We recently shared a post containing 5 mind blowing stats about the mobile market. They underlined the fact that mobile is no longer a niche channel. It has a bigger reach than TV, radio or press… in fact there are more mobile subscriptions than toothbrushes.
The mobile app market alone is forecast to be worth $25 billion by 2015 and appears to be one of the few sectors not to be affected by global economic uncertainty.
All of this is great news for financial organisation hoping to reduce marketing costs and strike up cost-effective, technology enabled, conversations with their customers, but, amidst the hype, don’t lose sight of what’s important for mobile marketing.
Consumers want targeted offers
According to research from ATG, 95% of people would happily accept relevant offers delivered to their mobile. The key word here is relevant. Mass advertising has begun to fail precisely because customers want more targeted, more individualised messaging. Mobile offers the functionality to deliver the personal touch, we just need to be careful to use it; to protect the integrity of mobile marketing as a new and more relevant channel.
Know your customer
Understanding advertising effectiveness has always been the goal of marketers. It’s typically an ever bigger concern for financial institutions who, more than most, demand clear evidence of the ‘bang they’re getting for their buck’ but keeping tabs on outdoor campaigns, press inserts or TV ads has always been an uphill struggle.
As online and mobile advertising continues to take the place of traditional methods all this is starting to change. With mobile marketing it is possible to track at a granular level, it is possible to know your customers at a detailed level but it’s important to get those tracking mechanisms in place now, otherwise many of the potential benefits of mobile communication will be lost.
Control the communications you send
And once you know your customers, make sure the knowledge is put to work. Kurtosys have just developed a mobile control station, a dashboard that lets people control the messages they send out via mobile apps. Kurtosys mobile clients can login and see how many people have downloaded their financial mobile apps (by device) and send messages to individual user groups, letting them target just iPhone users for example, or even just one single user.
This is just the beginning of tracking mobile apps and messaging but it’s a topic that’s worthy of detailed thought and consideration.
All of us have a collective responsibility to preserve the integrity of mobile marketing. We have a channel that delivers on customer expectations – letting them receive more personal, more relevant content, on-the-go, whenever they want it; and we have a channel that reduces marketing costs and improves our understanding of campaign effectiveness.
It’s a great opportunity. Let’s use it, not abuse it.
For more about mobile apps, check out:
Top Financial Apps as put together by Financial News
Rplan Valuations App which helps you take control of your investments, find the best funds and create financial