The mobile economy is projected to hit $1 trillion dollars by the year 2020. But while we spend 25 percent of our time using mobile devices, advertisers commit only 12 percent of ad dollars to them. While mobile drives only 2 to 3 percent of direct conversions, it is a factor in 40 percent of final sales. Why such slow adoption by brands? Anindya Ghose, NYU Professor and leading thinker on the mobile economy, describes “context” and “balance” as the possible keys.
In an interview with University of Pennsylvania Professor David Bell on Wharton Radio, Ghose shares solutions for businesses looking to take on a larger part of this market. Drawing from the research for his forthcoming book “Tap: Unlocking the Mobile Economy” (MIT Press, April 2017), Ghose identifies two key concepts for brands that want to improve their mobile communication with consumers: context and balance. “Context” encompasses both knowledge about the consumer and their exact situation: the time, their location, their mood, and other variables that go into deciding on a purchase. “Balance” is the delicate way that brands must walk the line between being a concierge (making consumers’ lives easier), and being a stalker (acting in a way that feels intrusive).