Why is Web3/Loyalty the New Peanut Butter/Jelly in Retail Engagement?

Everyone should know what #retail #loyalty programs are. The most common ones are a way to capture your contact information. This gives brands the ability to email you offers to buy more products. The basics are simple. You buy stuff; you get points. This allows you to get discounts or more free stuff. It makes sense logically, so that’s why it works. Both consumers and brands get frustrated with this approach, but things are changing.

Enter the concept of communal loyalty. Capturing the consumer heart, not just the brain. Personally, I see this as “fandom”. The consumer is part of the brand. They identify through their brand. My example is that I am a Miami Dolphins fan. And I live in DFW/Cowboys country. I go out of my way to find a community like me. I am doing my part. The NFL does not make this easy, so social media fills the gap. When a brand relies upon social media, they lack control of the message and lack authority to upsell. So how do you create communities, gamify them, and upsell to them like social media? Enter web3…

Web3 is a great example of technologies designed to confuse the masses. In the arena of loyalty, web3 infrastructure is like a public bulletin board. Brands are the admins, the influencers are the mods, and engagement is the goal. The difference is there is no hosting cost. You pay when you make money. Also, web3 as infrastructure is great at secure record keeping and P2P engagement. These are the backbone of communal loyalty programs. First, you will want a method to keep track of who are influencers – these are NFTs. You will also want to keep track of the value a consumer has to the brand – these are tokens. Then, you will want consumers to be able to interact anonymously – these are wallets. Web3 is the perfect infrastructure for communal loyalty strategies.

Getting started is always the most difficult challenge. Greenfields are easier. Changing traditional programs can be too difficult and may not be cost effective. My recommendation is always find your north star. Leverage your vision to crawl, walk, then run into the future. If you need a helping hand, let me and my team know. We are alway happy to help innovate with a brand.

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