As mobile apps solidify their global indispensability, the mobile app marketing industry is gearing up for significant growth in 2024. The landscape is rapidly evolving from North America’s robust position to explosive developments in APAC. Amidst this dynamic, Lou Hong, VP of Marketing, Adjust, shares three pivotal forces that will drive sustained growth and clever strategies for marketers and developers.
Apps have become essential the world over, shaping how we communicate, work, shop, entertain ourselves and beyond. As this growth continues, however, so does the complexity of the mobile advertising and measurement space. Stepping into 2024, the mobile app marketing industry is poised for remarkable growth.
A slew of developments set to redefine user experience and revolutionize app development place the North American market in an increasingly strong position, with revenue projections soaring as high as $273 billion by 2027, per Statista. Meanwhile, markets spanning Brazil, Indonesia, India and Turkey are also experiencing explosive growth due to enhanced mobile infrastructure and the widespread availability of smartphones.
This means there’s incredible potential for marketers in developers in geographies worldwide – from those already highly established to those still presenting emerging potential. We analyzed the top 2,500+ apps and their performance in the first half of 2023 and found that Asia-Pacific (APAC) saw the most global app growth across all verticals, with India taking the lead for all countries.
While this is incredibly encouraging, it’s essential that marketers are equipped with the knowledge and tools needed to navigate a more complex ecosystem from the tech and campaign optimization perspective. We all know about iOS 14.5 and SKAdNetwork (SKAN) at this point. Apple was only the first in the industry to shift away from device-ID-based measurement and toward a privacy-centric, aggregated data future. Savvy growth marketers are already holistically embracing this shift and opting for next-generation solutions and performance tech.
See More: The Key Ingredients To Driving a Successful Food Delivery App Business
Here are three fundamental driving forces for sustained and clever growth in 2024 and beyond.
Data Privacy Becoming Normalized
As advertisers continue to iterate on their SKAN 4 strategies, Google’s rollout of Privacy Sandbox on Android is right around the corner. The past couple of years have shown that remaining agile and taking a solutions-oriented approach keeps data privacy disruptions to a minimum. And as user education on the topic improves and opt-in rates continue to climb, mobile app marketers who demonstrate their commitment to data privacy can gain a competitive advantage.
CTV Ad Adoption Taking Flight
According to a recent report by LG, 93% of U.S. internet users today are reachable via Connected TV (CTV). Meanwhile, IAS found that almost half of media experts (44%) agree that CTV and digital video hold the most potential for innovation in the coming year. Over the past few years, CTV advertising has seen a rapid surge in adoption by mobile marketers. One of the primary drivers of CTV adoption by mobile marketers is the ability to reach highly targeted audiences. For example, Peacock streamed the most-watched NBC NFL regular season game between the San Francisco 49ers and the Dallas Cowboys during the October NFL game, proving to draw in a highly coveted audience.
Marketers already see the value of adding CTV to their marketing mix, and many app marketers consider CTV essential to their strategy. CTV offers a level of precision targeting that is not possible with traditional TV advertising and is also more cost-effective. CTV can add incremental value to mobile app campaigns and be a true performance channel.
One game developer we’ve recently worked with found that users who downloaded its app after seeing their CTV ad went on to spend 30% more money than those who downloaded it organically.
Advanced Analytics to Bolster ROI and Build Trust
With the explosion of mobile apps, competition is fierce, and companies must be both performance-oriented and creative to succeed. Advanced analytics can be a game changer for mobile app marketers by helping to provide predictive analytics, incrementality, machine learning and marketing mix modeling (MMM). These tools help to deliver a new type of measurement solution to the industry that empowers marketers to analyze the success of their campaigns and create engaging experiences for users.
For example, by utilizing advanced analytics, Vietnam-based SeABank acquired 1 million new users and their IDP grew its education apps with a 25% increase in monthly active users and a 50% reduction in cost per install.
The incremental insights gained from these new measurement strategies can help businesses optimize their marketing strategies, identify trends and patterns, and uncover insights that can improve user acquisition and retention — all while remaining privacy-compliant. One of the most interesting outcomes of remaining privacy compliant is that mobile marketers have found alternative ways to become creative with measuring impact. The new tools are just scratching the surface of what is possible.
The mobile app ecosystem and its ability to withstand economic fluctuations continue to be resilient. However, this also highlights the challenges marketers must overcome to remain relevant in the ever-evolving marketplace. They must continue to adapt to rapidly changing markets, user needs, and new technologies, along with navigating the complexities of data and privacy usage — all of which demand an unwavering commitment to innovation.
In the face of these changes, the need for growth and ROI in the mobile app marketing industry remains. Marketers must leverage the tools available to measure and interpret data, maximize efficiency and make better decisions. Delivering highly customized, seamless user experiences, executing cross-platform campaigns, and tapping into the potential of new channels, such as CTV, will prove invaluable for marketers and developers seeking sustained and strategic growth in 2024 and beyond.
Do you foresee any obstacles that the mobile app ecosystem might encounter in the coming years? Share with us on Facebook, X, and LinkedIn.We’d love to hear from you!
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