NFTs drive customer loyalty
If you’re reading this on a phone, it’s safe to assume you haven’t been living under a rock for the past two years. Suppose, we can assume that you have heard of NFT.
How could you not? They are all in the news, social media, and even pop culture. People spent about $ 41 billion on NFT marketplaces last year alone.
Even if you don’t fully understand what they are or how they work, you know they’re a big deal. And you’re not doing it wrong. NFT is a big issue, especially when it comes to customer loyalty.
What are NFTs?
Part of the problem with NFTs is that they’re really new. You see, the first NFT was created in 2014, and it took a while to catch up. That is why many people do not understand these.
At their core, NFT is a digital asset that is stored in blockchain. Typically, it is a piece of digital art, music or video that exists in a blockchain.
NFTs allow you to own a valuable industry without real, physical resources. They are unique, exclusive and rare. And that’s where the appeal comes in for a lot of people.
NFT as a business asset
In the past, businesses have used things like loyalty cards, coupons and discounts to drive customer loyalty. But nowadays, consumers want something that appeals to their sensibilities even more.
They want something that feels like it’s made for them. McKinsey research shows that more than 80% of consumers nowadays want a personalized experience from the brand.
NFTs offer businesses a way to do this.
When you create an NFT, you can include whatever you want. You are not limited to pre-defined images or designs. You can be as creative as you want and really talk to your customer base.
Using NFTs for customer loyalty
Satisfied customers are equally loyal customers. Loyal customers are 10 times more valuable than their first purchase, according to the White House Office of Consumer Affairs.
So, it is in the best interest of the business to keep their customers happy and come back for more. NFTs can help businesses do this in a number of different ways:
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If you want customers to take care of you – then you need to show them that you care. Customers are 6 times more likely to work with you if they know you are fighting for a cause that is important to them.
An NFT auction is a great way to show your customers that you care. And, it’s a great way to raise money for a cause you’re passionate about
Also, it’s a great way to engage your customers and invest in what you’re doing. When they see that you are using NFTs to support the cause of their choice, they will probably want to support you.
- NFT gives brands flexibility
Your consumer base has different segments, with different needs and wants. And, they are all at different stages of their customer journey.
An NFT allows you to target each of these sections with a message created specifically for them. You can use NFT to drive loyalty among first time customers. Or, you can use them to show your gratitude to your most loyal customers.
You can even use NFTs to reward customers for referrals or sharing your content. The possibilities are endless.
- Affects consumer behavior
While this may sound strange, many brands don’t really know why their customers buy from them. In fact, about 42% of brands do not know what consumers want or need from them
This lack of understanding can lead to all sorts of problems, such as poor customer retention rates or low customer lifetimes.
You can use NFTs to learn more about customers. For example, you can use it as a stimulus to fill out a survey. Or, you can use an NFT to track customer behavior. That data can be invaluable in helping you understand what customers want and need from your brand.
What NFTs mean for customers
Ultimately, NFTs mean a more personalized, exclusive experience for customers. They mean being able to support the brands they care about in a more meaningful way
And, that means having more control over the brands they interact with.
So, if you’re a business owner, it’s time to start thinking about how you can use NFTs to drive customer loyalty. And, if you’re a customer, it’s time to start focusing on brands that use NFTs.
Because, chances are, they are the ones who really care about you.
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