Even brands that have taken a wait and see approach to mobile marketing are starting to see the value that mobile brings to the table.
In fact, according to a recent eMarketer article, this year more businesses are planning to invest in mobile advertising than ever before.
However, it’s not that businesses will be spending significantly less to reach consumers on their desktops. In fact, while the amount spent this year on ads targeting users on desktops is projected to be slightly less than it was in 2015, eMarketer is reporting that this number should rebound in the next few years.
That said, the amount of money budgeted for mobile advertising is projected to skyrocket.
And, it’s not surprising given the fact that according to an article published on Forbes.com in August of 2015, a majority of online content is now consumed on mobile devices.
This same article also pointed out that mobile ads have reach, as most U.S. adults currently have mobile phones and/or tablets.
Not only that, people are three times more likely to open a mobile ad than a desktop ad.
Furthermore, mobile ads are “ridiculously cheap.”
According to the Forbes.com article, “Mobile brands have underinvested in this area, and prices haven’t caught up yet. Compared to the cost of traditional advertising streams, mobile ads are a bargain. TV and print ads’ CPM is $100, while online CPM hovers around $3.50. Mobile CPM, on the other hand, can be as low as 75 cents.”
Mobile ads are currently more likely to be opened than ads targeting consumers on their desktops.
And, mobile ads are currently relatively inexpensive, when compared to ads targeting consumers via other marketing channels (e.g., television, print, desktop, etc.)
That said, this is likely to change as more businesses start to target consumers on their mobile devices.
The increased competition is likely to drive the costs up. And, if consumers get bombarded with ads on mobile devices, the open rates are probably going to decrease somewhat.
This is not to say that mobile will lose its value—the fact that so many people consume content on mobile devices, combined with the added ability to target customers and prospects when they are most likely to purchase your product or service is what makes mobile advertising so desirable.
With the right planning, mobile advertising is going to continue to be a very effective way to reach consumers.
However, it doesn’t pay to wait.
Brands that are currently using mobile are not only benefiting from less competition, they are also learning what works and what doesn’t.
This will give these brands the knowledge to succeed when the level of competition increases.
Photo credit: Audio-Technica on Flickr.