Our first full week of the Unify Rewards blockchain loyalty project has been very successful, with member engagement growing day-by-day.
To stimulate engagement with the program, a number of campaigns have been executed, including:
- $5 Free ETH: Members were provided with a surprise & delight join bonus of $5 ETH. Consumer psychology studies show early engagement with a program leads to much lower churn rates, and the best way to drive early engagement is by providing a rapid reward. This sends a clear signal to members that they are likely to extract value from the program, and are therefore inspired to find out more by better educating themselves about how the program works.
- Win One Whole ETH: A competition was announced where members could earn one whole ETH (valued at $402 at the time the competition was launched) just by scanning & earning stamps. Each stamp earned provided the member with one entry into the draw. Consumer psychology shows that people often find it difficult to start something, but once they’ve started, they feel compelled to complete a task. The intent of the competition was to compel members to start scanning, with an understanding that once they saw stamps appearing in their account, they would be inspired to continue scanning to get to 10 stamps, which automatically converts into $5 ETH. A significant ramp up in scan activity showed the campaign has been satisfyingly successful.
- Tips: We have provided members with tips on a daily basis educating them on how to earn their 5 stamps per day by developing a consumption strategy. The members appear to have responded well to the tips, with evidence they are adjusting their transaction behaviour to maximise their daily stamp earn rates.
- Win A Case Of Wine: We’re also launched a campaign for merchants to encourage them to get more involved in the program. This includes ensuring the scanner is placed in an obvious area, making sure promotional signage is clearly displayed, and reminding members to scan when they purchase. This campaign has clearly appealed to certain merchants, with two in particular showing a sizeable ramp-up in scans.
We enter week 2 of the trial feeling confident member engagement will continue to grow, providing us with sufficient data to test our hypothesis; using cryptocurrency as an alternative to loyalty points drives deeper program engagement.
Philip Shelper is Chief Design Officer & Co-Founder of LoyaltyX, an experimental loyalty agency and the program operator of Unify Rewards. He is also CEO & Founder of Loyalty & Reward Co, a leading loyalty management consulting agency.
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