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Web3 and the future of customer loyalty
May 3, 2023
OUR top 5 takeouts.
_01
To create great customer loyalty, starts with understanding your business objective and defining a loyalty strategy that aligns (sounds simple but a lot of brands skip this step and shoehorn it in later)
_02 The expectation of loyalty schemes is changing, with social media more prevalent and increased competition, brands need to stand out by creating a personalised experience that engages their audience on the channels they’re most interested in.
_03 A mistake companies make when implementing loyalty programmes is that their customer service experience doesn’t matter. However, if there isn’t a robust process in place to help people when something goes wrong, a discount code isn’t enough to keep them loyal.
_04 Web 3 is coming! A lot of brands are already using it to define loyalty schemes (e.g. Starbucks’ Odyssey). Web 3 can add the most value for brands that have a strong community already – it can allow their customers to feed into the business, collect and exchange digital tokens (NFT) and give them access to their data.
_05 So, what is Web 3? – put simply, it holds info, content, and tokens (NFT) that are decentralised and therefore can be transferred freely as they’re not tied to any brand or individual. Importantly, the content cannot be edited and so can’t be tampered with. A good example of this is all your photos on Instagram would be lost if the platform was pulled overnight. If Instagram used Web 3, they’d be stored in a way where you’d be able to always access/move them.
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