Mobile Wallet – What it Is, How it all Works Together, and What it Does

I can see confusion about Mobile Wallet and about why it is so valuable. So, in this article I will try to address these questions.

What it is:
Mobile Wallet is another software application that is both integrated into the GEO Fence mobile App but also can be used stand-alone without the app. In addition, a mobile wallet can both work with iBeacons and without iBeacons. Let me explain.

First, let’s get past the term “mobile wallet”. The term “mobile wallet” conjures up visions of a mobile payment system – at least it did for me initially. But it is more than that. A mobile wallet is a distribution system for graphically pleasing offers and coupons with a simple loyalty system included. It can send these offers and coupons through push notifications just like the mobile app. Plus it can set GEO fences just like the mobile app. And, as I said above, it works with iBeacons as well – just like the mobile app.

However, a mobile wallet is limited to 10 GEO fences; and it is not integrated into TextChat unless it is used in conjunction with the mobile app.

How it all Works Together:
Further, with TextChat, if the lead comes off of a VLP (Vehicle Listing Page) or VDP (Vehicle Detail Page), you always know which page the chat came from, and which vehicle they were interested in via the notification that accompanies the TextChat. So if it all flows into one BDC no problem (group modules too). With Mobile Wallet, its loyalty card or coupon redemption, you know when/if it’s redeemed, and you can set a GEO-fence along with its push message. But,  for Apple and Google privacy reasons, no information is relayed back to the dealer on whether that GEO-fence has been entered or who entered it. Same with the beacons triggered by Mobile Wallet. On the other hand, for the App, you know when and where each geo-fence is triggered, and there are less limitations as to the types and length of messages that can be sent. Also, with the app, you can quickly send a chat request and open up a dialogue with the prospect or customer; where you cannot with just the mobile wallet.

What it Does:
     Mobile App Installs:
We envision Mobile Wallet being used by the BDC to encourage prospects, which are in the CRM database, to accept the mobile app on their smartphone. Their motivation would be some sort of offer – like a free or cheap oil change. These offers can be sent using email or TextChat, depending on the circumstance, with links to the mobile wallet offer.

This is why I have invited service representatives to join our strategy groups (Facebook & LinkedIn) along with sales and marketing people. Dealerships thrive on service as much as on car sales (100% absorption is nice insurance at slow sales times). Also, the service department can benefit from GEO fences set up around quick oil change places.

We also envision the Mobile Wallet being used to distribute branding campaigns to your whole database – perhaps even with a Call-to-Action offer for service or sales.  For prospects in your CRM database, this would be an extra touch to the people in your BDC going further to develop the know, like, and trust in a prospect gradually converting them into a customer.
     New Prospects:
We envision iBeacons being used to capture new prospects into your database with offers distributed by Mobile Wallet. You see, beacons are only a device. Beacons need the software to work – that’s the Mobile Wallet.

Should the mobile wallet be teamed up with the mobile app, now you have full marketing intelligence for your BDC to work with. This allows them to narrow their efforts and pinpoint their best prospects.

I know this technology seems confusing; but, I assure you, it’s not.

So let’s wrap our heads around this, put it into action, and begin discussion.