The mobile shift is underway.
While ROI remains the focus of any marketing strategy, organizations must alter their understanding of revenue generation when it comes to mobile. Deloitte Digital estimates mobile-influenced commerce will reach $583 billion in 2014. The keyword is influence. When you think your mobile channel isn’t converting, take a closer look.
Mobile holds the potential to influence every stage in the customer’s journey. That influence should be a seamless integration of every customer touch-point—a key piece to the kind of personalization your customers expect.
In other words, if your mobile app or site is not in itself a point of conversion, that’s O.K. In fact, for most verticals revenue generation is a concern that only distracts from efforts to create a powerful mobile strategy. It’s time to start thinking about mobile in terms of brand management and customer engagement, rather than your company’s response to the fact that there are over a billion smartphones globally.
Mobile is essential to engaging and retaining customers and ultimately, staying competitive. By dismissing a mobile channel that does not directly generate revenue, you’re risking the erosion of brand equity and customer loyalty.
So you want to know how your mobile channel influences revenue. First, let’s outline the influence of mobile channels, and then we’ll focus on three key verticals where the mobile opportunity is mounting—fast!
A mobile channel which is a Revenue Influencer can strongly impact the following:
1. Research: Mobile gives customers the opportunity to research products and services at any time, giving marketers the opportunity to influence a key stage in the customer journey.
2. Loyalty: With a great mobile channel you can build your customers’ trust and loyalty through exceptional service and personalized experiences.
3. Opportunity: Mobile channels are an underused way to create revenue-generating opportunities beyond the original conversion.
What does this mean for your industry?
Retail, travel, and finance are three verticals where mobile is becoming an imperative piece of customer engagement. The following are basic examples of how each of the aforementioned impact opportunities. The real potential is only limited by the marketer’s imagination.
Marketers already know that when it comes to mobile, complacency is longer an option. What you might not know is the push to create, improve, and personalize a mobile channel for customers is not as simple as direct revenue generation. If you’re not engaging customers on mobile channels, you’re missing a massive opportunity (one your competitors are already taking advantage of). Don’t miss out on the mobile moment by ignoring the powerful function of a revenue influencing mobile channel.
To understand the basic analytics behind your mobile channel and find out whether it is a Revenue Influencer or a Revenue Generator, check out our piece on optimizing based on customer engagement.