How to Create a Successful Mobile Wallet Marketing Strategy

When it comes to marketing, the right approach is always subject to change. Technology is constantly evolving, and marketers need to adjust their strategies accordingly. The latest trend taking over the marketing industry is mobile wallet marketing.

Mobile wallet marketing improves businesses and customer experiences through the use of mobile wallets, or apps like Apple Wallet and Google Wallet that store bank information. Learn How to Apply for Apple Card via Apple Wallet.

Within the apps, digital cards such as Apple Pay or Google Pay allow the purchases to happen. In 2020 alone, around one-half of American millennials used digital or mobile wallets for online purchases. Among all demographics, one-third of consumers have three or more mobile wallets.

To help you appeal to millennial spending habits and level-up your marketing strategy, we compiled the most important information for an effective mobile wallet marketing campaign.

Benefits of Mobile Wallet Marketing

Before creating a mobile wallet marketing strategy, it’s important to know why you’re choosing this approach. This knowledge might be especially helpful if you need to persuade a client to pursue mobile wallet marketing in their business plan. Here are the benefits you should know:

• Consumer preference: More consumers are choosing mobile payment options over cash, as the total transaction value for digital payments will likely yield a compound annual growth rate of around 12% from 2021 to 2025.
• Streamlined loyalty programs: Mobile wallets make it easier for businesses to create successful customer loyalty programs, since users can easily track their points in an app.
• Location-specific offers: Since cell phones are able to track a user’s location, the notifications and offers they receive will be more relevant.
• Higher redemption rates: Mobile wallets make coupons easy to store, so customers could be more likely to use them.
• Better engagement: Although mobile wallets are available in a digital format, they may lead to an increase in customer engagement on the company website or in store.

Features of Mobile Wallet Marketing

To enjoy the advantages that come with mobile wallets, you’ll need to become familiar with the features the technology offers. Check out the primary elements of most mobile wallets:

• Push notifications: Mobile wallets send consumers alerts and notifications, encouraging them to stay updated on offers and promotions.
• Personalized content: The messages that appear on a customer’s mobile wallet can be personalized to include their name and show them offers that suit their interests.
• Synced offers: Retailers are able to sync content from their own app so that customers can access passes, coupons, and loyalty cards on their mobile wallets.
• Latest updates: Rather than checking an account on a retail website or asking in store, customers can receive updates about their loyalty points from their mobile wallets.
• Accessible Tickets: Mobile wallets are safe places to store boarding passes, theater tickets, and other valuable tickets.

Mobile wallet marketing offers a variety of benefits and features. By using this strategy, marketers can keep up with the latest trends and transform the way their businesses handle transactions.For even more information about mobile wallet marketing, take a look at the infographic below.