Video Case Study: How LendUp is Making a Mobile-First Credit Card
If you don’t have a mobile-first strategy, it should be your top priority. Davos experts predict Uber-like disruption with winner-take-all dynamics in other industries. Even big players aren’t safe: Accenture’s CEO says digital is the main reason 1/2 of the Fortune 500 have disappeared since 2000.
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If you have a mobile strategy, the odds are that you are seeing a positive ROI. While 3/4 of businesses measuring KPIs are seeing a positive ROI, only 1/2 of companies have a mobile strategy, and only 1/3 regularly review their mobile strategy. Red Hat survey of IT decision makers shows mobile delivers ROI
Don’t take my word for it: NYU Professor Scott Galloway says that what defines a digital genius brand in part means being mobile-first. It may take other qualities to meet his definition of a digital genius brand, but you would be hard pressed to find one that isn’t mobile-first. It’s a requirement.
Going mobile-first is not about just an app, it’s about using the best technology you can to serve people in the way most convenient for them. Mobile is the channel through which the cloud, big and AI are finding their utility for consumers. Keep in mind that 90% of all the data in the world was created in the last 2 years and we just had a 50x boost in deep learning performance in the last 3 years.
If you’re competing with a mobile-first leader, you need to build a compelling mobile-first vision of your own. Uber is operating at a loss of billions to grab market share around the world, and their investors are happy to fund them do so.
Even companies filled with geniuses can struggle to adapt to the new mobile-first reality. After losing mobile ad share and watching competitors’ apps grow at double digits last year, Google is fighting hard to regain its mobile ad relevancy.
Sorry, but you can’t just hire a Chief Digital Officer and make it their problem. MIT’s Jeanne Ross says digital transformation requires organizational surgery and focusing on solution experiences over products.
Achieving a mobile-first vision may necessitate acquisitions, new partnerships, new customer feedback mechanisms and even new business models. GM is launching a car-sharing service, thanks to acquiring the talent of a failed Uber competitor, and will collect customer feedback through WhatsApp. All that will augment GM’s partnership with ride-sharing service Lyft. GM’s CEO/Chairwoman plans to be in front when she said at Davos that the auto industry will change more in the next 5-10 years than the last 50. The same is true of your industry, so what’s your plan?
Even failing to IPO and competing with another mobile-first leader isn’t enough to prevent a strong mobile-first company from raising significant funding. Music streaming service Deezer just raised another $109M to help them grow users in 180 countries.
Customers don’t want just products; they want better experiences. Experiences are trumping ownership as the new status symbol.
There is a lot of low-hanging fruit left in taking existing popular behaviors and making them truly mobile-first. Recognizing that the smartphone is the first screen and the TV is the second screen, Facebook has launched a dedicated customized place to share sports in real time. I just hope it pulls the sports chatter out of my newsfeed. Here’s hoping awards shows and reality TV are next.
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Before you build your next app, ask yourself if a chat service could solve the job your customer wants to do. Most apps are failures, but conversational commerce holds great promise. There are no downloads or logging in, consumers just start chatting with your company, inside a context they are already familiar with like Facebook Messenger. Your bot builds its understanding of them based on conversations. You can improve the service in real time, without waiting for app store approvals and customer upgrade cycles. Even if you have an app, your customers will likely expect chat services soon. If you don’t have it, they may just go to 3rd party concierge services and cut off your direct access to them.
What kind of information do your customers need at a glance? Virtual and augmented reality may have more buzz right now, but the wearables hardware revolution is still underway. Apple is now the second largest watch company in the world. The Apple Watch will do $5B – $10B in sales this year, while the entire Swiss watch industry is $25B.
Thinking about your customer experience in the mobile context surfaces new ways to surprise and delight your customers. If you hear a song at Starbucks you can now save it in Spotify, thanks to a new partnership. Starbucks employees have already been taking ownership over the in-store music experience thanks to employer-comped Spotify Premium subscriptions and the power to make playlists for their customers.
Looking for a new way to surprise and delight customers? How about using heartbeat sensors to help them better understand what they want? A new dating app tracks your heartbeat to find your next match.
Mobile will continue to put increasingly advanced technology into consumers’ hands. Smart companies will give their customers these tools to help them make more informed buying decisions, before someone else does. Augmented reality for trying on makeup is booming.
Mobile creates new opportunities to reduce anxiety caused by broken feedback loops in your processes. WayUp relieves some of job-seekers’ stress by giving mobile notifications when employers open their resumes.
You can use apps to recruit the best and brightest in tech. Microsoft needs more artificial intelligence researchers to help accelerate building AI into their flagship products.So they are releasing seemingly silly mobile apps to help recruiting.
Becoming mobile-first should be every retail bank’s #1 priority. Last year investment in (mostly mobile) startups disrupting retail banking tripled to $6.8B, and retail banking is already a mobile-first activity.
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If you’re betting that as Millennials start to earn and spend more their shopping behaviors will go back offline, good luck to you. Mobile is already causing a seismic shift in retail.Walmart and Macy’s are closing stores, creating a domino effect for malls. Meanwhile, Starbucks partially credits their investment in mobile with helping them deliver record results in Q4 2015.
If you’re hoping your marketing will break through the noise, it better be mobile-first. Americans spend almost 4 hours daily on their phones: 3 hours in apps and another 50 minutes in browsers daily last year.
Drones might be toys for now, but expect to find a lot more people soon who know how to fly them for your next company video. +180k people have registered drones with the FAA.