Guest blogger: Anindya Ghose, Heinz Riehl Chair Professor of Business at New York University’s Stern School of Business
If you think you’re making the most of the mobile economy in your business, I’m story to tell you that you’re probably wrong. Here’s the hard data: consumers spend about a quarter of their time with media on mobiles these days, but companies are spending only about 12 per cent of their marketing dollars on mobile. If you can find a way to monetize mobile, you’ll be tapping into a $3 billion market that’s worth 4.2 percent of the world’s GDP.
Ignite 2107: Academics and business leaders
So how do you go about doing that? One way is to take advantage of the research that’s already out there and the best practices that smart marketers have put into place. “Integrated marketing has never been more important” is the title of my presentation at the Ignite 2017 Marketing Conference https://carlsonschool.umn.edu/conferences/ignite-conference. On October 19, we’ll be focusing on the convergence of marketing and technology with an eye toward practical applications and solutions. The conference is sponsored by The Institute for Research in Marketing at the University of Minnesota’s Carlson School of Management and YA, an industry leader in delivering high-impact marketing promotions.
At each session, business scholars and corporate leaders will be co-presenting academic findings and real-world results. My session will include both my own academic insights and case study information from companies in South Korea, India, Germany and South America.
In my book, Tap: Unlocking the Mobile Economy, I outline four contradictions as examples of the difference between what consumers tell you and what they actually do. I’ll be covering those in my presentation, but here’s one of them to ponder in the meantime: Your customers might tell you they care a lot about data privacy, but they are often willing to use their data as currency–very quickly. Here’s how that contradiction played out in my research: At a large shopping mall in China, customers were offered the option of accessing free wifi service in exchange for allowing the mall to monitor their shopping trajectories and send them personalized coupons and ads. More than 75 percent of customers opted in, even though to do so involved handing over personal data.
What’s the takeaway for marketers? We’re heading into an ecosystem in which consumers, no matter what they say, are actually willing to barter data for convenience. As long as companies learn how to treat them like a concierge, not a stalker, they’ll be well on their way to prospering in this new-world economic system.
Ready to learn more? I’m looking forward to seeing you on October 19. Register for Ignite ’17 here.https://carlsonschool.umn.edu/conferences/ignite-conference