The popularity of the smartphone has exploded, and continues to do so. The ever-growing usage of the latest mobile technology across all demographics provides businesses in any type of industry with unique opportunities to reach their customers. But a lot of these opportunities are left untapped. In this article, Peter Weill and Stephanie L. Woerner discuss how all businesses can invest in mobile apps and create further success for their firms.
Mobile changes everything. People typically love their mobile devices and creating an app that keeps customers engaged pays big dividends. In our survey of 334 companies globally, the companies that achieved high customer engagement goals via mobile apps also had net margins and revenue growth significantly higher than their industry average. To generate this premium, engaging customers via mobile apps is a muscle all firms need to develop. As important as mobile apps are to enhancing a company’s current strategy, they are also an important change strategy because they introduce a new customer channel and a way to deeply engage with customers – particularly younger customers. In this piece we describe how to build mobile app muscle based on case studies and our global survey. We describe 5 different strategies and success stories from Westpac, Dunkin’ Donuts, Johnson & Johnson, Garanti and Woolworths to help us all learn how to succeed with mobile apps.