How Mobile Wallet Marketing Increases Consumer Engagement

Along with replacing traditional payment methods, mobile wallets are becoming a marketing tool for businesses looking to improve customer engagement. Companies should consider the benefits of mobile wallet marketing before including it into their overall marketing strategy. 

Mobile wallets have become more than an alternative to your credit card.  Mobile wallets add a level of convenience for consumers. Avid spenders can have various payment options at their fingertips without having to search through different compartments.  Mobile wallet payments now exceed credit card use at the point-of-sale and in-store cash payments. As digital wallet payments become the new normal for many consumers and the future of mcommerce is prevalent in all industries, mobile wallet marketing for businesses is a new strategic tactic for improving their consumer experience.  Before hiring a mobile app development company, businesses looking for ways to incorporate mobile wallet marketing into their portfolio need to consider the benefits and find potential strategies to increase consumer engagement. 

What is Mobile Wallet Marketing?

Mobile wallet marketing includes all marketing efforts and tools that can engage, retain, and grow a business’s customer base from a mobile wallet app.  The increase of digital payments provides a new mobile marketing channel for businesses looking to please their loyal customers and engage with new ones. 

Mobile Wallet Marketing Benefits 

Customer engagement is a key objective of every business. Mobile wallet marketing offers a modern approach that provides more opportunities for businesses to satisfy customer needs.  Here are some of the main benefits of mobile wallet marketing for businesses looking to increase their value to consumers:

• Accessible rewards and program enrollment for loyal customers
• Convenient purchasing experience for  consumers 
• Incentive to purchase 
• Wider reach 
• Match industry trend of growing digital payment offerings 

If done right, mobile wallet marketing is a great strategy for companies looking for brand insights by meeting customers where they are. 

Mobile Wallet Marketing Strategies

Mobile wallet marketing goes beyond businesses allowing their customers to make payments through an app. If your business decides to incorporate mobile wallet marketing into their arsenal, advanced marketing strategies should focus on enhancing consumer experience. A few key strategies for mobile wallet marketing include:

Loyalty Cards

Businesses can offer customers digital loyalty cards as part of their loyalty program.  Sixty-nine percent of consumers are more likely to use a mobile loyalty card if it’s on their phone.  Companies can target their customers through timely offers and coupons that are exclusive to their mobile loyalty program.  For example, Ulta Beauty’s Ultamate Rewards program relies on mobile, allowing customers to add their rewards card to their mobile wallet for easy access.  Source By scanning the program’s QR or barcode, customers can receive points, which can lead to more opportunities for purchases. Business loyalty programs also have levels – the more points you receive, the more status you have as a loyalty member.  Since mobile wallets can update in realtime, customers won’t have to miss out on the latest deals or sales.  These incentives can lead to customers relying more on your company’s services and products. Businesses looking to invest in mobile wallet marketing for their loyalty programs should consider customer awareness and what that audience would like to see. 

Mobile Wallet Notifications

Notifications and other alerts are a powerful way to draw consumers to their mobile wallet. Personalized notification content can target consumers at the perfect time. Businesses can send push notifications to alert users of unused coupons or expiration dates.  For example, food delivery services alert their users regularly about deals. Businesses that invest in geofencing can target customers to receive alerts if they’re in a certain location.  By sending a strategic ping, businesses can increase revenue in a simple way. 

Value-Added Services

Thinking beyond rewards and deals, businesses can attract customers by adding additional value to their mobile wallet offerings. Starbucks is a mobile wallet marketing pioneer: They give users rewards each time they spend using the app and offer features such as product information, interactive games, and other branded content. Businesses can think about how their services can translate to a similar model.  For example, a bank or financial institution can send mobile notifications about balances while providing information about their insurance payment opportunities. 

Mobile Wallet Marketing Drives Connection for Businesses

With the rise of digital payment options, businesses should consider how they can market through mobile wallet technology. Companies looking to increase customer engagement need to consider what appeals to their customers when developing their plans for mobile wallet marketing. In order for businesses to be successful in the world of mobile wallet marketing, companies must aim for retention while building personalized connections as much as possible.