Facebook, Twitter, LinkedIn and most other social media networks are constantly competing with each other to be the best for businesses. The networks face many questions: Which platform has the best advertising features? Which have perfected mobile design? How can my platform outperform others in engagement and conversion rates? This intense competition leads to rapid innovation across the board, and in June, Twitter released a significant update to its targeting capabilities that allows marketers to target mobile users based on installed app categories.
What exactly does this mean? Twitter describes the feature as “a new tool that enables app advertisers to reach users based on the categories of apps they have installed on their devices, or in which we think they have interest.” There are currently 23 categories to choose from within the app store including Business, Entertainment, Finance, Health & Fitness, Lifestyle, Social Networking and more. Advertisers can see how many users are in each category, as well. Installed app targeting can be combined with other targeting categories, like age, gender or location, to further narrow the pool, and Twitter is offering new reporting tools for mobile app promotion campaigns to give advertisers better insight into their campaigns’ performance. Businesses can then adjust their future campaigns based on which app categories have the highest install rates, lowest cost per install and more. Financial services companies are already using this tool successfully. For example, the Acorns app is using installed app categories to target consumers with similar financial apps, which narrows the potential user pool and reduces costs.
Installed App Targeting on Campaigns Page (Left) and Installed App Categories (Right)
Recently, Google announced that more searches are now done on mobile devices than on desktop computers. Even more significantly, 60% of global mobile consumers use their mobile device as their primary internet source or are mobile-only users. These statistics indicate that businesses need to be aware of updates to mobile targeting on every social media channel. To this point, as seen in our Q2 Property & Casualty Insurance Matrix, insurance companies are jumping on the opportunity to connect digitally, with eight out of 12 major insurance companies promoting social media sites on their mobile applications – A trend that is sure to increase within this industry, and spread throughout the financial service landscape.
For more updates on mobile targeting and other social media changes, check out our Social Media Update service.