We’re just over a month into the new year, and marketers are off to the races. You’ve likely nailed down your marketing budget and priorities, and are already knee-deep in deploying campaigns across a swath of channels.
Measuring the effectiveness of your marketing strategy is crucial for cutting through the promotional noise and staying ahead of your competitors. So to maximize the success of those campaigns, we’re sharing a list of top mobile marketing KPIs that should be on your radar in 2024.
Top Mobile Marketing KPIs to Kick Off Your New Year
1. Mobile E-Commerce Adoption
Mobile channels are already driving 60% of global e-commerce sales, so experts predict that mobile adoption will only increase in 2024. If more customers are shopping on their phones and tablets, then marketers must be able to track their online behavior across devices and communication channels.
Standard KPIs to measure mobile e-commerce adoption include sales attributed to mobile and average mobile order value, but another not to overlook is your company’s mobile cart conversion rate.
High cart abandonment on mobile may be indicative of a clunky checkout process, which can be remedied by partnering with teams in charge of e-commerce and user experience (UX). Marketers can also increase conversion rates by harnessing the power of AI-led features like Send Time Optimization (STO) for abandoned cart messages. That way, customers can be easily reminded of what items they left behind—regardless of which device they used.
Want to lift your retail and e-commerce lifetime value? Grab our guide on boosting retail LTV with cross-channel marketing.
2. Cross-Channel Performance
Let’s put it this way: customers aren’t going to be using fewer methods to shop and interact with their favorite brands online. Industry experts anticipate SMS and other mobile channels taking a front seat in 2024, especially as they become foundational means of communicating with customers.
KPIs to measure cross-channel performance run the gamut, but an initial place to start would be tracking the opt-in and/or engagement rates of each channel: email, SMS, mobile push, web push, and in-app notifications should be in every marketer’s toolkit.
But if your data is sending mixed messages, don’t be afraid to ask customers to specify their preferred communication method. Assuming what your customers want can never take the place of asking them explicitly.
Don’t have time to send a mass survey? No worries. You can take the guesswork out of your campaigns by using Channel and Frequency Optimization tools to automatically decide when to send messages and to which channel based on each customer’s individual behavior.
For tips on ways to uplevel your cross-channel personalization, download our guide on orchestrating your campaign messaging.
3. Gamification Impact
You don’t have to play Overcooked like you’re on the TV show “The Bear” to understand how effective gamification can be.
What marketers can’t forget, however, is measuring the success of their gamification strategies. One common way marketers include gamification is through loyalty programs, in which customers can earn points to level up and earn discounts and rewards.
So if you offer a loyalty program, make sure you’re tracking the engagement and conversion rates at each tier. That way, you can determine how best to communicate with each customer segment to drive increased purchases.
That said, you don’t need a formal loyalty program to benefit from segmenting customers based on brand sentiment. Iterable’s Brand Affinity, for instance, makes it easy to label subscribers as loyal, positive, neutral, or negative based on their engagement or lack thereof with your brand. Once you better understand your audience, you can use gamification more effectively in your campaigns.
Unlock customer loyalty and growth with our 2024 guide to lifecycle marketing, which breaks down the key steps you need to take to set your brand apart from the competition.
4. ROI on Mobile Ad Spend
Economic turbulence has continued to impact marketers, but experts are optimistic in 2024. Our friends at AppsFlyer report, “2023 saw an impressive 9% year-over-year increase in iOS non-organic installs (NOI)—an app download that happened as the result of marketing activity—after a 15% drop in 2022 compared to 2021.”
Moreover, AppsFlyer has surveyed marketers about the impact of Android’s Privacy Sandbox, which allows for testing and betas, and 53% said they will be spending more budget due to Sandbox.
This additional budget means that marketers will want to track their ROI on mobile ad spend to ensure their dollars are not circling the drain. A great way to get the biggest bang for buck is to set up Predictive Goals, as offered in Iterable’s AI suite, to identify customer segments that are most likely to purchase. By analyzing historical user behavior, you can mitigate churn and increase customer lifetime value.
Get the most out of your technology investments by downloading our checklist on how to maximize the ROI of your martech.
New Year, More Mobile Marketing KPIs
The name of the game in 2024 will be mobile marketing measurement. From e-commerce adoption to ad spend, the KPIs we’ve discussed in this post provide a way for marketers to gain deeper insight into the performance of their cross-channel campaigns.
But tracking isn’t possible if you don’t have a robust platform to make it happen. The new year is the perfect time to evaluate whether your martech is meeting your reporting and analytics needs. And if it isn’t, we’re here to help.
Want to test Iterable’s analytics for yourself? Reach out and schedule a custom demo today.