Mobile Marketing — Targeted, Timely, and Two-way: The Time is Right for Financial Marketing Strategies to Engage the Mobile Consumer : Market Research Report

Mobile Marketing — Targeted, Timely, and Two-way: The Time is Right for Financial Marketing Strategies to Engage the Mobile Consumer

Published by: Javelin Strategy & Research

Published: Jun. 1, 2008 - 51 Pages

Overview
Primary Questions
Findings and Analysis
Methodology
Executive Summary
Summary
Recommendations
What Can Financial Institutions Do Today?
Why Now?- It’s a Mobile World: US Adults Are Mobile; Financial Institutions, in Particular, Should Consider Mobile Marketing; Mobile Bankers, Who Accept Mobile Marketing, Receive More Messages; Most FIs Have Yet to Develop Necessary Skills to Fully Engage in Mobile Marketing; Mobile Marketing Is a Tool to Reach Both New and Existing Customers; Consumers Respond to Mobile Marketing Using Mobile Features
Marketing Expands with Mobile as a New Channel: Why Include Mobile?; The Importance of Permission in Engagement; Marketing Campaign Flow; Effective Mobile Campaigns; Direct Mobile Marketing vs. Mobile Advertising
Mobile Marketing Ecosystem: Pricing/Measuring Effectiveness of Mobile Campaign; Three Phases of Mobile Marketing Campaigns
Mobile Marketing at the Financial Institution: SMS-Text Will Drive Initial Marketing Efforts; Content-Heavy WAP Sites Feed the Future; HSBC Ride For Free,” A Mobile Marketing Campaign
What Can Financial Institutions Do Today: Capture Mobile Phone Numbers Matched to Individuals at Account Set-Up; Build a Mobile Phone Database Among Existing Customers; Append Mobile Banking Usage Data to the Customer Database; Use Alerts to Begin Offering Targeted Mobile Marketing Messages; Just Start
Appendices
Mobile Marketing Vendor Directory
Key Terms
Charts
Related Research
Companies Mentioned
Table of Figures: Figure 1: Mobile Phone Feature Usage beyond Calling; Figure 2: Active Users Who Have Received a Mobile Marketing Message; Figure 3: Monthly Mobile Marketing Messages Received in last 30 Days; Figure 4: Companies Sending Mobile Marketing Messages; Figure 5: Mobile Marketing to New and Existing Customers; Figure 6: Likelihood to Respond to SMS Mobile Marketing Message; Figure 7: Mobile Features Most Likely Response Mechanism; Figure 8: Marketing Campaign Response Flow; Figure 9: Mobile Advertising Examples; Figure 10: Direct Mobile Campaigns Examples; Figure 11: Mobile Marketing Ecosystem; Figure 12: Marketing Campaign Phases; Figure 13: SMS and Browser Usage; Figure 14: “HSBC Ride For Free,” A Mobile Marketing Campaign; Figure 15: Mobile Carriers; Figure 16: Mobile Consumer Trends; Figure 17: Smart Phone Enabled; Figure 18: Last Used Mobile Banking; Figure 19: Platforms Used for Mobile Banking
Table of Tables: Table 1: Acquisition Strategy; Table 2: Retention Strategy; Table 3: Mobile Commerce Strategy

Abstract

58 Million US adults received at least one mobile marketing message on their mobile phones in the last year. Mobile marketing provides an opportunity for financial institutions (FIs) to interactively reach on-the-move consumers closer to the purchase decision in a one-to-one communication. Mobile doesn't change the purpose or goals of marketing campaigns; it adds a new, often more effective, channel to reach consumers. However, FIs which overstep the boundaries of privacy or inundate consumers with unhelpful messages risk incurring their wrath. Additionally, little is known about the preferences of consumers for receiving such messages. This study provides a solid framework for FIs to integrate mobile into effective marketing campaigns. Strong consumer and industry data back the conclusions of the report and demonstrate why this is the right time to consider including mobile in marketing strategy.

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Mobile Marketing — Targeted, Timely, and Two-way: The Time is Right for Financial Marketing Strategies to Engage the Mobile Consumer

Table of Contents

Abstract