Nov 8, 2022
Customer rewards quite simply enhances a company’s customer base by building loyalty. The most loyal customers are often the most profitable ones since they keep coming back and get others to share their experience too. Over time these customers become low maintenance for the company and basically become a part of building the business. And yet with all these advantages, rewards and loyalty program are looked down upon as cheap marketing gimmick. But is it really just cheap promotions?
The sole reason rewards and loyalty programs have stuck around for years now is because they really do work – provided its implemented properly. A lot of planning, R&D and analysis goes behind creating customer rewards because they are not one size fits all kind of programs. It has to be customized according to the product, business needs and customer behaviour. When creating a good rewards and loyalty program, businesses should keep in mind that the value customer creates has to exceed the value spent by the business on their customer. They have to evaluate their customer base to ensure they implement a scheme that is advantageous to customer behaviour because if the customer is skittish or fickle they cannot profit from them. This also brings us to the fact that not all customers are equal. Some customers will always be fickle and it’s important to distinguish between the loyal and fickle ones so that the loyal customers receive the rewards they deserve.
There are a lot of short-term rewards and loyalty program and they don’t really work because they do not have a long-term perspective on how they can build a sustainable customer base. All of these strategies can be quite cumbersome to include while also making sure its economical and efficient to implement. This is where blockchain can come in to make sure customer experience levels up to a more seamless, transparent and easy direction.
1. Creating a smooth ecosystem:
Since blockchain is a decentralized technology and transparent, loyalty points are awarded through the same account the customers spend from and cam redeem it from the same account. This makes it easy for consumers to access and use loyalty points while the businesses decide where they are allowed to redeem the points.
2. Cost efficient:
A Blockchain enabled rewards program ensures smart contracts and secure transactions. This reduces a lot of manual management work and weeds out third party interference which in turn reduces the chances of errors, frauds. Traceability features makes sure the entire journey of rewards/ loyalty points, from the time its dispatched to customer to the time its redeemed, is tracked and recorded.
3. Real time data and security:
Every single transaction can be recorded and stored in real time. Since there is no intermediary there is no time lost or security issues. One of the advantages of blockchain is that every data it stores is immutable and can be time stamped. This reduces chances of manipulating transactions and provides with a smart and secure transaction process.
A good and solid customer rewards and loyalty program is usually in sync and will provide sustainable value to both their customers and their business. It will add transparency and trust between business and customers – a very important character to promote feasibility. With MSRVantage’s loyalty program
solutions, you can build a program that serves you while attracting the right customers to your business. Boosted with next gen blockchain services you will have an efficient, curated and viable rewards and loyalty program that creates meaningful value and a strong customer base – all at low cost.
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