In this video tutorial, Noah Elkin explains the importance of keeping up with where the market is trending when dealing with your mobile marketing strategy. There are many data sources that can help you stay current with key trends,;however, many resources sit behind paywalls requiring subscription access. But, if you're willing to do some legwork, you can find a lot of valuable information for free.
- [Narrator] The market moves fast just like your customers and your competitors. Are you doing anything to keep up with key trends? You can and you should. Fortunately, there are lots of different sources for gathering market data. So let's talk about the kinds of information you might need and some of the tools you can use to get it. First off, you want to get a sense of where and how fast the mobile market is growing. That means looking at shipment data for smartphones and other computing devices. A number of firms, including International Data Corporation, or IDC for short, Strategy Analytics, and Canalys track smartphone shipment data as well as shipment information for a host of other devices.
Here are examples of recent forecasts from company press releases. You also wanna understand how consumers are using those devices, where and how they're spending their time, such as the apps and sites that are capturing their attention. Nielsen and Comscore offer a wealth of user behavior data about not just mobile, but also web and cross-screen usage, that's desktop, mobile, and TV. That's important because you'll wanna have a sense of those intersections in media usage so you can figure out how to best target your messaging and media spending. For marketing trends including ad spending data, look to research firms like Forrester, eMarketer, and Business Insider.
Traditional research and advisory firms like Forrester and Gartner can provide everything from high-level strategic guidance to help with vendor selection. Now here's the challenge. A lot of this information sits behind locked doors, but if you work for a large corporation, you may have subscription access, so be sure to check if any of your colleagues is a seat holder. Many university or business school libraries also have subscriptions to some of these services, so you may be able to get access that way. And barring either of these two routes, there's still plenty of free information available in press releases, corporate presentations, webinars, and company blogs.
If you find yourself in need of data, check the research companies' own websites as well as their free newsletters and sites like SlideShare, where data-rich presentations often get posted. Sites like Marketing Sherpa, Marketing Charts, and Statista also regularly post ready-made charts sourced from publicly available data. In addition to the research firms I mentioned, there are a number of venture capital firms and consultancies that put out annual or semi-annual trend studies that feature a broad range of market data aggregated from a lot of sources. These presentations are also helpful because they encapsulate major disruptions to traditional industries and big shifts taking place across the digital landscape.
Some of the best are from Mary Meeker, a former investment banker with Morgan Stanley who now works at the venture capital firm Kleiner Perkins. She's been producing her annual Internet Trends report for 15 years. There's also Activate, a New York based consultancy that puts out similarly high-level presentations. Like Mary Meeker's Internet Trends report, they're not exclusively focused on mobile, but also like Meeker's stats, they feature big trends and expertly curated data. And Benedict Evans from venture capital firm Andreessen Horowitz publishes a regularly-updated presentation that contains a wealth of mobile-specific data.
Ultimately, whether you have the resources to purchase one or more research subscriptions or end up having to do some of the legwork yourself, it's a good idea to maintain a library of relevant market information to inform your strategic planning and any ongoing tactical execution you're doing. Earmark some time each day or each week to stay current. Not only will your brand benefit, but you'll end up looking like a hero to boot.
- Explain the importance of quality content when it comes to mobile marketing.
- Describe the ways in which mobile is both innovative and disruptive.
- Determine your brand’s mobile readiness.
- Use SWOT analysis as the framework for assessing your brand.
- Give examples of how to turn data into insights.
- Cite the three steps for implementing a mobile strategy.
- Describe why you might want to consider working with external partners.