Changing consumer tastes and behaviors are beginning to spur businesses to explore various means to retain users’ attention and brand loyalty. What is quite important in this process is knowing where consumers spend their time, how they engage and how technology is playing a key role in a consumer lifecycle.
Non-fungible tokens have been the latest revelation in consumer engagement. And as a result, several top brands have begun to tap into this new space to retain existing customers and acquire new ones. To fully deploy NFTs for customer loyalty programs, it’s important that brands master two key aspects of the process: utility and process.
Utility for brand loyalty
Utility is perhaps the only way to kickstart and sustain a customer loyalty program. With utility—that is, perks and bonuses—your business is able to define what users will get through the NFT loyalty program. It is not enough to release an NFT collection; what is more important is what your customers will gain if they earn or buy the NFT.
To a large extent, the utility can also directly correlate with the return on investment (ROI) for your business. Depending on the space that your business operates in, some of the utilities that users could derive might include exclusive tours, access to events, NFT resale value, limited edition digital or physical merchandise, private social communities, future discounts, the ability to directly contribute to future company releases and more.
Consumers will be motivated only when the benefit is obvious and they are convinced that it’s worth it.
A well-crafted process
As much as utility explains what your users will get for owning your NFT, the process defines the experience for defining the utility. You should be able to create a smooth experience for your users that will make them look forward to engaging in the process.
To make the best of your process, you could explore a point-based system where users engage in different activities over time to accumulate points, which could then be used to determine the NFT they get — and their reward.
Some of the methods you could use in point accumulation include spending over time or over a certain period, participation in events, meaningful engagements across social platforms, treasure hunts or referrals. You could further spice things up by setting special NFTs for users who reach set points faster. Overall, the goal is to make the entire process seamless and fun so that customers will be willing to go the length to earn rewards. You could also create a tiered system based on NFT rarity to reward users.
Amberfi at the cutting edge
NFTs have the potential to rapidly transform businesses if deployed effectively. Our goal at Amberfi is to help all kinds of businesses to consolidate their customer base and increase their revenues through the expert deployment of non-fungible tokens. If you wish to scale your business through an NFT offering, you can reach out to us today to set you up, above your competitors, and be at the cutting edge of user experience and brand loyalty.
You can contact us to discuss your specific use case.
The drastic gravitation of users to the online space and the embrace of new technologies in everyday lives has opened up a unique opportunity for businesses to tap into the intersection of customer loyalty and business growth. NFTs could be the key to unlocking these new business capabilities.