The mobile-payment landscape is rapidly expanding, thanks to increasingly widespread consumer use of smartphones and mobile banking.
“Growing smartphone ownership will influence stronger adoption of mobile banking and payments,” the Federal Reserve Banks of Boston and Atlanta predict in a recently released white paper [PDF].
“As consumers become increasingly adept at using smartphones (for example, through downloading and using applications), this will likely lead to an increase in consumer mobile-commerce activities … and mobile banking. Use of mobile banking and related mobile financial service products builds trust and awareness, and contributes to the willingness of consumers to try emerging mobile payment offerings.”
Mobile payments provide much more than a fast and easy way for your customers to pay. For instance, Intuit GoPayment supports your marketing efforts by supplying you with insightful details about your customers, including how they shop and what they buy.
Perhaps it’s time to incorporate mobile payments into your marketing strategy? Here are three ways to do just that.
1. Use loyalty rewards to drive new and repeat business. Loyalty programs acknowledge, reward, and grow your customer base. The offers can take myriad forms: Buy a set number of items and the next one is free. Earn a discount after spending a certain dollar amount. Get special pricing with a membership card.
Mobile-payment software can support your loyalty program by helping you track customer activity. This enables you to offer an elite loyalty program with high rewards to top customers or an opt-in program with moderate rewards to anyone who wants to join. Or you can have both, making “elite status” a goal.
Tip: If you don’t want to issue cards, go completely digital and issue numbers to customers instead.
2. Reach out to familiar customers via email. Email marketing pairs well with mobile payments. Your campaign may not resonate with new prospects, but customers who are familiar with your goods or services will usually recognize its value.
The U.S. Small Business Administration explains that email needs an incentive — something your customers want. Data mined from customers who use your mobile-payment system lets you send newsletters, coupons, and incentives to the right people at the right time. This data, such as customer names and purchase histories, is usually found in the reports enabled by mobile-payment software. You may obtain email addresses when people sign up for a loyalty program or ask them to opt in to your newsletter later.
Once you know what customers buy and how to reach them, tailoring offers is easier and the results are more personalized.
3. Build an Intuit website that complements your mobile-payment service. Why stop with mobile payments when you can add a website that gives customers access to your store 24 hours a day?
Intuit gives you the tools to create a website, and you control the options. Adding social media widgets connects your site to Facebook and other popular platforms, where you can spread the word even more.
With Intuit’s local listings feature, you can not only drive business in your community, but also access to who’s searching for you and where they are. This opens location-based marketing possibilities, which are virtually endless.