"How cool would it be to receive more exclusive and personalized rewards for loyalty to our favorite brands, instead of stamp cards, discounts and points that stack up and remain unredeemed?” - The founders of Berryfy, 2022.
Existing customer loyalty programs are very rarely aligned with the actual needs of customers and suffer enormously from inefficiency. Lack of innovation, low usage rates, poor user experience, and lack of customer centricity are among the reasons why companies around the world are struggling with rising customer acquisition costs and declining customer lifetime values. Then there is the overstimulation by brands that are constantly undercutting each other and trying to lure away customers from the competition with "special offers". Not particularly innovative, if you ask us.
With Berryfy, we offer brands the opportunity to integrate a platform that leverages the power of blockchain - No Crypto, No Complexity, No Code. In this way, we open up new ways for brands to build lasting relationships with their customers, and with little effort. As such, we characterize the platform as a brand's community powerhouse, providing unique and personalized brand loyalty opportunities to program members. Here, we're talking about much more than collecting points, redeeming them, and starting over again.
Our focus is to increase the lifetime value of your customers by enabling new ways of community building. When a company succeeds in moving from simply providing a product to building a community, it can unlock exceptional competitive advantages and develop a superior business model. Powerful communities are not only an accelerator for brand awareness, but are also expected by consumers. A support email address, newsletter, and social media account are not enough to keep customers loyal over the long term. Deeper interaction with the company is needed.
For this reason, with Berryfy we enable brands not only to issue loyalty points or subdivide them into customer levels, but also features that promote the idea of community and thus the potential for identification with the brand in the long term. Take a look here to learn more about our features.
In addition to these features, we are fueling community building and the exclusivity that comes with it, particularly through NFTs. With an NFT-powered membership program, members not only have an incentive to stay loyal to their brand to earn rewards and unlock new perks, but also to increase the value of their membership by upgrading and owning it. A look at the following graphic visualizes that the actual possession of membership and thus participation in a community creates a completely new dynamic for the loyalty loop. We are no longer talking about customer retention, but community retention.
The NFT can be understood as a unique membership access that cannot be counterfeited, copied or hacked. Also, a characteristic of NFTs is that they are ownable. In this context, while brands decide which NFTs provide access to which rewards, added values or areas, the trading is in the hands of the customers. While in the past it would not have been possible for a brand to create a secondary marketplace for memberships, NFTs now enable such an environment for any brand.
In addition to membership tradability, NFTs also enable interoperability. This means that as Web3 endpoints become widely adopted, NFT-supported memberships will be recognized in more and more areas of the digital and physical world. Brands are creating immersive experiences from both worlds, adding entirely new dimensions to how loyalty to a brand can be rewarded. Moreover, this interoperability enables brands to tap into entirely new opportunities for brand partnerships. This no longer requires deep integrations and coordination between companies that want to collaborate with each other. Brand partnerships can be realized with NFTs at extremely low setup costs and in a short time.
We can't wait to make brand loyalty attractive again. In the coming months, we'll be introducing more and more features and initiatives to help turn customers into fans of the brand. To stay up to date you can find us on LinkedIn.
Businesses must think outside the box and create loyalty programs that genuinely engage and excite their customers. One way to achieve this is by building community.