The growing importance of mobile advertising is obvious. People spend a lot of time on their phones and tablets; maybe a little too much time. In the ever-changing world of technology and advertising techniques, brands, companies, and ad agencies are starting to focus more on mobile advertising.
This is a big change for advertisers. A change that will be challenging, yet rewarding. Even though this type of advertising is new and there is much to be learned, advertisers are given more opportunities to reach consumers.
According to a study by Gallup.com, 62 percent of America possesses a smartphone, 40 percent own a tablet, 45 percent own an iPod, and 26 percent own an E-reader. Also, according to Experian Marketing Services, the average American spends about an hour each day on his or her smartphone. This means each person spends about 30 hours each month on a smartphone. That's a huge online presence that advertisers should take advantage of!
Just how much is spent on mobile advertising? According to Interactive Advertising Bureau, global advertising revenue hit $10.1 billion in 2012, and hit $19.3 billion in 2013. That is a 92 percent increase from the previous year!
Advertisers are aware of the growing importance of this new advertising medium. It gives advertisers the ability to reach consumers everywhere and anywhere, at any given time. The various platforms of apps on smartphones allow advertisers to reach their target audiences more easily. Some brands can even send notifications, messages, or emails when certain promotions or new products will be available.
Mobile advertising gives advertisers a more precise way to target a particular segment. They can narrow down consumers based on state, city, and even specific locations. Some apps on smartphones allow access to your location, as long as you confirmed that access. This gives advertisers all the information they need to implement the perfect ad at the perfect time.
Another advantage of this type of advertising is flexibility. For instance, it is relatively cheap and painless to make adjustments to mobile ads compared to TV and radio ads. While this type of advertising is more flexible, some kinks still need to be worked out. It is extremely important to create highly engaging ads. When dealing with consumers that have a large thirst for information, this can be challenging. Lastly, determining distinct metrics is a challenge. It is hard to track the return on investment without a clearly established plan of measurement.
Mobile advertising will continue to grow and advance. Expect mobile advertising revenues to increase exponentially each year. As more and more brands and advertisers adapt to this new medium, they will continue to improve and provide creative opportunities for consumers.