Marketing with mobile wallet coupons
If you produce a product that can be, or already is, marketed at the retail level, you should consider mobile wallet coupons as part of your ad and marketing campaign arsenal. I’m including anyone who is pushing product at trade shows, fairs, dispensaries, delivery services, or with advertising in magazines, websites, or other mediums that your state allows.Why should I worry about mobile coupons in my marketing strategy? Click To Tweet
There are any number of studies that prove people will react favorably to mobile wallet offers that are presented to them, especially if they contain a trigger component to push them to the front of mind in the right place and time.
Whether its the fact that nearly 80% of mobile wallet coupon customers become repeat buyers or the other fact that almost 60% of people who get a mobile wallet coupon trigger redeem them within 2 minutes, both of these articles offer proof that mobile coupons are way too valuable to leave out of your campaigns and your overall marketing strategy.
How can you capitalize on mobile wallet coupons?
This part is fairly simple to get going with, and the complexity level can be increased exponentially. The first thing we want to determine, if you are working with us, is what type of business do you have?
- Delivery Service
- Manufacturer or Distributor
- Trade Show or Event Manager
Each of these segments takes a slightly different approach in what kind of offer you might create to best entice a customer to drop the coupon into their mobile phone.
Keep in mind that all the coupons have the ability to be triggered by geofencing (using the GPS in the phone) or iBeacons (small transmitters for indoor use) as the customer is in a specific location.
You can target customers who are walking by your own business, or customers who are in the neighborhood of your competitions’ business.
If you’re running a dispensary, we suggest that you create a single coupon to start, utilizing some sort of reward for adding the mobile wallet coupon to the phone. You might consider a % discount off single items, or a whole purchase, or you might decide to focus on a single product or type of product for the moment. Since the data on the coupons can be changed any time, you’re not limited to that promotion forever.
For a delivery service, on the other hand, it might be a better draw to offer an add-on with purchase – BOGS (Buy One, Get Something) since you’re not likely to be carrying around your entire inventory, and you don’t have any of those lovely glass cases that make it all look so appealing in person.
If you’re a manufacturer or wholesale distributor, and you have any sort of relationship with your dispensaries that retail your products, now is the time for you to create a branded coupon that’s good at any dispensary. There are several simple ways that retailers can convey to you the number of products they’ve sold at a discount for reimbursement, or perhaps you want to send specific product to the retailers that is the only thing your coupon applies to for the duration of the promotion.
Last but not least, it’s absolutely amazing what trade shows and fairs can do with mobile wallet coupons. Add value to sponsors that they can’t get anywhere else (remember that there’s no expiration on the engagement potential of mobile wallet coupons – they can remain active and approximately 90% of them are never deleted from the phone) or offer education or advocacy opportunities to attendees by changing the content of the pass.A coupon pass type does not have to remain just a coupon in the mobile wallet. Click To Tweet
Let’s quickly recap the takeaways –
- Create coupons for nearly anything
- Add location or proximity based triggers to get attention
- Infinitely customizable and changeable content on the coupons
- Coupons don’t have to be “just” coupons, they can contain much more information
- 90% are retained in the mobile phone indefinitely
When you’re ready to talk about what mobile wallet coupons can do for you specifically, we’re here to walk you through the process, step by step, and make suggestions that would best benefit your type and style of business.
Check out the podcast episode about Dispensary & Delivery Service Marketing.