A growing number of individuals spend more time staring at their smartphone or tablet's screen than they do watching television. It's possible that in the future, the days of big-budget TV ads will be long behind us, replaced with more targeted mobile ads.
The mobile advertising market is the largest growing sector in the industry and isn't expected to slow down any time soon. According to a Bank of America Merrill Lynch analysis, mobile ad spending will grow from $3.5 billion in 2011 to $18 billion by the end of 2015. Companies that choose not to engage with potential customers through this medium will quickly fall behind their competitors.
The mobile ad revenue enhancing platform StartApp recently released an infographic detailing the growth of mobile advertising. Some of its important points are mentioned below:
- Mobile ads are significantly cheaper than desktop advertising and often reap a greater benefit.
- The average smartphone or tablet user engages with a mobile device approximately 200 times a day, meaning that they spend over two hours a day using it.
- The rise in tablet use is propelling mobile ad spending. By the year 2018, these costs will be split evenly between smartphones and tablets.
- While only one-quarter of the developing world has internet access at home, 4.5 billion people out of this population own a mobile device. Businesses that have a domestic and international audience will need to employ a mobile advertising strategy to reach as many people as possible.
Mobile advertising allows small businesses and marketers to engage with customers in a more personalized manner. Companies that choose to explore this medium will put themselves in a better position to stay relevant and get ahead of their competitors. To learn more, consider working with a mobile ad agency like KeyMedia Solutions.