According to a report from the Mobile Marketing Association (MMA), mobile sales will hit $400 billion by 2015, boasting an annual growth rate of more than 50% between 2010-2015, as reported by Small Business Trends.
Between 2010 and 2013 the amount of money spent by companies on mobile marketing increased more than 4-fold. If the trend holds true, advertisers may be spending up to $20 billion by 2015.
According to the Harvard Business Review (HBR), mobile advertising is no longer just about conversions. It matters less if companies turn consumers into buyers on the spot. Now, advertisers are focusing on the smartphone’s strengths, such as rich media and targeted ads to engage the customer on a much deeper level. For example, once a user interacts with a mobile ad, companies should instead hook the consumer by having them fill out a form or make an appointment when prompted.
This approach becomes part of a “mobile first” ad campaign. According to HBR:
For instance, one large company in the financial services space targeted young consumers by simply starting with mobile first. They ran a performance campaign to find customers and capture their mailing address, and then followed up with a direct mailer. As both highly targeted and permission-based, the campaign had far better results and therefore was a solid investment on the part of the company.
A burgeoning mobile market signals change for both companies and consumers. And with solid year-over-year growth, get ready: Changes will happen fast.