The best place to be if you’re a CMO is at the forefront of a marketing trend. According to a recent survey published by Duke University’s Fuqua School of Business, the trend ahead is more spending on mobile.
The CMO Survey included more than 200 inquiries to top marketing agencies and professionals. Mobile spending currently floats around 6% of total marketing budgets, but is estimated to increase by 160% (to just less than 16%) over the next three years. Duke’s survey, conducted biannually, is one of the oldest dedicated exclusively to marketing.
For CMOs across the country, the increase is easier said than done. Money can certainly buy mobile ad space, but it doesn’t guarantee returns on investment. Getting ahead of this trend means answering important questions about which mobile marketing tactics are most effective for your business.
Choosing the Best Marketing Methods
For starters, CMOs should carefully consider the best options available to leverage both the consumer and the brand. This means assessing the target audience, developing content that articulates a benefit, maintaining continuity across all media channels, and figuring out when these targeted customers are most likely accessible and through what media channels. Master these goals and you’re headed for the promised lands; make a misstep and you might damage the brand, or worse, consumer relations.
The survey found a large gap between the effectiveness of B2B and B2C mobile marketing, with the latter greatly outperforming the former. Both categories were addressed in various fronts including customer acquisition, engagement, retention, messaging, sales, and profits.
Mobile marketing’s greatest strengths among these categories come as no surprise: engagement and messaging lead the pack. This makes sense as mobile marketing certainly compliments the way people intrinsically use their devices to communicate and engage with content in real time.
Like all things that promise a big payoff, there are risks involved. One of the issues most noted in the survey is the difficulty involved in quantitatively assessing the success or failure of social media marketing. Currently, social media sites are among the most trafficked via mobile.
Today, much of the marketing done via social media is handled by a third party, so getting accurate data or analytics can be difficult, sometimes impossible depending on the platform.
CMOs have the difficult task of weighing the risks of ambiguous social media campaigns, with pressures from board members and other higher-ups who have noted behavioral trends shifting increasingly towards mobile.
That being said, it looks like getting ahead of this mobile increase comes down to research and analysis before dollars and cents.