Mobile Wallet: An Innovative Platform for Successful Lead Generation
Forget the time when people were at pains to use mobile wallet technology, and business owners positively considered it as a serious threat to the Point-of-Sale (POS) systems. As a matter of fact, not only did customers make a quick jump to e-wallets, but entrepreneurs also started reaping its benefits for a little while now.
With the help of mobile wallets, they are rendering various value-added services to their prospects on a mainstream basis. The most common examples of value-added services are:
- Coupons and offers
- Loyalty solutions
- Product information
- Digital receipts
Nowadays, companies are using it as a powerful marketing channel to increase loyalty, enhance customer experience, and generate more leads, all while reducing operating costs. The idea of incorporating e-wallets into a marketing strategy to increase engagement, create communication opportunities, and generate sales is relatively unparalleled and unique. For this reason, retailers are creating mobile wallets campaigns and leveraging them to their full potential for promoting their businesses and getting optimal results.
The e-wallet enables users to leave tips, make online donations, share bills, redeem coupons, and utilize credit cards or other funds. For instance, PayPal, the world’s most widely used digital wallet, allows consumers to:
✓ Make secure payments on millions of sites;
✓ Transfer money to friends and family;
✓ Promote financing to grow business;
✓ Send digital gifts from iTunes, Xbox, and more to others;
✓ Donate money to a charity of their choice;
✓ Track all their activities at a glance, etc.
Benefits of Using Mobile Wallet Platform
Aside from being in vogue among customers, e-wallets come with their own set of unique advantages; especially for retailers, realtors, and merchants. Here we have outlined some:
a) You can establish a deeper rapport with your clients and enhance loyalty by posting engaging and compelling digital content.
b) With the power of an e-wallet in your hands, you can drive in-store visits, increase redemption rates, and boost conversion rates.
c) Conventional wisdom has it that by using this modern technology, you can achieve a handsome conversion rate of around 66 percent.
d) The marketing cost will reduce by $35 per mobile subscriber.
e) Instant support and two-way communication between your brand and clientele help in increasing user experience and improving relationships.
f) Your customers can track their loyalty points, redeem coupons, and use gift cards.
Tips to Use a Mobile Wallet for Generating More Leads & Sales
It’s perfectly evident that SMS or Text is the lifeblood of a solid and successful lead generation strategy. You might want to know on what basis we are saying this. Well, let’s consider a scenario: A specific advertisement catches your attention while watching TV. Are you likely to get your phone, turn it on, open and search on your web browser, and then find that particular offer from a list of links? Not to mention that’s only possible if you have an active internet connection at that time.
On the flip side, if you receive a text containing a link on your phone, all you need to do is click on the URL to see offers, ads, or other services. To be more precise, what if we replace you with one of your potential patrons and say your ad grabs his attention. What do you think would happen? In all probability, it’s a no-win situation as you can lose a would-be buyer. However, if you use a reliable texting platform for lead generation, you will surely be able to engage more visitors and turn them into your customers.
Now let me share some fantastic tips with you that will turn your mobile wallet into one amazing lead generation device.
Tip #1: Offer Special Deals
A simple trick is to offer a one-time deal to the customers, thereby helping you drive your sales. For example, create an SMS coupon and offer it to people who visit your app or website for the first time.
Tip #2: Provide Gift Cards and Coupons
Renowned companies, such as Amazon, give the gift cards, coupons, and other offers away and allow users to store them digitally. By using this approach, they are bringing their regulars back and making them spend the bills. You can provide your regulars with trackable and customized mobile coupons or promo codes.
Tip #3: Send Wallet Notifications
By combining the sheer power of text marketing with the convenience of digital wallets, you can easily reach your prospects and keep them updated about your new products or services. Send them trigger-based, personalized notifications reminding them of coupons codes and offers.
Tip #4: Stay Connected with Customers
Once you have successfully promoted and sold your products to customers, you must not turn your back on them. Experts say that around 75 percent of businesses fail in the US because they ignore prospects after selling them their services. To improve Cash Conversion Cycle (CCC) and sales cycle, make sure you reply immediately to their queries and remain in touch with them.
Tip #5: Make your Presence Felt
It may sound crazy, but by doing so, you can establish long-lasting relationships with your clients. So always provide them with an accessible (24*7) mobile number in your business listing. By doing so, they can contact you anytime and receive a faster reply from you.
Tip #6: Create a Loyalty Program
Develop a customer loyalty program to understand your customers better, balance the bottom line, create brand advocates, and increase retention rate. Chuck away the concept of embracing credit or other plastic cards and adopt digital loyalty card solutions to bring more clients by rewarding them with timely and relevant content.