Measuring the hard ROI is a given when building a business case for any technology investment. But what do you do when you’re trying to build a case for something that is brand new or untested in your business, like mobile?
Hard ROI numbers like purchases/subscriptions or user growth can be gained from a trial run of a new technology. Beyond that, Forrester Research’s latest report, “ Beyond ROI: Showcasing the True Impact of Mobile Marketing,” recommends using four main benefits of mobile to help you outline the true impact mobile can have on your business:
- Customer value – How will mobile change your relationship with, and add value to, your customers? Using your data, you can build profiles of your customers to understand how they are interacting with you on mobile and how their lifetime value grows over time.
- Brand engagement – What new interactions will mobile create? If you believe like we do that every user engagement adds up to their customer experience, then the possibilities of mobile to offer new ways to interact with your customers can’t be underestimated — and can be gleaned from your analytics.
- Business impact – Mobile should save you money and offer you new revenue streams; brainstorm the effects this duality could really have for your business. Because, who can argue against more profitability?
- Mobile agility – The user data collected via sensors in devices is one of the biggest benefits of mobile. How will this new knowledge grow your understanding of your customers and give you more opportunities to engage them in the future?
Showcasing Customer Value at Movember
Let’s dig into an example to demonstrate the first area: showcasing customer value. For this part of your business case, Forrester recommends using your audience’s behaviors and feedback to demonstrate the additional value mobile brings to your business. Potential data sources to tap into include your analytics to understand in-app, or mobile web behaviors and feedback from beta tests or NPS surveys. You can then use this data to showcase:
- Content consumption opportunities not previously possible
- The increased access of your assets and content via mobile
- The incremental value of mobile customers to your brand
For example, Movember, a global charity committed to helping men live happier, healthier lives, has a cool app feature called the Mo Tracker. Through daily photos, participants who use the feature can track their daily moustache growth in a much more visible way (literally and figuratively, the app makes it easy to share “mo” progress over social and creates a time lapse video).
Through their mobile analytics, Movember identified that 70% of their iOS app users accessed the Mo Tracker during November. Those who used the feature were identified as “engaged users” and were 2X less likely to leave the app.
With powerful data that demonstrates customer value – plus three other mobile benefits to tap into – you’ll be able to make the case for mobile. To get your complimentary copy of the report, download it here or click on the CTA below.