What’s your definition of a successful mobile wallet? Your answer might be something like this – a mobile wallet which makes payment easy, fast, and secure by leveraging state-of-the-art technologies and cutting-edge features.
This definition is absolutely right. However, one must understand that only those mobile wallets taste the success which manages to achieve higher adoption. And you would agree that when it comes to wider adoption of any product or service then cutting-edge technology takes the backseat.
And this is quite evident from the success of popular mobile wallets such as Android Pay, PayPal, Samsung Pay, etc. There’s no doubt that these wallets were empowered with cutting-edge tech.
However, these wallets were able to make breakthrough only because of their excellent mobile wallet marketing strategies which involve exciting surprises, engaging experiences, rewards, loyalty points, etc. In a nutshell, mobile wallet marketing is a key aspect for the success of any mobile wallet.
What is mobile wallet marketing?
Mobile wallet marketing refers to all the marketing strategies, tools, and efforts that are employed to grow, engage, and retain the users of mobile wallet app. This includes coupons, loyalty cards, value-added services, and many other things which we will discuss in detail later in the blog.
It’s also noteworthy to know that if anyone is willing to leverage the benefits of mobile wallet marketing, then they must ensure that their mobile wallet platform allows seamless integration of marketing tools and 3rd party services through APIs.
Top 5 mobile wallet marketing strategies and ideas
Now, that we have understood what mobile wallet marketing means. Let’s have a look at the top 5 mobile wallet marketing strategies and ideas.
Mobile wallet pass refers to any non-payment item like a coupon or loyalty card that can be stored inside a mobile wallet. With a mobile wallet pass, customers can store all their passes in a central space.
Vouchers & coupons
Mobile wallets enable merchants and financial service providers to create customized vouchers and coupons for their users. They can also send them directly to the customer’s phone. Not only this, but admin can also send notifications with new images and expiry data reminders.
One major advantage of voucher and coupon is that it can be tracked to learn and analyse customer behaviour. Moreover, customers can be also targeted based on their location with the help of notifications and geo-triggers.
Loyalty cards also have some features similar to coupons, for example, it can send location-based messages, update in real-time, and enable wallet operators to target specific customer segments.
Apart from that, it also comes with its own unique features. For an instance, wallet operators can notify customers whenever they reach or unlock the higher level of the loyalty program. Apart from notifying, they can also change their status, for example, from Silver to Gold of their loyalty card.
Even the merchants can offer rewards to the customers such as an extra gift or VIP membership for reaching to a higher level.
Merchants can also send their users a welcome message on their phone the moment they enter the store. This would act as goodwill and also a reminder for customers to collect their loyalty points.
Other types of mobile wallet pass
Coupons and loyalty cards are not the only two examples of mobile wallet pass. There are also many other types of mobile wallet pass such boarding passes, business cards, gift cards, membership cards, booking confirmation, exclusive offers, sweepstakes, stamp cards, etc.
In membership cards, the wallet operators can update information along with sending vital information to all their members.
Cashback has often proved to be an effective tool for mobile wallet operators that drive customer engagement. This is because cashback is quite popular among users as they are fun to use, easy to redeem, and are straightforward when it comes to the value.
Cashback enables users to make purchases directly from their mobile wallet. Furthermore, it also enables them to send money to their family and friends or transfer it to their own bank account.
Alert & notifications
Alert & notifications such as SMS, email, lock screen notification, etc. are vital tools used by mobile wallet operators to let their users know about their new offering.
Out of this, lock screen notifications have emerged as one of the effective ways to draw the user’s attention and increase the response rates.
Furthermore, notifications offer a great deal of customizability as operators can personalize the notification content for targeted marketing campaigns.
Operators can also maximize the effectiveness of the notifications by scheduling them for data, time, frequency, or any other conditions such as collected points or purchase history.
Today, there are multiple apps available for a plethora of services. This is the reason why users prefer the convenience of using a single app for all these services.
Integrating value-added services into the mobile wallet can prove to be a vital strategy for increasing wallet usage and achieving customer retention.
Advanced reports & analytics
Mobile wallet is an excellent platform when it comes to the collection of data and insights of customers’ buying behaviour. Wallet operators can receive insights from transaction histories, deletion percentages, repeated purchases, check-ins, coupon redemption, and ROI of mobile loyalty programs.
These data can improve the mobile wallet marketing strategy and help the wallet operators to take insight-driven business decisions.
Benefits of mobile wallet marketing
Mobile wallet marketing comes with a plethora of benefits for wallet operators, merchants, and users as well. Let’s have a look at it one by one.
Fulfils customers’ demand
In today’s digital age, customers want everything including offers and discounts on their smartphone. According to a report, around 94% of the mobile wallet users are likely to save personalized coupons and offers.
So, if you enable your users to save coupons and offers via mobile wallets, then there’s a high chance that they will redeem it at some point in time. By offering coupons, you can boost both online and in-store sales.
Mobile wallets enable users to get rid of saving stacks of loyalty cards in their physical wallets. With mobile wallets in place, customers can save loyalty card information directly into their mobile wallet.
By integrating loyalty rewards in the mobile wallets, you can enable your customers to gain loyalty rewards directly from their phone. This is one of the biggest benefits for customers as it provides them with rewards at convenience. And in turn, it enhances customer loyalty.
One of the biggest advantages of mobile wallet marketing is that it provides highly accurate data and insights. With this, owners can know as to how many people saved the offer or how many of them redeemed it.
These insights are highly valuable as they help business owners to make insight-driven business decisions. With accurate tracking, business owners can create tailor future campaigns which would ultimately result in an increase in ROI.
Drive in-store sales
Converting online traffic into in-store sales is a tough job. But mobile wallets bridge the gap between the two. With the help of beacon technology, you can notify your customers about the special offers whenever they are in the proximity of your stores. Customers can either redeem the offer on the spot or can save it for later use.
Mobile wallets have certainly become much more than just a payment platform. For marketers, it has become a smarter and productive way to drive customer engagement. With interactive and measurable marketing campaigns, marketers can gain a crystal-clear insight as to which things are working for them and which ones aren’t.
Mobile wallets are unarguably the future of marketing campaigns. If you’re looking to leverage this future trend then DigiPay.guru can help you achieve this goal with a robust and advanced mobile wallet solution. DigiPay.guru has a robust mobile wallet solution that comes with all the cutting-edge features and state-of-the-art technology. Contact DigiPay.guru now to get started.