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BizReport : Mobile Marketing : February 13, 2015

How to implement a bigger mobile wallet strategy

Currently, Forrester Research reports that more than half of U.S. consumers put loyalty and coupons as the top priorities for their mobile wallet usage. What's at the bottom? Payments.

by Kristina Knight

According to the findings from Forrester's mobile wallet report brands can best benefit from mobile wallets by tying payment options with loyalty program benefits as well as coupons and other discount offers.

"While mobile payments are the most buzzed-about feature of mobile wallets, brands need to listen to consumers and invest in the non-payment marketing opportunities. Doing so will allow their customers to become familiar and comfortable with communicating with their brand through a mobile wallet via loyalty cards, gift cards, coupons, etc," said Jack Philbin, CEO and Co-Founder, Vibes and Vice Chair of the Mobile Marketing Association's global board.

Early data shows that once loyalty cards and coupons/discounts are linked to consumers' mobile wallets, those pieces of content become a kind of location-based targeting system. Most shoppers don't delete those items from their wallets so they are alerted when expiration dates are nearing or when they enter a retailer's geo-targeted location; they also provide frictionless payment options.

"While all of these perks are convenient for the consumer, there are also benefits for retailers and brands: Mobile wallet content shows higher conversion rates than mobile web coupons; it is easily updatable and personalized through platforms like Vibes; provides rich data and analytics; and it sits right next to your customers' credit cards. That's valuable real estate and where every brand should want to be as mobile payments continue to grow," said Philbin.

The key: personalization.

"As your brand begins to approach marketing for mobile wallet, the key is personalization. Be sure to choose a platform that will allow you to orchestrate your mobile marketing efforts across all channels - SMS, push notifications, Passbook and Google Wallet, email and more - and do so in a non-invasive, beneficial way for your customers," said Philbin.

Image via Shutterstock

Tags: m:commerce, mobile commerce, mobile marketing, mobile wallet, Vibes

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