Promoting Brand Loyalty With BitFans — Creator Tokens For Businesses
Every great company needs an ecosystem around it. Long gone are the days of selling a single product to a customer and expecting it to scale efficiently. If you analyze why this is no longer the case, you’ll find that the most successful businesses are not busy selling products, but are actually selling experiences.
Currently e-commerce features on social media networks and standalone platforms are prominent. Coupled with a sound payment infrastructure and society’s acceptance of digital transactions, this means that a business isn’t bound by borders. The potential for scaling is there, but because of the accessibility to products and services online, it’s also a highly competitive ecosystem. In the book Connected by Design, Apple’s suite of products and services were used as an example.
“Each device and service that Apple offers is connected by design with all the others in multiple ways that reward customers for their increasingly deeper participation in the brand. Apple’s ecosystem is aimed at drawing you in, making it ever more gratifying to buy Apple products and shun competitors, including devices that may offer lower prices and more attractive features. With its extremely limited product line, Apple has leveraged the strength of its ecosystem to achieve stratospheric heights of competitive advantage in the otherwise highly commoditized field of consumer electronics.”
- Barry Wacksman & Chris Stutzman, Connected by Design — Seven Principles for Business Transformation Through Functional Integration (2014)
Customers are more likely to buy into connected ecosystems, whether digital or physical. Businesses with multiple product and value streams are doing this in order to build brand loyalty. The formula for a great customer experience that would increase their lifetime value is simple. Offer your customers a low barrier to entry which serves as a doorway into a larger suite of services that are connected together by design.
Businesses have even collaborated to deliver this type of value, as was the case with the relationship between Nike and Apple early on. Nike+ was a product suite that allowed iPod users to communicate with their footwear. Over time, it’s evolved into a massive gallery of products and apps that are almost a staple for anyone in the health and fitness space. Later down the line, products like the Apple Watch were even developed and priced with the consideration of a low cost of entry in mind.
This has since then served as a bridge to Apple’s larger ecosystem, while Nike continued to develop wearable products that supported Apple devices. This reinforced loyalty within both ecosystems, not only because it was an innovation in and of itself, but because the interoperability made it convenient for consumers to bridge their interests with their existing devices. This is how the scale, growth, and retention strategy was successfully applied.
Moving to the digital age where most purchases are made online and consumers are valuing the concept of communities and clear lines of communication with their favorite brands, BitFans is leading the charge. Our platform allows both individuals and businesses to create their own digital token which serves as a foundation for interactions within a community. We believe that customers should be able to connect with brands from various areas in their ecosystem that generates value. There are three primary benefits for tokenizing a business on our platform:
Increase the size of your customer base
The advantage of using BitFans is that your community has direct access to your brand. This allows you to align with their interests and support their initiatives. The more in touch you are with your consumers, the more you can reinforce loyalty within your ecosystem.
Increase your product value
With Creator Tokens, you can significantly reduce costs for your end user through exclusive perks as members of your digital economy. You could start with something small and stack levels of value as they go into the higher tiers of your community by having more tokens in their possession.
Increase your customer lifetime value
One customer could avail of multiple products in your ecosystem. BitFans makes it easy to identify your most valuable touchpoints. Using creator tokens, you can effectively map out and optimize your consumer journey. Doing so allows you to design experiences that they will want to buy into and in effect retain them as your customers.
Potential Use Case: Creator Tokens For Businesses
The benefit of releasing your token is your customers will go from becoming normal transactional customers to becoming lifelong fans of your business as they will acquire your creator token in order to receive all of the benefits/perks that you will provide for your token holders. Smaller businesses can also take advantage of tokens and create fans around their specific products and be on the front foot of innovating their brands.
Let’s say you own a Marketing Agency and you want to create value. Your main product, of course, is your service packages. In order to scale, you decide that you need to create an ecosystem that provides value to your customers every step of the way.
This is where you decide to develop other streams such as creating eBooks, cheat sheets, personalized coaching and training services, templates, customized software, and so on. These are products that revolve around your core service, and therefore they provide an array of options for your consumers.
Using the concept of exclusivity, you could utilize your creator tokens to incentivize your community. You can set up a tiered access model wherein your exclusive courses and templates are available to those holding a certain amount of tokens, or conversely, you could even ask for tokens in exchange for availing of these products. Because BitFans is community driven, it means that they could even use their tokens for voting rights in the direction of your brand.
Taking from the concept of staking in crypto, you could design incentives around long-term holders of your tokens for a set period of time to gain access to a certain benefit or private chat room.
Another benefit is that you’re not only cultivating your community, but also incentivizing loyalty. Creator Tokens allow your audiences to gain exposure to your upside as a brand, which makes them vital to your ecosystem.
Tokens are taking the world by storm and this is a game that will get very competitive, very fast. BitFans allows you to design meaningful experiences for your customers and engage with them in transformative ways.
If you’re interested in learning more about BitFans and how we can help you, visit any of our socials using this link: @bitfans | Linktree