Recapturing the Missing 1% in Lost Mobile Conversion Rates – The Importance of Micro Moments
We have all learned that to really succeed in mobile, you have to do a lot more than just shrinking your E-Com site so that it looks nice on a mobile screen. Launching a mobile optimized site might recapture half of your lost mobile conversion rates, but if you really want to go all the way and recapture more than just the first 1% that is missing from your full site conversion rates (Read our blog post – “Mobile Commerce And The Missing 1% In Conversion Rates”), you have to gain an awareness that mobile is way more than just another channel. Your team will need to learn how to market to ever-distracted mobile consumers in new ways, using new tools. This new paradigm in mobile marketing begins the concept of the “Micro Moment”.
Micro moments are the instances we all experience during our mobile, day-to-day lives. According to the U.S. edition of Deloitte’s recently completed “2015 Global Mobile Consumer Survey“, Americans check their smartphones 8 billion times per day. So, I’m crunching numbers right now…hold on…there are 190 million smartphones in the U.S. … so that means on average we are checking our phones 42 times per day! That, my friends, is an addiction if ever there was one! Back to the point, micro moments are what happens when we check our smartphones 8 billion times per day.
Some or even most of these moments are personal in nature. These include our text messages, work emails, photo ops, calendars, friend updates, and yes even voice calls (for the dinosaurs out there who remember such things). These personal micro moments are not appropriate moments for brand intervention. I’ll repeat this last sentence for the marketers in the audience: personal micro moments like the ones mentioned above are not places where brands should try to be. Your brand will be deemed intrusive. Your brand will pay.
But, there are many other micro moments during our day where brand presence is not deemed intrusive. These are the moments where we are looking for answers to questions. These micro moments are ones where our inner (or outer) dialogues might start with “Hmm, I need to know if….”, or “I want to go to…”, or “I want to do…”, and yes, “I want to buy…”. We at mShopper call these mPulse Micro Moments, and not only is your brand allowed to be present during such moments, we suggest that NOT BEING THERE AT THOSE MOMENTS IS INCREDIBY COSTLY FOR YOUR BRAND. And it’s more than just a lost sale.
Why is ‘being there’ during the right micro moments – mPulse micro moments – so important? Well, first of all, let’s acknowledge that mobile has won. The device game is over. For most retailers, it is now true that mobile devices account for more than 50% of their website traffic. Against this backdrop, Think With Google commissioned Forrester Research to explore mobile consumer behavior patterns. The data are fascinating. We took the liberty of extracting some key findings below:
While each of the data points above are amazing, lets sequence what we have learned so far (in an order that should trigger a “Holy Cow” gasp for brand marketers):
- Americans check their phones 8 billion times per day, or 42 times per day, on average
- Many moments are not brand appropriate, but many are. These are mPulse Micro Moments
- 82% of smartphone users say that [during mPulse Micro Moments], they consult their phones on purchases they are about to make
- 90% of this group are not certain of the brand they want when they begin looking for information online, and
- 33% of the remainder ended up purchasing from a company or brand other than the one they intended to buy!
So, what all the above is saying is this:
So, as marketers, we now know that our brand must learn how to “Be There” during brand appropriate micro-moments. The question is, how? Now, Google will tell you the answer is search. But of course, search is Google’s “raison d’être!” But Google or Bing Mobile Search is not the answer for 99.99999% of all of us out there trying to make a living in E-Commerce. And here’s why: There just ain’t enough pixels!
I am not sure most of you know this, but there are 7 million retailers out there in the world today. 7 million! And of these, guess how many show up in a Google mobile search? Well, I took the liberty of doing a simple search for a “Pulp Fiction DVD” (I am not sure why that popped into my head, although it was Tarantino’s best movie, followed by Kill Bill 1 and 2). Anyways, as you can see, four brands succeeded in ‘being there’ in response to my “I want to buy moment”: 2 Best Buy and 1 Jet.com paid search plus one organic from, guess who, Amazon.com. Now I am not saying that Paid Search or SEO is a waste of time, but…the odds are not good and you better have really deep pockets to play in this game.
Not to worry, though. There is a way better (more predictable/cheaper) way for brands to be there during those brand appropriate – mPulse Micro Moments! And it starts with a simple premise: Make sure that you are there for your best customers exactly when they need you!
I am going to stop here for now. The story will surely continue…