What’s in Your (Mobile) Wallet? Embracing the Future of Digital Marketing
We’re now living in a world with adults who have never experienced life without a computer. These digital natives are not only part of the world: They’re slowly coming to dominate it. Communicating, creating, consuming — all of these activities (and more) are done with smartphones.
Nearly every part of the consumer experience is quickly being routed through smart devices, and marketers have adjusted accordingly. In 2017, digital will comprise nearly 40 percent of all ad spend — outperforming TV for the first time. Unsurprisingly, mobile is the driving force behind digital, representing over 63 percent of all U.S. digital ad spend in 2016.
From video to banner to native, brands are delivering their mobile messages through a variety of channels. So what’s the next frontier? Mobile wallets.
What’s in Your (Mobile) Wallet?
Mobile wallets aren’t an anomaly — they’re part of a growing trend. According to Vibes’ 2016 Mobile Consumer Report, 32 percent of consumers currently use their mobile wallets. And a recent survey shows that Millennials are more likely to have used a mobile wallet than both Generation Xers and Baby Boomers.
From concert tickets to boarding passes to loyalty cards and coupons, consumers are compiling this content in a single space for streamlined use — to everyone’s benefit. The mobile wallet fulfills consumers’ desire for a personalized, instant and convenient experience.
Platforms such as Apple Wallet have also transformed the way marketers can engage consumers by providing a novel way to deliver offers, coupons and loyalty card content. But it’s not just a matter of getting people to use mobile wallets: It’s a matter of surprising and delighting them with your deals in those wallets.
Here are three ways you can take advantage of mobile wallets to connect with your audience:
1. Create Raving Fans
There’s nothing like the feeling of getting a great deal, except the feeling of getting an exclusive deal.
If you can make your mobile wallet users feel like VIPs, you’ll not only foster lifelong loyalty among them, but you’ll also increase the likelihood that they’ll share their raving-fan experiences with others. In fact, among those surveyed by Vibes, about 60 percent said they would have more positive feelings about a brand if it delivered offers and coupons that they could then save to their smartphones.
Offer target consumers access to coupons only available through the mobile wallet pass. Allowing them to download exclusive vouchers that are stored straight to their mobile wallets allows for easy engagement and helps your brand shine. As an added bonus, they don’t have to download a separate app to access them.
2. Change It Up
One of the many beautiful things about the mobile wallet is how flexible it is. In an instant, you can push out new offers to users and remove or refresh the ones that are stale. You can offer new deals each day or just during special clearance events — distribution is instantaneous. In doing so regularly, you’ll keep your brand from fading into the background.
Mobile wallets also present an opportunity to take personalization and scale it to previously unheard-of levels. Vibes found that about 94 percent of mobile wallet users keep personalized mobile wallet offers and coupons.
If all you’re doing is sending the digital equivalent of newspaper inserts, you’re leaving money on the table. Instead, use an individual consumer’s name, curate his deals based on past purchases, and help him keep track of his loyalty points.
3. Tap Into Those FOMO Feelings
Did you know iOS mobile wallets are fully opted in for notifications? In other words, you don’t have to ask permission before pushing out messages from a mobile wallet pass to consumers’ lock screens.
Beware: Irrelevant notifications and reminders are annoying, and pushing out too many is a great way to get deleted. But that doesn’t mean you should keep quiet, either.
Often, consumers stop using their mobile wallets because they either forget about them or aren’t sure which brands use them. Both of these problems can be easily solved through friendly “we miss you” messages or even location-based messages when they’re near your storefront.
Bring your brick-and-mortar location into the mobile age by alerting consumers to new deals when they’re nearby. A well-timed alert can be a powerful way to draw people into your store when they would have otherwise passed by. Done correctly, time-sensitive notifications can be highly effective. If one of your deals has an expiration date, push that information out to consumers at set intervals. It could trigger those powerful FOMO feelings.
Above all, focus on making your mobile wallet notifications helpful, and they’ll cease to be annoying.
The question now: Do you want to get out in front of the mobile wallet revolution or spend all your time playing catch-up?
Tony Tie is a numbers-obsessed marketer, life hacker and public speaker who has helped various Fortune 500 companies grow their online presence. Located in Toronto, he is currently the senior search marketer at Expedia Canada, the leading travel booking platform for flights, hotels, car rentals, cruises and local activities. Connect with Tony on Twitter @tonytie.