Mobilenomics

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In the 21st century, mobile connection and economics are becoming synonymous with each other. Digital leader and motivational speaker Erik Qualman identifies several statistics of marketing through mobile economics, which he describes with the portmanteau as mobilenomics. Businesses benefit from creating a relationship through mobilenomics because mobile is instant, personalized, and easy to access for both the consumer and the business. However, Qualman identifies situations that prevent businesses from capitalizing on the advantages of mobilenomics.

Actions, Responses, and Priorities

Communicating through mobile is now a critical component of successful marketing. Qualman (2013) declares that 90% of all Tweets are from mobile devices but businesses spend less than 1% on mobile strategies. Businesses that want to develop relationships with clients have the opportunity to communicate with clients directly and instantly. Businesses that want to have better success rates through mobile should have an evolving social media policy in place. Another situation that Qualman identifies as influential in mobilenomics is the response rate for consumer action using mobile devices. The redemption rates for coupon through mobile are ten times higher than print redemption rates, and 70% of mobile searches lead to action within one hour whereas searches on a desktop lead to action in one month (Qualman, 2013). Consumers have determined that immediate savings is a priority so businesses should have a plan in place to cultivate communication with clients through mobile.

Relationship Marketing through Mobile

Contemporary marketing through mobile is instant and establishes the importance of the businesses and client relationship. “Relationship marketing continually deepens the buyer’s trust in the company, which, as the customer’s loyalty grows, increases a company’s understanding of the customer’s needs and desires” (Pride, Hughes, Kapoor, 2012, p. 336). Qualman states the advantages of mobilenomics for businesses by describing the relationship between the power of mobile and consumer behavior. Mobile marketing in the 21st century is a crucial aspect of a successful business.

References

Pride, W. M., Hughes, R. J., Kapoor, J. R., (2012). Business, 11th Ed. Mason, OH: Cengage        Learning.

Qualman, E. [Erik Qualman]. (2013, March 25). Mobile Stats Video – Mobilenomics |      @equalman [Video file]. Retrieved from https://www.youtube.com/watch?v=GRiwUCXPo8U

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