5 Reasons Why You Need a Mobile Wallet Strategy

June 19, 2017 Vibes

While just a few short years ago, you might not have had mobile wallets on your radar as a marketing opportunity, they have now evolved beyond simply being payment tools. Today’s mobile wallets are sophisticated marketing channels that allow for customized content and increased loyalty.

Here’s why you need a mobile wallet strategy, if you don’t already have one.

  1. Customers Want It.

Today’s consumers have come to expect offers on their mobile devices: 94% of mobile wallet users are likely to save personalized mobile wallet offers and coupons. That means that if you aren’t providing them offers to interact with your brand via their mobile wallets, you’re missing out on the opportunity to increase sales. Having the ability to save offers and coupons to their mobile wallets increases the likelihood of redemption, both online and in-store.

If you’re trying to reach consumers aged 18 to 34, the demographic most likely to use a mobile wallet, complying to their desires will only increase their love of your brand.

  1. It Increases Loyalty.

Gone are the stacks of loyalty cards a shopper has to carry in her wallet. In their place is the mobile wallet, which allows her to digitally save all her loyalty card information. In fact, saving loyalty cards to phones is the most desired mobile wallet consumer feature, according to a recent Forrester Research Inc.’s report.

By combining the ability to pay digitally with the opportunity to accrue loyalty rewards, your mobile wallet strategy packs an extra punch of benefits to consumers, which, in turn, benefits your brand.

And the more targeted you make the offer, the higher the customer loyalty. Mobile wallet marketing platforms give you detailed granularity into your customers’ habits and behaviors, providing you with ample data to customize your loyalty offers.

  1. It Doesn’t Involve Developing Your Own App.

While some brands have their own mobile wallet applications, we’ve seen great success with brands who work with Android Pay and Apple Wallet. Because these are already established mobile wallet platforms, you have the potential to reach an even wider range of new customers when you take advantage of these channels. Mobile users don’t have to download an additional app, and since now 49% of smartphone users don’t download an app in a given month, you’re not fighting a losing battle.

  1. You Can Deliver the Right Offers to Increase ROI.

The biggest benefit of mobile wallet marketing is that it is so highly trackable. You can get valuable insights on how many people save a given offer, as well as how many redemptions each receives. Being able to track the ROI of any marketing campaign helps you tailor future campaigns to have the greatest impact.

Because you can send a variety of marketing messages with mobile wallet content, including email, SMS, ads, and mobile web offers, you maximize the channels where you can reach your audience.

For example: Wallet ads let consumers ‘tap and save’ your offers from mobile ads into their mobile wallets. Even after an offer expires, you can update your offers to continually appeal to consumers since both Android Pay and Apple Wallet allow you unlimited content updates.

  1. You’ll Drive In-Store Sales.

It can be challenging to convert online traffic to in-store activity, but mobile bridges the gap between the two perfectly. With beacon technology, mobile users will be notified of special offers when in proximity to your stores. Whether they redeem an offer or not that day, they can save it and continue to get your latest offers in their mobile wallets.

Simply throwing together a mobile coupon isn’t a mobile wallet strategy. You need a partner who understands what works in mobile wallet marketing, who can guide you to creating a long-term, cohesive plan to continually engage your audience and increase your ROI.

 

Previous Article
Meet Sophie Vu, Vibes’ New CMO
Meet Sophie Vu, Vibes’ New CMO

Hi, I’m Sophie Vu, Vibes’ new CMO. We announced my appointment, as well as the appointment of Bill Scott, o...

Next Article
Engaging on Mobile Just Got More Personalized 😊
Engaging on Mobile Just Got More Personalized 😊

As the leader in mobile engagement, Vibes consistently seeks to provide our customers with a best-in-class ...