While mobile marketing is relatively new, mobile wallet advertising is even newer, and there are a lot of misconceptions out there about it. Here’s what you might have heard...but need to be set straight on.
Myth 1: Mobile Wallet Advertising is Complicated
If you haven’t ventured into the world of mobile marketing, the idea of placing digital ads viewable on mobile devices, from which offers can be added to a mobile wallet, might seem complex, but in reality, they’re a breeze to set up (especially when you have a mobile partner like Vibes to help!).
Mobile wallet advertising is a simple three-step process:
The consumer views and taps a mobile banner ad. Vibes WalletLink detects the type of device and sends the consumer to the appropriate experience.
The consumer views the offer and has the option to save to Apple Pay or Google Pay mobile wallet.
The offer is saved, and when the consumer is ready, she can tap a payment terminal at point of sale to redeem the offer.
Myth 2: People Don’t Really Use Mobile Wallet
This is becoming less true by the week! 66% of consumers believe mobile payments will totally replace cash payments, and that number has skyrocketed with the additional perks that mobile wallets offer, including coupons and loyalty programs.
The great thing about mobile wallet ads is that once a user adds an offer to her wallet, the retailer can live there until she removes the offer. That gives you the opportunity to send reminders when that offer is going to expire or even update it to an entirely new offer.
Myth 3: Mobile Wallet Ads Aren’t Personal
Just like with any type of dynamic advertising, mobile wallet ads can be tailored to display only for individuals who have shown interest in a particular category or specific product. Say for example it’s early morning and someone Googles “nearest donuts.” Based on that trigger, she might then see an ad for Dunkin’ Donuts. She, more than her neighbor who’s on a diet, will be likely to respond to this ad by clicking on it.
It’s all about being in the right time at the right place.
Myth 4: Mobile Wallet Ads Aren’t Trackable
While this is true of billboards and paper coupons, it absolutely is false when it comes to mobile wallet advertising! Given its digital nature, mobile wallet ads can provide a wealth of information:
Whether people who click have Android or Apple phones
Number of people who save offer but don’t redeem it
Time between seeing ad and redeeming it
The second a consumer scans her mobile wallet offer at your point of sale, you instantly have data on the transaction and can use it to shape future ad campaigns.
Myth 5: There’s No Telling When People Will Redeem an Offer
There are strategies to creating a sense of urgency with mobile wallet ads. One is making the campaign short-lived and using verbiage to communicate that:
TODAY ONLY! Get $1 off any size cold brew.
Also targeting consumers who are physically near your location will also increase the likelihood of nearly instant redemption. Sending notification reminders, too, has an impact on redemption: consumers who receive notifications were 3x more likely to redeem an offer than those who didn’t receive notifications.
Myth 6: Mobile Wallet Advertising Doesn’t Engage Consumers
In fact, mobile wallet ads do a better job of engaging consumers than other forms of advertising! Because consumers spend 69% of their media time on mobile, it is absolutely the channel you need to be on in order to interact with your audience.
Mobile ads, because they are so customizable and valuable to consumers, get instant engagement and positive ROI. How much of your marketing strategy can you say that about?
Let Vibes guide you through your first mobile wallet advertising campaign. Contact us to learn more.