Author: Rebecca

Is a mobile loyalty campaign right for every business…

Mobile loyalty programs are becoming increasingly popular among smartphone users, and retailers, restaurant owners, and other merchants are starting to recognize the size of the potential that they hold. However, all loyalty programs are not created equal over the mobile channel, so it is important to know how to evaluate one for its efficacy.

Use the following questions to help to decide whether or not a mobile loyalty campaign has the best chances of success:

• Is the program transactional? Even though it is being used through a new technology and channel, the basic rules of loyalty programs remain the same. If it has been properly designed, then it should provide customers with rewards based on their purchases on an individual transaction basis.
• Is there compatibility between the plug-and-play and the current POS environment? In order to for it to work properly, this solution has to be able to send the transactional data directly from the POS at the time of the sale, in real time, or following the purchase in batch processing reports.
• Does it provide adequate security? Though loyalty programs based on plastic cards are on their way out, what consumers do like about them – and what is causing them to cling to them – is the fact that they are highly secure both for reward redemption and throughout the accumulation of benefits.
• Has it been proven to work? This may be a new channel, but you want a program that has already proven itself to work and won’t put off customers with its complications, crashes, bugs, problems, and unpredictable results.

 Mobile loyalty campaign best practices

Though mobile loyalty programs may still be in the emerging phase, professionals in the industry are already suggesting the best practices for their development and use in a campaign. There are some recommendations that professionals are making that will help to define whose campaigns, as a whole, will and will not become successful.

With the speed of today’s technology, the choices that are being made for loyalty programs must not only cater to today’s consumers and devices, but also the trends that are soon to arrive.

Mobile marketing experts are making these recommendations…

1. It is vital to include the use of mobile devices in any loyalty program, and the transition into that space should begin now.
2. Mobile loyalty programs must have a transaction-based element in order to ensure long-term viability.
3. Choosing the ideal platform for transaction-based loyalty programs will require companies to examine the way in which that platform will be able to access the existing point of sale’s transactional data. The cost of achieving this goal must also be evaluated.
4. Eventually, mobile loyalty using near field communication (NFC) technology will surpass and then replace all other mobile loyalty offerings that are currently available. The solution that is chosen today must be designed in a way that it will transition seamlessly into the use of NFC.

 Report shows that US financial institutions are showing great interest in mobile commerce

First Annapolis Consulting, an investment banking and financial services consulting firm, has released its third annual Mobile Banking and Payments Study. The study highlights the changes that are being seen in the U.S. financial services industry and how banks are adapting to the growing popularity of mobile commerce. Mobile commerce is beginning to grow quite large in the U.S., especially where banking is concerned. The study suggests that the growth of mobile commerce has yet to show any signs of slowing down.

81 of top 100 financial groups offer mobile banking services

According to the report, 81 of the top 100 financial institutions in the U.S. offer some sort of mobile banking service. This is an 11% increase from the number of institutions that offered such services in 2011. Many of these services provide consumers with access to their accounts and finances through smart phones and other such mobile devices. Many of these financial institutions are also leveraging consumers’ constant connection to the Internet to provide them with warnings if suspicious activity on their accounts is recorded.

Study shows banks becoming more accommodating of mobile consumers

The study finds  that many banks and financial institutions are beginning to take mobile commerce more seriously. Banks, in particular, are warming to the idea of accepting mobile payments from consumers and have implemented bill payment features. These banks are also finding that the rewards programs they offer to consumers are becoming more popular. With banks becoming more accommodating to mobile consumers, these rewards programs are seeing more use and praise from these consumers.

Mobile commerce continues to gain traction in the US

Mobile commerce is on the rise in the U.S. and has been on the rise for some time around the world. The concept of making payments using nothing more than a mobile device has proven popular amongst tech-savvy consumers. Now that the largest U.S. banks and financial institutions are embracing mobile commerce, more consumers may soon be exposed to the innovative concept.