Using 2D art your compression possibility's are indeed a little bit restricted to only down scaling or changing the Bit depth without losing enormous levels of detail which is the case by the DXT compression.
From normal assets of 32bit depth it's doable to compress the assets to 24bit or 16bit (8bit will leave you with only 256 colors which is nowadays way to few for decent graphics unless you're ofcourse making a retro game or game that suits those graphics ;)) Doing this will grant you a 25% or 50% profit in video memory/ram usage of your game.
Besides compressing you should also think of unloading content or don't load content that you don't use. In case you load all your assets in the menu while you only need the menu assets or loading multiple levels while only using 1. This together with the first point should help you press down the memory by pretty big numbers and make the footprint small enough for mobiles to.