MANAGING in the

NEW WORLD

Key Speakers: Ms. Maura Canavan (Content Marketing Manager, Localytics) and Ms. S.C. Moatti (Mobile Expert & Author- Mobilized)

This write-up will record the major points discussed during this webinar where the speakers tell us best ways to increase sales conversions using mobile phones.

Downloads v/s Engagenent

There are certain points which marketers need to consider before engaging in mobile based digital marketing. It is well understood that mobile based marketing is now much more expensive than it was till a few years back when it was a relatively niche field. For the pioneers, entry in to the segment was not prohibitively expensive. Marketers need to analyze what exactly does downloads mean and what does such data imply. Download data could simply add up different phones that the same user adds on to. Also there are several apps that are downloaded for a single purpose and almost immediately afterwards discarded. Thus instead of downloads, marketers must aim at maximum engagement with the audience. The best part is that due to the level reached by business analytics, now almost all aspects of mobile phones can be measured.

Mobile First Strategy

Several companies including Facebook have struggled at times due to not adopting the mobile-first strategy. Facebook was able to dodge this self-inflicted bullet due to its vast resources. Where it seemed to flounder organically, it made up by acquisitions of the mobile natives such as Instagram and Whatsapp thus integrating their vast capabilities. Pandora has lesser resources so it has had to evolve completely by organic means.

Mobile no longer allows autonomous identity. The right tool must be used to measure success. Mobile has also led to marketing being even more customer-centric than it was previously. It must be understood that mobile- first is not a mere technological upgrade, but a complete overhaul of the mindset.

Mobile Marketing Funnel

A funnel has been designed to explain the relationship between sales and conversions in any business but with special emphasis on mobile phone based ones.

Thus we see that en number of leads are required at the initial stage for conversion to take place later on. Facebook for example does not allow business leads to disappear. It knows that engagement for any user begins with a minimum of twenty friends. So it pushes the user to somehow have those many friends. It provides him / her with ample leads to befriend depending on data available till that point.

1.2X Conversion

This is the easiest level to reach. Here the organization needs to track information relentlessly and conduct data warehousing operations. Once this warehouse is formed, it has to be broken down into granular bits based on geography, channel and platform to optimize. This will give the marketer analysis on matters such as whether i-Phone users in New York are buying more of a brand than say Android users in San Francisco. This will lead to a twenty percent growth. However, in the medium- term this methodology displays diminishing returns.

3X Shortcut

In order to increase conversion rate by three times, a simple trick may be used. The case of Amazon can pinpoint this out. This is particularly applicable to books where once a customer has bought a book, the person is shown the list of books which others reading the book have bought. This saves the user a lot of time rather than searching for any particular book one by one which has similar theme to the one just bought. For organizations too this is invaluable business intelligence as buyer persona profiles may be etched depending on number of users buying common books. Thus all readers buying the same three books could be clubbed under the same segment. Other keywords are also associated with each such purchase to further simplify the process. Beyond books, this trend can be used across categories.

A lot of marketers or even their clients prefer to go by the method of display ads on mobile websites. This has proven to be repeatedly a bad tactic as it never adds up to a reliable revenue stream.

5X Hook

There are certain marketing means which can act as hooks. As an example a real estate platform can be cited. An average middle class household buys a house only rarely and thus any hook to them for real estate companies will be very difficult to attach under usual circumstances. However, there are times when people are simply curious to know the price of other people. So even if one does not buy a house, if such a tool could exist, then one will repeatedly visit that website. Such an addictive, sticky feature may be called a hook. The Facebook Poke works in a similar manner.

18X Conversion

Eighteen times conversion is when all the above mentioned methods are integrated together. The follow equation will explain better:

1.2 X 3 X 5 = 18

Thus one needs to optimize marketing strategy, apply a hook and predict search items. This will give an overall eighteen times improved mobile based sales conversion. 

Forum   https://www.localytics.com/resources/types/webinar/

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