FYI…if you aren’t keeping up on mobile marketing news it’s time to start.   Interesting article below....

Financial Institutions Losing Revenue by Not Capitalizing on Mobile Marketing, Javelin Reports

March 17, 2010 — In 2009, wireless companies, retailers and ISPs took the lead in marketing directly to consumers through their cell phones while financial institutions lost ground.  In a new report issued this week, Javelin Strategy & Research states that financial institutions are losing revenue opportunities due to their lack of mobile marketing and advertising to a captive and willing audience.

“Our study found that mobile bankers are open to receiving mobile marketing and that twice as many mobile bankers received mobile marketing messages compared to all consumers with mobile phones.  Mobile bankers are also 25 percent more likely than typical consumers to take action on a mobile marketing or advertising message.  Financial institutions need to get on board and reach out to on-the-go, technology-savvy consumers,” said James Van Dyke, President and Founder.

According to the 2010 Mobile Marketing and Advertising report, only 23 percent of consumers have received mobile marketing in the past 90 days.  The report defines and gives examples of mobile marketing and advertising and advises financial institutions how to introduce a mobile marketing program.

The Javelin report also defines which consumers act on mobile messaging and how they respond, characterizes the mobile marketing ecosystem, identifies the effects of location-based marketing, and gives insight into mobile purchasing behaviors.

Key Report Findings - 2010 Mobile Marketing and Advertising

• A huge market exists for mobile marketing and advertising because 86 percent of U.S.  adults – 172 million in 2009 and growing – own a mobile phone.
• Mobile bankers are more open to receiving mobile messages, are three times more likely to make a mobile purchase and spend more on each mobile purchase than consumers in general.
• Younger consumers are more likely to make mobile purchases, but 75 percent of those 65 years and older are highly unlikely to take action on a mobile marketing message.
• Mobile marketing campaigns experience higher conversion rates than traditional campaigns because mobile messages encourage immediate action and interactivity.
• While text messaging is the most common form of mobile marketing, the growing use of smartphones with unlimited data plans opens the door for multimedia marketing such as banner ads, MMS, interactive videos, and location-based social media and games.

"Financial institutions can be most effective with mobile marketing when they make it part of an overall multi-channel marketing campaign.” said Mark Schwanhausser, Senior Analyst “By correlating spending patterns with mobile numbers, they can then personalize offers to individuals.  Banks and credit unions must focus on how they can best position themselves to adjust their marketing efforts to this new medium.”

About Javelin Strategy & Research

Javelin provides superior direction on key facts and forces that materially determine the success of customer-facing financial services, payments and security initiatives.  Our advantages are rigorous process, independent position, and expert people.  For more information about this or other Javelin reports, please visit www.javelinstrategy.com/research.