How to Use Mobile Wallet for Social Media Marketing

It’s no surprise that social media has become a powerful marketing strategy of its own. Entities ranging from international corporations to local businesses all have a presence on multiple social media platforms. The viral nature of social media makes it the quickest way to promote content and promulgate information. With over 4.2 billion people accessing social media on mobile devices, it is necessary for businesses to promote valuable and attention grabbing content. 2014 is the year of the mobile wallet – a robust and advanced direct marketing channel that will help businesses generate new leads, gain more traffic, and increase customer loyalty.

What is Mobile Wallet?

It’s an application where all payment and nonpayment wallet content that can be stored, organised, and accessed on smart phones. Customers put their loyalty cards and coupons into their mobile wallet and the technology solves the rest of the equation. As customers approach stores, relevant information automatically appears on their phone’s lock screen and provides them with one-swipe access to the relevant mobile pass. This provides great value and convenience for consumers and helps drive in-store traffic for businesses. Simply put, a mobile wallet allows for personal interactions with customers that helps businesses cement their brand presence.

The New Direct Marketing Channel

There is surging demand for businesses to provide wallet solutions that help consumers better organise and access content in their smartphones. Studies show that 94% of loyalty program members want communications from programs they participate in, and 67% would join loyalty programs if they could sign up instantly. It is clear that the demand for smartphone wallet solutions is high.

And the mobile wallet is a game changer in the marketing realm. Businesses can create and deliver personalised and unique content based on consumer preferences and spending behaviour. For example, shoppers who frequently purchase a certain brand of chocolates may receive notifications of discounts on that brand or even deals on related goods. Even information gathered on social profiles can be used to design tailored messages to consumers – messages that are more relevant, effective, and lead to real, measurable action.

The difficulty in traditional marketing is in gauging a campaign’s success. With mobile wallet, businesses have access to a big data, such as number of wallet content added to smartphones, quantity of transactions taking place, and much more in-depth analytics. This information is valuable and can be used to help businesses advance their marketing game plan.

Furthermore, the wallet content is dynamic. Traditional coupons concealed in leather wallets are static; they can only be used once and are discarded. Even after mobile wallet coupons are redeemed, businesses can update them to display future discounts and customers are notified of new offers immediately. This dynamism and versatility creates an abundance of opportunities for businesses to employ new marketing strategies within a single campaign.

The Mobile Wallet and Social Media Marketing

To capitalise on the viral features of social media requires businesses to create content that is not only attention grabbing but also drives users to share it with their social networks. Word of mouth is more powerful than one can imagine, which is why combining mobile wallet with social media is an extremely effective marketing tactic that will increase brand visibility. Execution is important – this includes timing, relevant messaging, and the right audience.

Once businesses have created the wallet content, distribution is instantaneous. Businesses can post their pass links or scannable codes on their social media pages where customers can immediately add mobile wallet content to their devices. Or even use a Facebook Pass to automatically create a personalised pass, and add straight to their mobile wallet. Customers are then able to share it within their social networks, which in today’s day and age, can lead to exponential and explosive exposure.

Mobile is the space where businesses need to gain authority, especially with the increased reliance on mobile shopping and mobile payments. It is estimated that within the next 5 years, 50% of smartphone users will pay on their mobile devices. Jumpstart 2014 by leveraging mobile wallet and adding it as value-driven content to your social media marketing strategies.