Mobile and the purchase funnelMay 11
Mobile and the purchase funnel? No, it’s not the name of the latest YouTube phenom, although if you search on YouTube using those terms the first result is a wonderful recording of a live mobile event from Google:
That video begins and ends with this parable: in mobile, it’s not too late to be early. In this case, your opportunity to be early is rapidly vanishing and the crown being claimed by your competitors. If you are a consumer brand company of any kind – CPG, consumer tech, fashion, travel, food and beverage – why should you care about mobile?
There are some very long answers to that question but here is a simple analysis that should pique your interest: on the path to purchase for your consumer, mobile is at the tail versus the head. That is the say, when a consumer goes onto their mobile device they are most likely to ready to make a commitment to purchasing in your category and they’re looking for help. They want help finding a store, a phone number, a review or product rating or in many cases, a deal. This according to new data released today by eMarketer.
According to eMarketer’s research, nearly two-thirds of consumers visited a business after searching for it on their mobile phone. Read that again: two-thirds. If that statistic alone does not convince you to take action on a mobile strategy pronto, then maybe this one will. Overall, more than half of consumers made a purchase after their mobile session. That includes in-store, over the phone or online.
And that’s why mobile is at the base of the purchase funnel. At the point of engagement on a mobile device consumers are likely already considering your brand, they’re in the market to buy and they are seeking some guidance or direction in their purchase (which could quite literally mean a map to your nearest store or hotel). This is fertile ground for engaging consumers in a high-value transaction and should be high-stakes territory for you and your competitors. Looked at from a different perspective, if you haven’t conceptualized or realized a mobile strategy for your brand then you can feel confident in knowing that your competitors are probably celebrating as they pull in passers-by, would-be brand loyalists and deal seekers and capture that revenue for themselves.
So go back and watch that Google video above, listen to the insights then go read the eMarketer report. It should spark a discussion on how to jump into the mobile fray within your organization. Remember, it’s not too late to be early.