Advertising in Mobile Apps
A recent stat says 87% of Millennials say their smartphones never leaves their side. (Who knows you might be reading this email while in line for the new iPhone 6s) As a result the mobile applications will be a $77 billion industry by 2017. Companies can opt to advertise within mobile apps or utilize the mobile app itself as the advertising. Mobile apps offer an interactive, marketing experience that immerses consumers into your brand. They are inexpensive to create with free and low-cost options available. Custom options can even be created online at sites like Widgetbox and iBuildApp with little to no coding or development knowledge. Before making the call, consider these factors:
- What’s the goal? – What do you want to accomplish with your mobile app? Is it a way to engage users? Spread information? Generate revenue? Building brand awareness?
- Does it create value? – App users download and then abandon apps at an alarming rate. Prevent this by creating value. Find ways to make the user’s life easier. Bank of America, for example, allows users to deposit checks via their camera phone and mobile app. Walgreens allows users to refill prescriptions with their app. How will your app improve the life of its users?
- Will it Retain Users – Bank of America and Walgreens has fostered repeat app usage. Retention rate is an important success metric and can influence potential advertisers. Brands can do this by creating consistently fresh content and making regular performance updates.
- Free or paid? – This is a tough one. Mobile apps generate revenue through in-app advertising and downloads. Research shows free apps are downloaded 10 times more often than paid ones, but free apps don’t earn the download revenue so advertising will be needed for revenue A common option is to offer both free and paid versions with more features on the paid version.