Post 4 of 12
What’s the best way to measure the success of a mobile marketing strategy?
This depends largely on your objectives.
Understanding the cost of customer acquisition for each of your existing marketing channels is a good starting point.
If you have the data, it will enable you to assess the relative value and return on investment from mobile marketing.
Traditional channels typically offer cost per lead from £6.49 for direct mail, £1.29 for website banners and as low as £0.29p per mobile lead. You can see how cost effective mobile is at generating new business if you get your value proposition correct.
Traditional channels offer 1% to 5% returns at best so you should consider how your customer acquisition model changes if that 1% becomes 25% and 5% becomes 55%. Does that allow you to scale your marketing investment or reduce cost? Either way, its highly attractive commercially and financially.
Businesses that have created effective mobile strategies have enjoyed response rates for major campaigns that are well in excess of 50%, voucher redemption rates of 65% AND have significantly reduced customer churn levels higher than 10% through the effective adoption of a mobile strategy.
The first step to creating your mobile strategy is to truly understand what mobile marketing is and what it can do for your business. I will talk about that in the next post.