We are all familiar with how blockchain technology has transformed the financial and currency spaces, but are only slowly becoming aware of how it can influence a broader range of industries as well. One of these industries with the most profound promise and potential is the marketing and consumer relations sector. MobileBridge, an international leader in mobile engagement, has already tapped into this opportunity with the creation of a blockchain based platform, Momentum, for promoting loyalty between companies and consumers. What MobileBridge envisions is a system where improved relationships increase monetary and advocacy benefits for companies, and simultaneously provides trust, value, and ownership to the customer.
According to a study done by Bond Brand Loyalty, North America alone amasses $100 billion worth of unused loyalty points. This discrepancy indicates wasted potential that could be translated instead to satisfied and active customers. Traditional consumer loyalty programs are measured and actualized through purchases or word-of-mouth recommendations advocating for the brand. While these things favor a company looking to grow a business, little emphasis is put on how to benefit the consumer as well. From the consumers perspective, the idea of loyalty must be mutual and reciprocal. It is just as much about a brand showing consumers they value them, as it is the other way around. Without a loyal consumer base, most brands would cease to exist. Current programs also greatly lack in any form of personalization, often leading consumers to interpret them as spam.
In a nutshell, Momentum is the world’s first crypto loyalty program for customers and brands to build a mutually beneficial relationship. Momentum gives companies the ability to better gauge followers’ engagement, fostering data-driven insights while giving brand advocates full control of their data and rewards. Now, actions as simple as leaving a review, promoting a product or service, and providing access to relevant consumer data, will be rewarded in tokens on Momentum’s digital “wallet.” Momentum provides its users with rewards and loyalty cards for different stores, brands, and even restaurant chains, and incentivizes them through tokens with tangible value for every promotional action they take. On the flip side, brands are able to either use the Momentum token, or their own branded currency, with the platform acting as a point of exchange. This means that one company’s token can be exchanged for a Momentum token, and then exchanged back into a different branded token. Now, a token that is acquired by shopping at your local supermarket can be exchanged and used towards Business Class on your next flight cross country. What about unused tokens, you ask? Unused tokens can be saved, traded, gifted or donated.
It is too early to say that this system will completely replace traditional loyalty programs, and if it does, the transition will be slow. Brands also may not be on board to implement Momentum due in part to the fact that blockchain technology comes with its own separate controversies and skepticism. The decentralized nature of blockchain also lessens the amount of control brands have. But, if Momentum is what it says to be, it’s a win-win for all.
The blockchain based features and functions of the platform, from tokenized incentives to consumer controlled profile management, gives brands the opportunity to make more effective marketing decisions and gain unparalleled insights into their audience. Users are able to obtain reward points that do not expire and are flexible in where, how and when they are spent. Finally, thanks to cryptocurrency, ineffective loyalty programs will be used as powerful marketing tools, engaging the customer to a point where they want to actively advocate for a given brand. Consumers are able to switch from one loyalty program to the next, focusing their attention and promotional efforts to wherever they see fit. Blockchain technology can now be used as a tool in increasing brand loyalty and bettering customer relationships on a much larger scale than ever before.