To successfully implement a mobile POS (mPOS) solution with high adoption and use rates, a company’s approach should be driven by its goals. And the strategy needs to be developed well in advance of rollout. Major items to consider include impulse sales projections, brand building opportunities and marketing campaigns related to mPOS efforts.
Once the business objectives have been well defined, the company must decide whether it’s going to take mPOS to market through channels or directly to the merchant base. Then, it’s all about spreading awareness through marketing.
Building mind share: Businesses must take a dual approach to marketing a mobile POS solution. In addition to marketing directly to customers, companies also need to help those customers market to their consumers, so they understand mobile.
POS is available to them as a payment method and why that’s a good thing.
Marketing best practices for mobile POS should revolve around providing a seamless end-to-end experience for the customer, beginning with sign up and all the way through to effective use with their consumers. Companies must build mind share with both customers and consumers – and doing so will also help build market share.
Engaging merchants: Here’s a hypothetical use case about marketing efforts related to promoting a mobile POS solution that could apply to a range of business verticals.
A major retailer decides it wants to offer mobile payments; one of the channels the company is going to push to is a network of contractors that it wants to adopt and use the solution.
To engage the contractors and get them interested in mPOS, the retailer educates them about the features, functions and benefits of the solution using a variety of marketing channels. One effort includes a high-touch, in-store program with dedicated specialists to help contractors understand the value of adoption.
The retailer also uses incentive-based marketing, offering a try-before-you-buy promotion that allows contractors to sign up for a no-obligation trial period and test the mPOS solution before committing to the service. The retailer also decides to reduce the initial set-up fees and provide free mobile card readers as additional incentives.
Educating consumers: In that same retail use case, awareness has to be built so that consumers understand the value of mobile POS and get on board when the contractors show up. For the large part, that education is primarily the responsibility of the retailer; the retailer must empower the contractors with marketing kits and a series of best practices they can use to approach and educate consumers.
Ultimately, the contractor must have a clear understanding of the value mobile POS offers to the consumer, whether it’s ease-of-use, fraud reduction or other benefits.
To ensure the adoption of its mobile POS solution, a business must successfully engage and educate its merchants and their consumers with a variety of marketing efforts.
Shopping for solutions: Businesses exploring an mPOS solution should look for a completely secure platform with end-to-end encryption for all transactions, along with a solution provider that also supplies plenty of consultation and related content assets.
Don’t settle for less; a solution provider should have a series of resources available to help effectively build the program, including launch planning, sales strategy development, sales training, marketing best practices and marketing promotions planning.
From the point of engagement through roll out and beyond, it’s that consultation and content that help drive high adoption and use rates.
Experience matters: Finally, finding a well-established partner is not enough; it’s imperative to work with a mobile POS solution provider that understands the nuances and unique challenges of your specific industry.
Different verticals have different mPOS requirements. For example, direct sellers are trying to solve card-not-present transaction rates, real-time order fulfillment and commission payments for consultants. Acquirers, on the other hand, are focused on gaining back the small business customer base that has been lost to the disruptive companies emerging and establishing themselves in the market. Financial institutions want to implement in-branch engagement programs and a seamless sign-up process for small merchants that include real-time application approval and fulfillment of mobile card readers.
To help ensure success, choose a partner with clients from your industry already using their mPOS solution. There’s no substitute for that valuable knowledge and expertise.