Mobile wallet is one of the easiest channels to connect with your customers. But how do you know if your efforts are effective?
For marketers, metrics matter. They define when and where to interact with customers. They indicate how loyal a customer is to your brand and identify ways to create more seamless experiences. They even — and maybe most importantly — contribute to budgeting decisions, determining what resources will be available to execute marketing strategies in the coming year.
Understanding the key performance indicators of every channel can be a difficult task. And communicating the impact of these KPIs can be an even greater challenge. But no matter the channel, it’s important to know if the message is resonating. Are customers engaged? Is the interaction enhancing their connection with your brand? Will these metrics impact year-end ROI?
For most channels, these are easy questions to answer. But for newer channels like mobile wallet, this can be more of a challenge. Measuring the success of your mobile wallet strategy, no matter if it’s used to distribute event passes, geo-specific coupons, or facilitate loyalty program engagement, is crucial to justifying its role in your marketing strategy.
Here are a few metrics to keep an eye on:
Installs and uninstalls
Similar to a mobile app, it’s possible — and encouraged — to track the number of installs and uninstalls within the mobile wallet. Every new install is an indication that your brand’s audience is growing and engaged, whereas every uninstall could be a sign that your strategies aren’t resonating. Keep in mind that one-time-use coupons become “mobile junk” on a user’s device once they expire and are likely to be deleted. Loyalty cards, on the other hand, can earn your business a permanent place in the mobile wallet and give you the ability to send live push notifications, coupon and promotion updates, and more.
Valuable information can live within your mobile wallet pass. Housed on the backend of the channel, you can provide customers with helpful information including special offers, promotions, store preference details, specific event information, and more. By tracking the updates made to this area of your mobile app presence, you can infer whether your customers are receiving timely, relevant messages or outdated, stale information.
Is your brand top of mind for consumers? If they’re viewing their mobile pass, there’s a good chance it is. But simply existing in their wallet isn’t enough to drive usage — you should regularly provide incentives that will entice customers to access your pass more often. By delivering unique offers or relevant reminders, you will increase the likelihood of customers interacting with your brand via their mobile wallet and seamlessly increase their loyalty as a result.
Mobile wallet helps marketers keep their brand front and center in customers’ minds. Not only can offers and coupons be delivered straight to the app, but customers can also download them manually to their account. What’s more, marketers can send reminders of upcoming expiration dates, ensuring customers don’t miss their chance to redeem. By measuring these redemptions over time, marketers can adjust their mobile wallet strategy to drive more business.
There’s no denying that customers are using this channel more and more. As the mobile wallet channel evolves to meet consumers across more points in their customer journey, so too will marketers’ abilities to comprehensively measure its effectiveness. By leveraging this data, marketers will be able to enhance their mobile wallet strategies, deliver more in-the-moment mobile wallet experiences, and create more seamless customer-brand interactions across every step of the customer journey.