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Why your coupons need mobile
Digital coupon redemption rates are climbing, but mobile coupons may be where retailers find the biggest bang for their advertising buck. Because mobile consumers are looking for business locations, deals and offers for immediate use, not a week or more down the road.
I recently had the chance to chat with Locaid CEO Rip Gerber about their multi-source location platform and the trend toward mobile couponing.
Kristina: Tell me how the Locaid platform works and what it offers retailers?
Rip Gerber, CEO of Locaid: Locaid offers retailers the largest multi-source location platform in the industry. Our location sources include Network Mobile, Network WiFi, IP, Global Cell-ID, Landline and On-Device (GPS) location. Via our location sources we can locate over 4.7 billion devices across the world including over 423 million mobile devices in the US and Canada. Ours is a LaaS solution - that's Location-as-a-Service - where the location data is hosted in the cloud and accessed by retailers and developers via a simple API so there's no software to download, app to build or tools to purchase. It's a raw data feed that you can incorporate into your existing tools and platforms to realize immediate ROI with no CAPEX. On top of our data we offer added value location-based services including Geofencing and Location Analytics as well as the consulting expertise of our Location Services Group who work with retailers to develop bespoke location-based programs and campaigns that meet the exact requirements of our customers.
Kristina: Some research indicates mobile coupons have 10 times higher redemption rates than traditional coupons. Why is that?
Rip: Simple. We live in a mobile society. Today it's estimated that 85.8% of the world's population has a mobile subscription, nearly 6 billion people. And 26% percent of consumers are digital omnivores (own a laptop, smartphone and tablet). Mobile marketing allows a customer's location to be a data point in determining which promotion to send and when. This allows for ads to be tailored to a customer's real-time location, increasing open rates and redemption rates. Mobile coupons, like mobile advertising, can be tailored to your customer. For example, consumers can sync their phone to loyalty membership program (club card) at the grocery store. A consumers purchase history can then be used to offer mobile coupons on products they may like, introducing them to, and upselling, new products. This is like the "Netflix Recommends" feature of mobile coupons, which has always lead to good discoveries for me. And mobile coupons can be fun! Before, coupons were reserved for household items, such as ketchup, cat food, and cleaning agents. Snooze. Now, coupons can have the variety of daily deal sites, with discounts on social outings and fun local events, all with seamless redemption.
Kristina: How can brands better use location based SMS messaging/couponing to engage shoppers?
Rip: Brands are realizing that their mobile app and mobile-friendly website are no longer enough. Daily, as I speak with my company's clients, they tell me about abysmal download and engagement rates for their apps. My first question to them - are you offering anything that a customer needs? Or are your just pitching your stuff on a smaller screen? You have to be relevant. And knowing the location of your message/offer/service is the #1 way to be relevant.
More from Rip and Locaid tomorrow, including his top tips for optimizing a mobile coupon campaign.
Image via Shutterstock
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