The Importance of Wallet Real Estate
If you look inside your wallet, what do you see? If you are lucky, you see a bundle of cash (big bills are best). If you are like the majority of us, you are more likely to carry a stack of plastic; everything from your gym membership to credit cards.
What do you think about when you take one of these cards out of your wallet? Most people see them as a means to an end, a way to get cash fast, access to exercise (your gym), and perhaps even a way to earn points at your local grocery store. What most people don’t think about is that each of these cards is a walking advertisement for the company that issued it. Every time a card is used, a company’s logo is displayed. For the most part, this simple transaction goes unnoticed and unrecognized. Until recently!
Companies across the country are waking up to the idea of purchasing a share of their employee and their customer’s wallets. Prepaid Visa cards are the ideal tool to reward the people who are buying and selling your products while at the same time generating value from every purchase the cardholder makes. What better way to do this than by buying a little piece of Wallet Real Estate?
Here are a few examples of the impact of Wallet Real Estate
I used to work for a company that rewarded me whenever I hit my sales targets. Every time I hit my monthly target I was rewarded with a predetermined amount of cash on a prepaid Visa card. It was amazing how much that carrot motivated me to close deals before the end of the month. Here’s where the company really benefitted by rewarding me this way: by directing all of my reward dollars onto a reloadable prepaid Visa card, they ensured that I was carrying their brand in my wallet. Every time I used the card I was asked where I received it, of course I let people know that I received it from my generous employer for hitting my sales targets. With all of this recognition, I was motivated to hit my targets month over month, without my realizing my employer had effectively hijacked my wallet and used it to their benefit. They now had a salesperson who was motivated to sell and that had people constantly reminding me of how great it was to sell for that company. There is no better employee than one who is motivated and recognized for their efforts.
To provide another example, imagine that you are in your grocery store and while shopping in the cereal aisle, you see a promotion on a specific brand of cereal. The offer states that if you purchase four boxes and claim a special code in the box, you’ll receive a $20 prepaid Visa card. You think to yourself ‘four boxes will get me a $20.00 card? What a great deal.’ My guess is that you will likely stock your shelves and make that purchase. When you return home, you follow the instructions, visit the appropriate website – which is completely branded by the company sponsoring the promotion – claim your purchases and click submit. Seven days later, you receive your prize: a $20.00 visa card completely branded and decked out with the companies logos and colours.
Count the number of impressions that their brand has made on you so far. This is just the beginning. Now you go out and spend your $20.00 on whatever you want. Of course you tell people about the promotion and about how easy it was to qualify for the prize. Without realizing it, you automatically become a key part of the marketing for the company who sponsored the promotion. The next time you are in the grocery store you are more likely to head straight for that brand of cereal when you are making your purchasing decision as you have developed loyalty to their brand. You’ve also impacted all the people you told about the card and the promotion. Chances are they’ll also check out your new favourite brand of cereal the next time they visit the grocery store. Rewarded customers become motivated marketers for your company.
We see companies making the move to motivating their employees and customers in an innovative and impactful way by using the power of Wallet Real Estate.