Why connected payments are the must-have marketing tool
Over the past 12 months there has been a dramatic increase of awareness and interest in ‘connected payments’ – payment systems that can be seamlessly incorporated into everyday items such as clothing and jewellery.
For marketers looking for new and innovative ways to strengthen the relationship between brand and consumer, connected payments offer a chance to reinvent the nature of promotional materials by marrying cutting-edge technology with tried-and-tested marketing techniques.
From watches, to car keys, to jewellery; there’s no limit to the range of devices that these new mobile payment technologies can be incorporated into. As a result, there is currently a huge opportunity for forward-thinking brands to incorporate this technology into their marketing strategy. Aside from the immediate customer benefit, the data from these systems can help businesses to better understand their customers, leading to further enhancements in customer experiences and products. Simply put, connected payments make the user’s life easier, while at the same time improving the long-term relationship between customer and brand.
One interesting use case for connected payments in marketing is their ability to enhance promotional materials at events by providing better experiences, personalised offers, and an opportunity to follow up with attendees afterwards to deepen the relationship.
What might this look like in practice? Well, if you are hosting an event, such as an in-store meet-and-greet or product launch party, you can embed a flexible payment chip into your promotional give-away. Attendees could then use it to gain access to unlock special promotions and offers.
What’s more, the real-time, cloud-based data collected by these new devices also provides an unprecedented insight into consumer behaviour – allowing marketers to refine their models and target individual products or promotions to very specific audiences.
As more and more consumers recognise how connected payments can make their lives easier, demand will continue to grow, and the technology will continue to develop. Marketers who can get in on the ground floor and incorporate this innovation into their strategies will see first-hand how connected payments can strengthen the connection between brand and consumer.