4Ps Drive Mobile Commerce (& The Marketing You Need!) [Research]

4 Critical Types of Mobile Info Customers Want Now!

US mobile commerce sales including travel grew to $6.7 billion in 2011, an increase of over 90% from 2010. This is despite retailers being slow to offer attractive mobile shopping options. eMarketer projects US m-commerce sales to grow at a 55% compound annual rate from 2010 to 2015.

This expansion is driven by a combination of increased smartphone ownership, enhanced use of smartphone functionality and improved m-commerce options.

What mobile information are your prospects and customers looking for?

Retail mobile content usage increases

While mobile entertainment, food and travel content consumption continues to increase, mobile retail content has experienced exponential growth in the number of subscribers accessing content according to comScore. This translated to 21.2 million mobile users as of September 2011. In terms of usage, 17% accessed mobile retail sites almost daily, 28% did so at least once a week, and 55% did so one to three times per month. Additionally, other shopping-related content categories, namely classifieds, auction sites and shopping guides, also experienced high growth.

4Ps Drive m-commerce (& the mobile marketing you need to meet it!)

When it comes to mobile commerce, the traditional 4Ps of marketing rule. While the specific percentages vary, market research regarding mobile shopping tends to be consistent.  Here are the 4 Ps of m-commerce in order of importance and what marketers must do to supply this information.

  1. Place. Consumers need to be able to find your business while they’re on-the-go. According to comScore, about one third of those surveyed sought a retail location. Actionable Marketing Tip: Ensure customers can find your retail establishment. This translates into being easily findable on platforms where potential customers are searching. At a minimum, have your address and phone number on your mobile site and mobile search. On mobile devices, also don’t overlook the effectiveness of options like Yelp and maps.
  2. Price. Before they purchase, today’s budget conscious consumers check and compare prices on their smartphones to ensure they’ve gotten the best deal possible. Unlike research earlier in the buying cycle, these shoppers are ready to purchase. If your competitor has a better price, you’ll loose the sale even if the customer’s in your store. Actionable Marketing Tip: Ensure prospective shoppers can find your product prices via their smartphone even if they’re in your store because they may prefer using their mobile device to talking to a sales clerk. While competing on price is a slippery slope, if a buyer’s checking prices on their smartphone, it’s a good bet they’re ready to close the deal. This is the time to give them your best price or risk loosing the sale. Also, understand that you’re not only competing against direct competitors but also against big players like Amazon and e-bay who have popular mobile apps.
  3. Promotion. Provide mobile shoppers with your best offers since they’re likely to be ready to close the deal. Smartphone research shows they buy a wide range of products via their phones including cars. (Yes–you read that correctly!) Bear in mind that promotions encompass all forms of marketing communications, so offer mobile buyers a choice of how they want to engage with you via their smartphones. Actionable Marketing Tip: Ensure your promotions reach your on-the-go customers. Have a mobile website with current product pricing, be findable on mobile search (which is separate from website search), and build a file of mobile phone numbers to send customers time sensitive messages.
  4. Product. Today’s consumers research products before they buy. They don’t just check your site and your competitors’. They look for product reviews and other third party information to help their decision-making. Actionable Marketing Tip: Have a mobile website including product information. Include a phone number answered by a real person to answer last minute questions prospects may have. Further, monitor what’s being said about your retail establishment and product offering on third party sites including ratings and reviews such as Yelp, TripAdvisor or even Amazon. Don’t rely on your average rating. Read through the reviews since prospects will! Where appropriate respond to negative reviews without being defensive.

Regardless of your business focus, it’s critical to have a mobile marketing strategy that answers prospective consumers’ questions about your place of business, prices, promotions and products. Remember, your prospects may be in a competitor’s retail establishment when they decide to buy from you or vice versa.

Are there any other mobile marketing suggestions you’d add to this list? If so, what are they and why would you add them.

Happy marketing,
Heidi Cohen

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Photo credit: http://www.flickr.com/photos/thevlue/4839060646/


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