Let’s get right to the point: Loyalty has changed. Today’s empowered buyers have high expectations and a multitude of choices and desires for control. Relationships are the only true differentiator; therefore, a stronger focus on engagement and advocacy has become critical to gain a competitive advantage and drive loyalty.
As the retail landscape shifts – and differentiation presents one of the most significant hurdles to success – our team has recognized a tool that can help (but is currently underutilized): non-payment mobile wallets. Mobilizing your loyalty programs with Google Wallet and Apple’s Passbook apps is a win-win solution for both brands and consumers.
So…ditch those plastic cards!
Digitized programs not only offer new, more interactive ways for consumers to engage with your brand, but also help you build lasting loyalty. We all know it’s a struggle today to capture – and keep – your customers’ attention. And the research backs it up: Survey data from Forrester Research, Inc. shows that 41 percent of marketers have said ensuring member awareness/understanding of a loyalty program (and its benefits) is the greatest challenge, while 29 percent cite delivering offers with a high-perceived value as their biggest battle.
The bottom line: Just having a loyalty program is not enough of a competitive advantage – and based on this data, it’s hard for brands to build a program that stands out and captures significant mindshare.
But a loyalty program delivered through mobile wallets…
If you’re like most retailers, you have spent considerable amounts of money and resources to create and roll out your loyalty program(s). Now, for a relatively low cost, you can drive deeper engagement with your customers and provide greater value at the same time – it’s a tremendous opportunity across the board. For the consumer, there’s the convenience factor – having your loyalty card with you at all times – whenever you need it. For the retailer, you can now drive higher engagement and encourage loyalists to redeem more and see the true value of the loyalty program.
Mobile wallets work
Our team has documented and analyzed more than 320 successful mobile wallet campaigns since 2012. Not only do mobile wallet tools work, but they drive incredible results, such as 64-percent higher conversion rate over static Web coupons, 14-percent in-store redemption rate and 72-percent offer retention after an offer has expired.
Vibes has added Loyalty to Wallet Manager
Today, I’m excited to announce that Vibes has enhanced Wallet Manager which allows you to mobilize your loyalty program with Google Wallet and Apple’s Passbook. With Wallet Manager, you can now manage your entire mobile loyalty program in one integrated platform – and get rid of the plastic cards for good! To learn more about how you can mobilize your loyalty program, check out our Wallet Loyalty page or visit www.vibes.com/walletmanager. Or, check out the recording of our recent webinar about loyalty with Forrester Research’s Emily Collins.