Mobile advertising takes the case of one-to-one marketing one step further, since it allows companies to send personalized offers regardless of time and space boundaries. By employing all the characteristics of one-to-one marketing and augmenting them with features such as location awareness, ubiquitous customer reach, direct response and time independence, mobile advertising is emerging as a promising advertising channel. However, little is known regarding the factors that may influence the effectiveness of a mobile advertising campaign. In this paper we attempt to identify such factors in the field of SMS advertising through an empirical survey of advertisers. Factor analysis is employed for model generation and the outcome provides four main categories that may impact the effectiveness of the SMS advertising communication: campaign strategy, targeting, creative development, and source.