Mobile marketing is like a gold rush in the Wild West right now. Mobile advertising and marketing has increased in the last decade as cell phones have become more sophisticated. As a result there are currently dozens of companies with any number of different offerings. Companies are developing mobile versions of their websites that work better on phones and tablets, as well as mobile apps users can download. But it’s a complex environment that many marketers don’t fully understand and struggle with monetizing mobile. Many are aware can be very lucrative and profitable, but don’t know what steps to take.
Here’s a brief list of a few ideas for monetizing mobile listed in no particular order:
1) Put Mobile First In Your Marketing Strategy
Businesses need to prioritize and make their biggest focus. Mobile can no longer be ‘one of’ your brand’s strategies, but the top of the list. This may mean shifting around your advertising budget to focus more on mobile, but the dividends will be well worth it.
2) Keep It Simple
The mobile device’s screen is smaller than that of the desktop computer’s. While standard websites have plenty of space for banner ads, a mobile site can be more challenging to monetize due to the smaller screen size. Therefore, if you want the customer to be able to engage with the ad properly, less can be more. If it’s too complex, or is just a normal desktop screen-sized ad, it will shrink to the size of the device’s screen. As a result, it needs be easy to explain in a short text. You don’t have a lot of characters in a text message, so keep it as short as you can without losing any of the call to action you’re looking for.
3) Variety of Formats
Touch screen interaction or SMS, either of these or other methods need to be taken into consideration when launching your campaign. As mentioned, the screen is smaller than other methods of advertising. Even though data suggests that consumers spend more time interacting on mobile and tablet devices than they do on a computer, there is a “negative” perception about the screen size available on phones.
The interactive quality of the constantly-evolving rich media formats of mobile allows the user to tap video, tap to map, and touch or swipe to do pretty much anything. With the wide variety of format options available, advertisers can build a custom experience that jumps off the mobile screen.
4) Know Your Mobile Audience
When monetizing mobile, you’ll need to ask yourself who are you targeting? Make sure you know who you are trying to reach, and target accordingly. Young adults have a different response to, say, free mobile apps and games than say the older baby boomers would.
5) Mobile Advertising
Companies that want to succeed and really win in the three-screen (or possibly even four-screen) format, must think holistically about mobile advertising and digital media. Ultimately, the goal is to reach the consumer where they consume branded content. This is where having a cross-media strategy across more than one screen is key, and the dream of one-tag and one-brand comes to life.
6) Advertise In Your Mobile Apps
There’s several ways this can be done and we will explore more of them in a future post, but for now it’s worth mentioning, and this is one of the best ways if you have a highly targetable audience who are likely to click. Targeted people who click on an ad are more likely to convert to a lead or a sale. This is what Google does for its mobile search apps, and it’s also how a lot of non-mobile websites make their money.
Having transactions in the app itself is also a possibility for monetizing mobile. Placing some form of transaction within the app works for shopping apps and those with microtransactions of some kind–like what iTunes does, for example.
7) Know What Works
The companies who will succeed and win will do so by helping advertisers and agencies establish a cross-platform approach with their digital advertising strategies that reaches across all screens — web, smartphone, tablet, and so on. In the end, we expect money to go where users are, and right now, more and more of them are consuming media on their mobile devices.
To summarize, try a variety of strategies until you find one that works for your business and target market, but make sure to prioritize mobile in your marketing strategy, keep it simple, know your audience, meet them where they’re at, advertise in your apps, and stick with what works, and you’ll have a lot of success monetizing mobile.