Businesses all over the world have traditionally spent large amount on Marketing and retaining customers. For a business to succeed, it is not just important to attract a customer for once, but the key lies in repeat purchases, i.e. how loyal is the Customer to that product or service offered by a Company.
The above infographic, might seem absurd, however if you go and ask a Marketer or for that matter anyone in charge of driving revenue for a Company, they would swear by their repeat customers.
It is relatively easy to attract the first customer by in your face marketing or by throwing in discounts, however it is extremely difficult to attract the same customer to your service / product again and again.
Looking at above, If you have a large % of repeat Customers, your business would be heading in the right direction.
This is precisely why the Loyalty industry was born and infact did quite good for a reasonable amount of time. Fast forwarding back to the present scenario, let’s see how the Loyalty Industry is performing.
Based on a research report by Maritz, it was concluded that only 25% of loyalty members are engaged in all the programs they belong to.
This implied that even though loyalty programs are acquiring members, they are leaving a significant majority of the members, unengaged.
To summarize, we can conclude that the traditional customer loyalty scheme has become a “tired” concept which needs to be reinvented.
Mobile Bridge Momentum Platform
MBM’s revolutionary approach brings in a never heard of methodology, which focusses on helping Companies build and maintain relationship with their customers (both new and old).
Let’s again look at the traditional Loyalty Industry to understand what is so unique about MBM’s offering.
97% of Loyalty Industry are based on spending money to earn money i.e. transactional rewards. These rewards most of the time don’t bring a lot of value to the table, which leads to 77% of these programs, failing in the first 2 years itself.
MBM is offering Companies a platform to create their own or co-branded tokens, which would serve as the currency for incentives or rewards. Let’s look at it how will it work.
These tokens can be awarded to customers not just when they transact, these rewards in the form of tokens can be paid out during the entire lifecycle of a product for a Customer. Eg: Making a purchase, posting a review about the product, recommending the product to friends / network, sharing accurate data about themselves.
By rewarding consumers not just for the purchase but also for reviews, referrals and data, MBM helps Companies stay connected to Consumers in a meaningful way. Loyalty programs revolving around these tokens would also keep Customers motivated as they feel their importance. They no longer feel as pawns which Businesses are just trying to tap into for money.
We should not confuse MBM as just Loyalty Rewards in the form of tokens. It is much more than that.
Let’s understand this by looking at various stages in the lifecycle of a Consumer buying from a Business.
For a product to land in the hands of the Consumer, it must go through multiple stages and each stage must be done in the right way.
The above figures, demonstrated the 5 relevant stages spread from pre purchase to post purchase.
MBM fits in perfectly well in each of these stages. Let’s understand this via an example:
Pre-Purchase Journey
- Payne wants to buy a new pair of shoes online, let’s assume that Nike is on the MBM platform and its token is called as NikT.
- Given that Payne would have searched on his mobile phone for a pair of shoes, Nike via the MBM platform understand that Payne is looking for a pair of shoes. To understand this, further, Nike-MBM prompts Payne to enter some basic data about himself and upload his profile in lieu of some NikT tokens. Payne, goes ahead and completes his profile
- Now Nike has some basic information about Payne, note that this basic info can be customized and would vary from brand to brand and also vary for different consumers, this would totally be driven from real time intelligence, so that the Brand ends up asking only what is relevant for them and not bombard consumers with irrelevant questions.
- Now the MBM platform has the advantage of leveraging various data points about the consumer, they not only have the historical data collected via his smartphone and other interaction points, they also have the most critical data point – which is intention.
- Serving the right ad matters, but it is not the right ad unless it is served at the right time. By combining historical, situational and intention based data, Nike is able to serve the right ads to Payne.
- Payne is prompted with 2-3 running shoes within his budget. He is also offered a certain amount of NikT tokens, if he ends up buying the shoes from this platform.
- Payne is happy with the options offered and he goes ahead and completes the purchase.
Post – Purchase Journey
- After the transaction, Payne is introduced to a referral program, wherein he gets NikT token for every friend / person he adds to the NikT network. He is also offered a unique program, wherein he gets a certain amount of token, if his referred friends end up buying on the NikT Platform
- Apart from referral, Nike also wants to incentivize Payne to promote their brand. To do this, they offer him some tokens to post reviews of the recently bought shoes
- Payne is obviously more than happy to do both the above and ends up getting rewarded further NikT tokens.
Now this process, has resulted in building a solid bond between the Company and the Consumer. The consumer has throughout felt assured and gratified.
The Company on the other hand could acquire a new Customer and now has probably referrals and the likelihood of the same Customer repeating a transaction in the future. It has also helped Nike achieve all of this with a minimal investment in effect driving a much better ROI for them.
Accurate Tracking Without Compromising User’s Privacy
We looked at how accurately a Company (Nike in the above example) was able to show the right ad at the right time to the User (Payne). This obviously raises the question, how does MBM platform guarantee the safety of user’s data.
With its decentralized network powered by blockchain, MBM ensures that the user and the user only is in-charge of his/her data. Every user has complete transparency of what data points are being collected and what is shared with a specific Company.
A user is free at any given point to change all of this and modify as per his needs. Eg: Payne had previously shared his data with a jewellery company when he wanted to buy something for his girlfriend. Now he wishes to revoke and grant only basic information regarding that, he is free to go ahead and change the permissions.
ICO Details
Total supply of tokens = 1bn, half of which is available during the token sale.
Each token is priced at ~0.12USD.
Hard cap is set at ~$51mn. The team is expecting to raise (soft cap) ~$23-29mn
Summary
In the age of Mobile & Social Media, both Consumers and Companies are struggling with extremes – User Privacy being compromised such as the recently infamous Facebook Data leak or Companies burning millions with poorly planned Loyalty Rewards Programs.
Mobile Bridge Momentum’s platform is the perfect kit for both end users and Companies. In short, it will help Companies target the right Consumer at the right time, without compromising user’s privacy. On top of it, the end user is rewarded along the way, making it a win-win for both the parties.
For more details visit:
Website: https://momentumtoken.io/
Whitepaper: https://momentumtoken.io/files/MobileBridge_Momentum_Token_Sale_Whitepaper_-_FINAL_v1.0_1102018.pdf
ANN: https://bitcointalk.org/index.php?topic=2943654
Telegram: https://t.me/MomentumToken
Blog by: maxxxks
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1929209