Businesses Are Over-looking Billions In Potential Profit
A report published recently illustrates the huge amount of potential revenue companies are failing to gather. A study conducted on the American market details how an archaic approach to advertising isn’t allowing businesses to meet their potential. The study details the amount of time consumers are spending in different areas of media and the amount of money businesses have spent advertising there.
This slide is taken from Mary Meeker's Internet Trends Report May 2013
Print media vs. mobile media
Despite print media steadily declining, advertisers are still channelling a great deal of budget into it. The findings illustrate that businesses are devoting 23% of their advertising budget to print, whilst people are only reading print materials 6% of the time. Whilst the future of paper publishing seems uncertain, mobile prospects are promising.
Newly released statistics demonstrate a 22% surge in Facebook mobile usage in the UK since June last year and although figures illustrate an increase in mobile advertising spend, the trend report maintains that the figures are nowhere near as high as they should be.
What’s more, users are filling 26% of their time using the web. Yet business expenditure on internet advertising is 22% of the budget, so there’s still a missed opportunity for businesses online.
What should digital strategists do?
If UK businesses needed anymore proof of the profit potential awaiting in mobile, research conducted by luxury flash sales eTailer vente-privee.com further substantiates it. They recently revealed that of all the European markets it operates in, the UK is the most mobile savvy, with 37% of its UK turnover coming from mobile sales. Furthermore, the Mary Meeker study illustrates that the cost of mobile advertising is seriously underpriced, delivering an even greater opportunity for growth.
It’s clear that businesses need to take advantage of the increase in mobile usage and a flexible mobile site is a must. However, focusing purely on the mobile market, and treating it as a separate channel isn’t effective thinking.
To ensure you satisfy your customers and maximise your sales potential you need to address your entire marketing strategy. Delivering an omni-channel solution is imperative. This means bringing together all your channels of communication and customer touchpoints to deliver a seamless journey for your users.