We recently shared several business use cases for NFTs to show how blockchain and NFTs are starting to elevate how many industries operate. Some common misconceptions about using NFTs for business are that you need to invest a small fortune, disrupt your operations, and train the masses to start using them. The good news is that none of this is true. You can test NFTs without a significant amount of time, personnel, or financial commitment. NFTs for marketing, loyalty programs, customer outreach, and events are perfect areas to experiment with NFTs and see how your customers, clients, and prospects react and elevate customer experience.
Another misbelief is that blockchain, NFTs, and the metaverse are only for fortune 500 enterprises–not for the smaller and medium-sized businesses. The truth is, blockchain is revolutionizing all industries and types of companies, much like the cloud 20 years ago. And while companies like IBM, Nike, and Coca-Cola might already be experimenting in the space, this is uncharted territory. There is plenty of room for both B2C and B2B organizations to get in on the ground floor. In fact, small businesses have already benefited and found incredible new recognition from NFTs.
Here are ways to use NFTs to build your membership and loyalty programs.
Offer Your Customers Exclusivity and Community
A feeling of ownership and belonging that's what everyone wants, right? And that is one reason why your customers sign-up for your loyalty program. The discounts help, but really, people are looking for a community. A like-minded group with which they can interact, share their voice, and get insider insight.<
At the same time, people also want to know they are special and that your brand elevates them because of their loyalty. NFTs are a great way to directly connect your brand to your loyal customers–making them feel part of something bigger but still exclusive.
NFTs for loyalty programs allow you to provide additional value for your customers with cool perks and benefits, access to unique products, early access to upcoming products, and more. It also gives your loyal members exclusive access to items no one else has or can get. Providing them a chance to acquire exclusive and unique NFTs empowers them and secures a closer relationship between your customer and your brand.
Build Unique Brand Experiences
Brand is the foundation of any company–but you need to stand out to stay competitive. NFTs can help create unique experiences for customers. Allowing them to organically grow their brand awareness from experiences they can't get anywhere else.
One huge bonus from NFTs is that they can be any type of digital information–this includes audio, video, images, documents, virtual real estate and worlds, and so much more. If you strategically combine various NFTs, you can create an entire virtual brand experience for your customers to enjoy.
NFTs offer added value in being collectible. For instance, you can create virtual 3D models of your product that your customers can collect and show off in their virtual rooms. If you are wondering what a virtual room is–Meta has already created a space on Instagram to display NFTs. More evidence this is becoming popular; companies like Nike and Coca-Cola have already started down this path.
Promote, Expand, and Build the Buzz
NFTs and the Metaverse are in their infancy, but they are growing fast, and audiences are showing that they want them. Getting in early will only help build a stronger and wider base.
A few examples of how you could use NFTs to appeal to more people:
- Get exclusive tickets to a show, event, or other promotion.
- Give priority access to holders–this could be for many things from events to loyalty programs.
- Receive an additional offer with the purchase of NFT or vice versa.
- Obtain access to something others do not have.
- Gain new followers through reselling NFTs with a bonus items.
Now is also a great time to partner with other brands to share the experience. This expands your audience, as well as theirs, and builds greater buzz around both brands. The world is really only limited to your team's imagination.
Bridge the Gap
Today's consumers want to know how your product and service are relative to them. And, now, more than ever, consumers want to feel the brands they are interacting with meet and match their expectations. 84% of millennials say they prefer to support brands that are transparent with values and a culture they can trust.
While many companies have adopted corporate social responsibility models, traditional marketing and outreach still revolve around transactions and sales–not interaction. So, many customers continue to feel disconnected from an organization's mission and values. This disillusionment can lead to loyalties moving somewhere else.
Decentralization projects, specifically NFTs, provide customers with new ways to move through their journey and bring them closer to your brand. It also creates stronger bonds between the community. NFT projects can help shift the company-consumer relationship to more of a partnership, which is a win for all.
Brand Protection
NFTs offer value both ways. Your customers participate in something meaningful, and your brand receives protection from fakes, scams, and counterfeits. They can also help with contracts, supply chain production, more secure transactions, and many other behind-the-scenes business use cases. You can also keep revenue flowing from residual income and royalties anytime the NFT is sold.
Are you Ready?
You might still be thinking, will this really happen? Remember, every technological transformation has this stage–and it is better to get on the train early than to try and run and catch up with it. The bottom line is that NFTs are a cost-effective and straightforward solution with immediate and long-lasting results.
Contact us today to receive a free consultation and start your journey into NFTs, or other blockchain tactics, today.
