Over 60% of customers who are offered rewards programs for their purchases will do repeat business with the company. And yet, the majority of people across multiple demographics just aren’t feeling it. Some people don’t even cash their reward points in, while others are oblivious as to what level of reward programs they even have.
This indicates many people have glanced at the “benefits” but aren’t motivated to buy new products just to cash in their points.
But would that change if cryptocurrency were offered as part of a loyalty program? Would you be more inclined to buy from your favorite store or financial institution if you automatically stored bitcoin or Ethereum every time you made a significant purchase?
Yes, there are at least five good reasons why all companies should plan to incorporate cryptocurrency into their retention marketing soon.
Five Reasons to Give Gifts of Bitcoin (And Other Crypto)
Because if you’re just now thinking about exploring cryptocurrency as a loyalty program, you’re too late.
Major companies may announce that they’re considering it, but chances are the wheels are already in motion. After all, Mastercard has already announced it’s integrating cryptocurrency into some reward programs. VISA was the first company to offer Bitcoin rewards with a credit card.
SoFi’s credit card is being marketed as a card that not only offers cashback but also helps you invest using cryptocurrency.
People are already using crypto to buy everything from cars to electronics to video games and even fast food!
You can use crypto to buy goodies from the Xbox network or even a hot cup of Starbucks coffee. Many stores and platforms now work with cryptocurrency, because they know it’s already mainstream, and younger customers are more willing to pay their expenses in cryptocurrency.
It doesn’t make much sense to hold out a while longer, considering that active business companies would be losing if they waited too long.
Americans aren’t as afraid of crypto as everyone thinks they are.
A recent Harris Poll in 2021 reported that not only have 9 out of 10 people heard about cryptocurrency, but up to 44% would be very interested in earning crypto as part of a rewards program. Almost a third of Americans also agreed that crypto could be the future of finance.
Still unclear on how to send and receive crypto? It’s pretty easy, as this article explains!
The worst-case scenario is never going to happen.
A few years ago, big finance was telling us not to bank on the cryptocurrency. It was too unstable and bound to bottom out. But then 2020 came and went. An economic crash wasn’t enough to destroy the value of the virtual coin.
It did fluctuate, for sure, down to $5,000 per coin. But now, in 2022, it’s approximately $40,000 per coin. It’s proven over time to be a commodity comparable to gold and silver, at least in predictable price.
Countries around the world are betting on cryptocurrency, including investors in India (over 100 million holders), the United States (27 million), Russia, Nigeria, Brazil, and others. If the entire world is making a play for bitcoin, trying to cast doubt on the coin’s long-term value is naive.
Because decentralization is on the rise – and it’s time to get involved.
People have stopped talking about Web 2.0…it’s practically the past! But now everyone’s excited about Web3 – the decentralized web of tomorrow.
Not only are venture capital firms investing billions in crypto, as this New York Times article suggests, but individuals are investing their individual wealth, talent, and energy into a number of blockchain projects.
Reddit, Twitter, and Facebook have all seen the future and are experimenting with their own web3 technologies.
Facebook famously rebranded itself as Meta, and now anticipates a digital but immersive world – not necessarily owned by any one company – that allows users to independently perform tasks in various metaverses – and earn crypto tokens in doing so.
NFTs are a literal example of Web3, and the internet’s response, millions of dollars traded, has been nothing short of jaw-dropping.
Give Customers What They Want – Crypto!
The popularity of cryptocurrency is enough to justify any company’s investment in a blockchain rewards program. The only ones who aren’t on board yet are the ones that don’t understand the blockchain and how easy it is to get started collecting and trading.
If more companies get on board to help bring their customers into the 21st century and understand the potential for investment, appreciation for a modern rewards program will only grow.
For more on the top crypto currencies, and other Web3 topics for beginners, keep visiting BusinessYield.com.
