How Mobile Analytics Drives Revenue
Date: Friday , November 30, 2012
Headquartered in Burlington, MA, CaptureCode provides SaaS based mobile marketing platforms to SME's.
Consumer driven marketing
All SMBs’ and enterprise companies would like to increase their revenue but the big question is how? Today the traditional marketing channels are neither cost effective nor measurable. As a result, business owners and Chief Marketing Officers (CMOs) are looking into market transformation via new channels; especially in the space of the new mobile market. One solution that clearly stands out for all is that expected transformation will occur via consumer driven marketing.
Consumer-driven marketing involves marketing products and services using an outside-in marketing strategy. The perspective of knowing and directly engaging the individual consumers who are most interested in buying the product or service is what today’s market trend is all about. Thus, geo-location, mobile payments, loyalty, social gifting and relationship management come together for businesses to serve their consumers to help improve experience, while engaging them using social customer relationship management (CRM) driven by point-of-sale customer analytics and use of social apps. The mobile revolution makes it possible to reach customers who were once out of reach; the scenario is even underdeveloped countries are using mobile technology more effectively than developed countries.
The Gartner group estimates that by 2017, CMOs will spend more on IT than their CIO counterparts. CMO’s infrastructure spending will increase primarily due to need for mobile data analytics. It's clear that the mobile advantage leads to greater ROI and increased revenue. In the next few years it is the growth of cloud and software-as-a-service applications that will allow merchants to track user activity at the content item level.
Stay focused on consumer behavior
Alongside market opportunity lays several challenges and includes building a team with the right balance of technical savvy and business acumen skills. The complexities and challenges that entrepreneurs face at this point is best analogous to that of conducting a symphony orchestra between consumer product manufacturers, retailers, and consumers in the changing environment. Understanding demand signals and simultaneously translating to the customer needs using various channels including those of social media using the most profitable marketing channel will ultimately result in improving margins and service levels to the customer. This basic challenge, which also doubles up as an opportunity, is to stay closely focused on the customer behavior and engagement, accurately understand their demand, and be able to react quickly to the ever so fast paced changes of the market place.