ad spend (ROAS) is a metric that compares the amount of money you spend on advertising to the amount of money you make. Return on investment (ROI) refers to the amount of money invested in a campaign, with a higher ROI indicating a successful effort.
We’ve looked at a few key metrics that might help you figure out your total mobile marketing ROI. As we’ve seen, calculating the entire cost of getting or converting one quality lead is aided by knowing the cost per acquisition.
Because it considers your total mobile marketing cost, which will include advertising spend, hosting fees or technology infrastructure, customer support, email marketing automation, app development, push notifications, and so on, your mobile marketing ROI is not limited to the return on ad spend (ROAS).
You must optimise your ROI in real-time in order to achieve the greatest outcomes. This implies you’ll require a consistent data analysis for each of your mobile marketing campaign’s performance channels.
The most effective approach to do so is to track your ROI for each channel in real-time. Calculate the cost of acquiring active app users and the income generated by in-app activities separately from the overall cost of acquiring active app users and the revenue generated by in-app activities.