Today’s marketing world is shifting. Brands both big and small are trying to develop the next cult following. As more and more companies see the power of brand loyalty, the harder it becomes to stand out from the crowd. But what if I told you there was a way to drive greater brand loyalty simply by providing consumers with what they are asking for?
The World Of Brand Loyalty Is Changing
The trick to connecting with customers is that your brand must be present where your customers hang out. Which can be a very difficult task. Simply figuring out what your customers care about and what makes them love your brand used to be nearly impossible. But something’s changed. Nearly all customers have something in common. No matter where they shop or what they shop for, one important thing stands between you and your customers.
A smartphone.
Almost 2 billion consumers have a smartphone. But don’t let that scare you.
By utilizing this fact, you can transform your brand loyalty. Not only providing what they want, but what’s also good for you.
Brand Loyalty Is Being Driven By Mobile Wallet
With a growing number of people owning smartphones, mobile payment systems such as Apple Pay are really starting to gain traction. And with over 1.5 million active locations in the U.S by the end of 2015, Apple Pay is transforming consumer behavior. As a result, it’s opening up a huge opportunity for brand loyalty. But how?
Apple Pay is accessed through a native Apple app called Passbook (soon to be Wallet). This is where consumers’ credit cards are stored, to enable them to make mobile payments in physical locations. But it’s not the Apple Pay side of Passbook that is necessarily going to drive brand loyalty, it’s Passbook’s lesser known capabilities that really open up an entirely new way of connecting with your customers. Because, mobile wallet doesn’t just hold credit cards.
Passbook – and the Android equivalent ‘Google Wallet‘ – allow you to store other sorts of digital content. Just like how your physical wallet stores more than just cards and cash. Mobile wallets can also store digital loyalty cards and digital membership cards.
And as mobile payments grow, the mobile wallet is going to grow with it. Consumers who use Apple Pay are going to expect to redeem coupons and loyalty points the same way they are beginning to pay – via their smartphones. Which means the faster you are able to provide this to your customers, the sooner they can start to show loyalty to your brand (and not the competition) in this new channel. What’s more, consumers are already asking for it.
What Is The Market Saying About Mobile Wallet And Brand Loyalty?
- A new study published by market research and consulting firm Chadwick Martin Bailey (CMB) found that among mobile wallet users, 27% are very likely to switch to businesses that offer mobile payment capabilities
- That same study found that 18% would increase purchase frequency if mobile payment capabilities were present.
- The 2015 Loyalty Report found that 48% of members would like to engage with loyalty programs through their mobile devices.
- A Lane Crawford case study also showed that 75% of consumers preferred digital loyalty cards over paper.
- A Subway franchise owner recently ran a mobile marketing campaign using digital coupons and was able to increase peak hour traffic by over 300%. Earning him the award of best franchise owner.
One Last Word On Brand Loyalty?
Consumers are choosing brands that make their lives easier. They are continuing to expect a better, more streamlined, and simple customer experience and are siding with brands that provide it.
Consumers want to feel that their favorite brands care about them and appreciate their loyalty. And the mobile wallet is offering a chance to do just that; increase brand loyalty by offering an amazing customer experience, all while showing appreciation for your customers.
