How you interact with your customers, customer loyalty, repeat rate, and acquisition costs may soon change with the birth of Web3.0.
The talk of change and transformation can be daunting, and now you have to start considering: will your brand ride the wave of Web3.0 or get swallowed by the storm?
Our advice… Learn how to transform your brand and equip yourself with the tools and ideas to float. And hey, lucky you… You've come to the right place.
We have dug up an idea that is being passed around the depths of LinkedIn that raised some eyebrows. An idea that is so old school it's new school…
💳 It's loyalty cards 💳
Loyalty cards are nothing new… we're sure you have a few cards scattered around the office with a couple of free coffees. Except this card is a little different. With Web3.0, your ecommerce brand has a chance to get creative with how your ecommerce business fosters that priceless brand loyalty all through an NFT.
Don’t know what an NFT is? Read up before you read on.
Giving your customers value via discounts makes joining your loyalty program a bit of a no-brainer. But you have the chance to make it much more than just discounts.
Your loyalty card holders could get VIP access to discounts, loyalty points, and additional perks such as invites to VIP events and your brand's exclusive product drops, all by purchasing your brand's NFT.
An NFT allows your card to be a verifiable and transferrable entity, along with the loyalty points, making it completely tradable on a secondary market.
So… You make the card scarce. With a finite amount of cards floating, consumer interest rises… but you clever marketing folk already know that.
With a limited amount of cards, paired with the consumers' ability to transfer and redeem it for real cash, your loyalty card gets passed around, heightening the initial value. Better yet, your brand gets paid a commission every time your loyalty card changes hands.
Then you release more cards but with a higher buy-in value, and your existing members will look to refer friends and family to maximize the value of their existing passes.
And your customers who are not yet part of the 'program' will want to get into this exclusive group due to the abundance of value your existing members have received.
So now your brand has a living, breathing, money-making machine that has opened up two revenue streams—the initial purchase of the loyalty card and the commission of every transaction and transfer.
Have you seen other exciting ideas floating around in the ether? Please reply to this email and let us know how your brand looks to build a Web3.0 future.