With the number of dual smartphone and tablet users predicted to reach 140 million U.S. internet users by 2018, companies cannot afford to disregard the mobile market. While identifying the most effective practices for engaging users, driving app downloads and increasing conversion rates is the ultimate goal, it is important to bear in mind that there is no one single solution because not all industries are created equal.
For example, take the following four:
- Retail: Given that 52 percent of Americans price compare while in stores, and that 4 out of 5 consumers use smartphones to shop, retailers must capitalize on this behavior by increasing the time consumers spend with a brand. The most effective strategies for doing so are adding location-based elements and adding gaming and social media share functionality to campaigns.
- Automotive: As a general rule, no one likes car shopping. However, the auto industry has the highest video completion rate for mobile banner ads at 80 percent. This number is providing results: 34 percent of new vehicle buyers started the purchase process through mobile, tablet and video ads. Auto brands are working on monetizing higher rates of those numbers by using a combination of vehicle registration data, data from auto researchers and location data from personal mobile devices to track car shoppers and display relevant ads.
- Travel: Mobile travel bookings were predicted to triple over the next two years to reach $40 billion by 2015. This is a full 25 percent of the total online travel market. User-friendly interfaces have been the driving force behind the continued adoption of mobile travel. Additionally, given that customers use mobile phones not just for booking, but planning and looking up local information like maps, weather and restaurants, travel brands have room for expansion within the mobile market.
- Financial Services: The financial industry is predicted to spend more than $2.2 billion on mobile advertising in 2014, making it the second biggest spender in the mobile ad sector. This is a direct outgrowth of consumer behavior: 94 percent of respondents in all age groups use online banking and 71 percent aged between 18 and 60+ have signed up for mobile banking. Financial apps are becoming more comprehensive, offering real-time economic data, information about investment portfolios and location-based data like ATMs and branches.
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Here’s what else we’ve been reading this week:
- How Yahoo Made Itself Relevant in Mobile — and What Its Future Looks Like: In this interview, Yahoo’s head of mobile and emerging products, Adam Cahan, explains how he piloted Yahoo to success in the mobile sector, even though it had ignored the mobile market for years.
- The Facebook Mobile App Wants to Be Your Music and TV Expert: In its drive to become an indispensable part of its users’ lives, Facebook is now offering a Shazam-like feature on its mobile app that recognizes what you’re listening to, be it movies, music or TV.
- Mobile Rewards Mix Marketers And Buyers At ‘Right Time’: An analysis of mobile apps that reward users for activities they already do.