How businesses are using NFTs to create hyper-engaged super fans
Web service providers, customer data researchers, healthcare firms, the education sector – the list can go on and on – but what most businesses have in common is that their end goal is user engagement and satisfaction.
After all, customers are what make or break a business, and the higher a brand’s customer loyalty and brand engagement, the more control it is likely to have in the competitive industry.
As such, companies often run around trying to come up with new and exciting ways to enlighten customer experiences and customer journeys. Creating hyper-engaged super fans through user engagement is often at the top of a brand’s goals list, and entire sections of marketing strategies are dedicated to improving user engagement.
The reason is simple: more engaged customers mean greater brand loyalty, and greater brand loyalty means more sales, which means higher profits – so it’s a win-win for just about any firm!
Recently, brands have dived into technology to work on their engagement and customer loyalty, taking the virtual world as their business tool. And ever since the dawn of web3 and along with it it’s all-powerful creation of NFTs, businesses have been trying to leverage the latter to improve user experiences.
But how do NFTs create hyper-engaged super fans? And are new possibilities of user engagement really possible with NFTs? Before we dive into these questions, let’s explore what NFTs really are!
The Non Fungible Token – Explained
An NFT or non fungible token exists as a real record on blockchain technology that takes the form of digital assets such as audio files, artwork, trading cards, posters, or even special features in video games – the list is just endless.
Since each NFT has a self sovereign identity via its unique identification code, they are easy to distinguish from one another and remain exclusive to the creator unless traded or sold.
In fact, NFTs can also act as representative for physical assets by converting them into tokens. This process of brands converting their products into NFT tokens makes the said products easier to sell, buy, and trade, easing the process for both consumers and most brands. It also broadens your consumer base as consumers are no longer restricted by limitations of geography and can instead access your NFTs from wherever they are!
So, you know what an NFT is, but you might be wondering what does an NFT exist on. Is it an element on the internet? Is it part of the digital reality? Well, NFTs do exists on the internet, but they exist on the updated internet called web3.
Web3 is the internet of the future that moves away from the write and read only version of the web and instead hands full control to users as they experience the internet through a read, write, and own basis. Through qualities such as decentralization, a lack of censorship, and a more active role in owning what you create, web3 opens up a whole new world for its internet users – and new is what the new generation is after, so it’s sure to keep people entertained.
Now that you know what an NFT is – and where it exists – let’s get into how businesses can use NFTs to create hyper-engaged super fans!
How to Create Hyper-Engaged Super Fans with NFTs and Web3 Customer Engagement
Of all the assets that a business holds, its most important are its customers, which is why most companies are willing to go to any length to improve their customer experience. Many firms have started delving into NFTs in a bid to do this, aiming to drive up consumer loyalty.
Here’s how you can use NFTs to drive your business:
- Expand your Digital Product Line
Customers in your community will love getting their hands on something unique, and by expanding your digital product line via NFTs, you can allow them to do just that. Start selling your existing products in NFT versions, or introduce a whole new line of NFT offerings – either way, make sure that you’re packing in an experience that it hard for your consumers to avail elsewhere. After all, it’s all in the exclusivity.
You can release exclusive artwork, motifs for people attending your events – giving them a digital asset to plaster on their social media and thereby heighten their one-of-a-kind experience – speciality clothing for your online avatars, or even sell tokens to your consumers in exchange for charitable donations, helping you work on your company’s social welfare segment too.
- Help your Customers Create a Digital Lifestyle
Nowadays, society loves displaying their lives on social media, putting out content for their followers to engage with and give them power in the digital realm. Companies can provide their users with NFTs that allow them to document their real-life experiences online, both on social media and on other connect platforms.
Provide your customers with online digital identifiers that they can use to portray their lives – ideas could include charity donations, visits to brand events, access to exclusive merchandise, and collecting special items. Not only will this market your brand as something desirable and exclusive, but it will also expose your brand to a whole new audience, marketing it without any resources spent from your side!
And since people love to get in on something that seems exclusive and limited, your brand will suddenly become hot topic.
- Create Loyalty Programs for your Customers
Loyalty programs have been a trademark marketing tactic since the course of corporate started, but changing times require changing tactics, and there’s no better answer to this need than to modernize your company’s loyalty programs by adorning them with NFTs!
Create a program where returning customers are given ownership over exclusive NFTs after reaching specific milestones. Not only will this motivate your current customers to become your permanent and returning consumers, but it will also excite new users to try out your products and services in a bid to get access to your exclusive offerings.
And there’s no tool as powerful as a happy customer that loves to spread the word about their newest find!
- Turn your Receipts into Doorways to the Metaverse
The metaverse is exciting, and since it’s unknown with so much to explore, people can only imagine the elements that it holds – making it even more attractive. As a business, you can allow your consumer entrance into the metaverse by making your receipts into entryways.
Simply give access to your consumers to your brand’s own custom built metaverse where consumers can play games, trade items, interact with other users, attend online exclusive events, and even join member boards to discuss certain topics. Just make sure that your created metaverse has simple and intuitive interfaces to make for a customer journey that is smooth and stress free.
Not only will this entryway into the virtual worlds make users deeply engrossed with your brand, but it will also provide them access to customer experiences outside the ordinary, making your brand stand out!
- Drive Trust with NFTs
One of the biggest problems surrounding businesses today is to bring the element of trust into their company operations and transactions. No matter how well-established or renowned a firm may be, there’s always that apprehension of losing your money – if not directly through the brand, then through the payment providers that act as the middle men and deal with financial transactions.
Since NFTs – despite their newness – have a seal of trust and don’t require third parties to make payments, they bring a whole new level of security to your firm. NFTs can be used in conjunction with a smart contract that resides on blockchain technology. And this is a great feature for companies dealing in expensive services and products, since the larger the transaction, the more trust people look for.
By adopting these smart payment methods, you can transform your businesses into decentralized autonomous organizations, helping your customer experience soar.
- Keep Parts of your Offerings NFT-only
Venturing into NFTs is a great way to get yourself some dedicated customers, but an even better way to leverage them is by keeping certain products or services exclusive to NFTs. Not only will this make your NFTs more promising and desirable – people always want what’s limited – but it will also build an air of exclusivity around your business world.
Release a range of artworks, keeping two exclusive to the NFT format, and chances are that customers will want to complete their collection, pushing them into exploring your presence in the digital world. And by doing so, you’ll also be able to reel in customers that are otherwise apprehensive of making their way onto the metaverse or delving into NFTs.
And of course, to really motivate your customers to enter into your NFT collection, you can also provide limited-time free access to your NFT products on other purchases. Once the community sees what it’s been missing out on, that’ll be half of your marketing efforts sorted for you, and your marketers can observe trends and reception to see what works best!
So, it’s clear that NFTs can really help improve your provided customer experience and leave you with a following of hyper-engaged super fans, but is customer loyalty guaranteed with web3?
Do NFTs Guarantee Customer Loyalty? Is the Trick in User Engagement or Simple and Intuitive Interfaces by Web Service Providers or is it all in Smart Planning?
Everyone wants to increase their customer turnaround, but is the creation of a league of super fans by using web3 and NFT tactics enough to keep those customers?
Well, while using NFTs is a great way to add value to your user engagement and drive loyalty within your community, the trick is in staying at it. There’s very little value in introducing your community to NFTs and then make the strategy disappear – customer loyalty is an element to be gained with continuous hard work and rewards, and it’s only brands that are consistent that satisfy their consumers.
Dedicate a part of your team to work on engagement activities and plans and align them with your marketing team for smooth execution. These teams will be able to identify areas that can be worked on to improve the company-customer relationship and better engage users. And not only will you be able to keep your current community happy, but the collected data will be perfect for on boarding future users.
Of course, it’s important to keep web3 and NFTs as part of the marketing circle and to use them as necessary tools and concept technologies while building your engagement plan. Keep creating new ways for your users to have ownership in your company and reward them with tokens and other valuable items. Remember, a happy customer is one that is periodically checked up on and kept engaged throughout their relationship with the company – and beyond that.
So, yes, NFTs are great, but to make them work and get yourself some super fans, you’re going to need to combine NFTs with some smart corporate planning!