The What's Up Interactive staff shares ideas and breaks down the latest development in marketing and technology.
Mobile Fast Facts
Sure consumers are consuming more information via mobile technology, but corporate mobile efforts are starved for funding.
If you are in business today you are probably struggling with trying to figure out how to play strategically in the mobile space. Strategically, meaning not just “on mobile” but utilizing a mobile platform to help you achieve corporate goals.
You are not alone. Based on how fast technology is moving and even more importantly how fast consumers are adopting these technologies, most marketers today are trying to crack the same nut.
Consumers of all ages are playing in the mobile space. A 2012 Yankelovich MONITOR study asked respondents if they agreed with this statement: “I couldn’t get by without my cell phone/smart phone”.
Forrester Research outlined the results demographically:
Source: US Yankelovich MONITOR 2012
On the flip side of this, Forrester took a look at the funding that eBusiness professionals have to build mobile services, integrate mobile services with their back-end infrastructure, and build out teams with the right skills in-house.
The Forrester research showed:
- 56% of eBusiness professionals spend less than $500K annually on their mobile services.
- Only 24% spend more than $1M – the base level for a good native application and mobile website.
Clearly, the question for Businesses is not if we should be spending money on mobile, but when. The sooner a company can get started moving in this direction – the better. The Forrester study also said that the eBusiness professionals surveyed weren’t stressing because they were seeing that they could “catch up” in a matter of months with a few hundred thousand dollars, once they made the decision to move on mobile initiatives. The real issue is that the longer it takes to make this move – the more it’s likely to cost.
What does this mean for business? Well for goodness sakes, start moving now! Don’t wait. Figure out the most cost-effective approach to getting mobile strategies into the corporate sales and marketing mix starting as soon as possible in the new year. You can at least keep pace, if not lead your competitors. And the bottom line is your business has to engage with your customers, where THEY are.