Non-fungible tokens represent a range of strategic opportunities for brand marketers looking to engage their current and potential customers
While Bored Apes and Pudgy Penguins grab the headlines, and the potential for decentralized finance (DeFi) and play-to-earn is undeniably great and exciting, the marketability potential of tokens non-expendable property (NFT) deserves the same attention. It all comes down to this: With NFTs, virtually anything can be gamified to promote desired marketing results.
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gamification —defined by Gabe Zichermann, author of The Gamification Revolution, as a “process of using game thinking and game dynamics to attract the public and solve problems”— is not new to sales and marketing. What is new are the mechanisms with which potential and current customers can be captured and motivated. And, my God, they are exciting. To illustrate this point, here are five examples of the use of NFTs for sellers.
Sharing marketing to reach market segments
Let’s say you’re one of the estimated 40 million people who move each year in the United States. As a “Newly Moved”, you are highly coveted by a number of brands who are willing to cater to your highly predictable needs.
In the past, if Sherwin Williams (paint), Simplisafe (home security), Spectrum (cable), Stanley Black & Decker (hardware), Sony (electronics), and Pottery Barn (furniture) wanted to team up to market with you at your prime necessity, it would be practically impossible. After all, different internal systems, entrenched reluctance to share data, different promotional structures and loyalty program designs, overlapping distribution points, and other obstacles invariably create an insurmountable roadblock.
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Now, imagine those brands coming together to create an NFT Move Me or something similar. Consumers who purchased them would create revenue for all participating brands and put our Newcomer in a virtual community where they could tour neighborhoods, attend a Metaverse housewarming party with a celebrity, enter to win digital real estate , hang their digital art and, of course, learn how each brand’s products/services can help them along with an “exclusive and generous” discount.
What’s more, you could offer our hypermarket consumers rewards in Bitcoin (BTC), Ether (ETH) or other currencies as incentives for buying in two or more of the Move Me brands, financed from the NFT revenue fund or from the contributions of the participants in the program on a relative scale.
Name your segment: The possibilities are practically endless.
- Related: Why are the world’s hottest brands experimenting with NFTs in the metaverse?
Cross-brand loyalty marketing
Let’s say you’re a brand with multiple CPG products in your portfolio, such as diapers, laundry detergent, oral care, over-the-counter medications, and skin care. Your goal: create a mechanism to reward customers for buying across your entire portfolio most of the time.
Most such attempts in the past have been colossal failures.. The combination of a cumbersome proof-of-purchase mechanism and the lack of a cross currency that truly motivates behavior have doomed the efforts.
But, what if your customers could create a “My wallet [inserta el nombre de la marca aquí]” and link it to your store cards, like Food Lion’s MVP program, Kroger Plus, or CVS ExtraCare, for example? Now proof of purchase can be effortless between brands. With transaction data and a broader customer profile, any of the participating brands can throw in NFT rewards (an offer to add their newborn’s photo to collectible art, for example), metaverse experiences, and even money. Even the retailer can get in on the action.
While the return of small sums in fiat currency or dollars for a future purchase can be traditionally disappointing for the participation effort, the addition of cryptocurrencies with their exchangeability and potential to accumulate value can become a real game changer. Think about the perception of value.
- Related: The Biggest Consumer Brands That Committed to Cryptocurrency in 2021
experiential marketing
Imagine this: You are at home, on your computer in Manchester, dreaming of a trip to Manhattan. Then, you take a virtual tour of the city’s iconic destinations and also visit specific stores, restaurants, clubs, theaters and more that are promoted within the tour in an effort to add them to your itinerary.
As you visit each destination, you’ll be able to collect NFTs, which could serve as digital souvenirs to add to the excitement of your trip, while also earning you priority access, unique experiences, special offers and much more.
Let’s say you’ve added the Museum of Modern Art to your itinerary. Your NFT could give you access to an exclusive NFT auction of iconic New York art and maybe even entry to a “hidden exhibit” at the museum. Furthermore, cryptocurrencies open up a new fundraising mechanism for non-profit organizations like MOMA.
Show your NFT to the restaurants on your list and you’ll get a surprise appetizer or the chance to order a “hidden” menu. I could go on and on. The opportunities to promote tourism are enormous.
Launch of new products
Now consider the automaker that has no problem connecting with someone who is in the market for a new car., since it’s already everywhere this client is looking, but it has to strive to excite existing customers they are not looking to the market for a significant model year upgrade.
But nevertheless, If that manufacturer cultivates its community of customers to express their shared passion for the brand, affinity for its current product, and binding interest and excitement for NFTs, all of that can change..
Imagine a dynamic release of NFT to this community which teases the new model at first, then adds additional skins and features over a set period of time to drive engagement. At every turn, there are additional opportunities to see a virtual demo of those features and, of course, request a test drive.
At the dealership, NFT brings “exclusive offers” and, based on the content the consumer has viewed, allows the dealership to deliver a more focused and personalized test drive experience.. And of course the NFT becomes a collector’s item, especially if the customer decides to buy the product.
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Sales team training
When it comes to the annual sales kickoff meeting, there’s nothing more disappointing than a “Steve Balmeres”-style speech going off the rails, endless photo-filled slideshows, and conversations about meeting an annual “stretch” goal. which is actually a euphemism for “good luck.”
Now, imagine that each member of your team selects from a gallery of NFTs the one they believe embodies their approach to driving success in the coming year. Next, members choose (or are chosen) teams based on their affinity or compatibility.
Teams could be revealed at kickoff meeting (live or virtual). Next, each team would receive a series of challenges designed to immerse themselves in the strategy that has been established and in the dynamics of their market, among others. This, Along with meeting the goals set in the smart contracts, it could reward members with cryptocurrencies, other NFTs, or any other “currency” you care to consider. And, the NFTs themselves become achievement badges with varying degrees of rarity..
- Related: We haven’t even begun to harness the full potential of NFTs
The concept can be taken further making it perennial, allowing trading, airdropping “bonuses” and much more. To see another example of the concept in action, check out what Enjin did for Microsoft to engage its developer community.
But first things first
The technology and consumer adoption are still at a relatively early stage, of course. But things move too fast, fueled by huge injections of investment capital, a literal “land grab” among major players, and the far-reaching powers of FOMO.
Meanwhile, it is necessary to carry out a major consumer education campaign with the support of the entire industry. Not only about What buy, sell and trade cryptocurrencies and NFTsbut, and perhaps more importantly, on how to do it safely. Because let’s face it: If you think scams, phishing, hacking and other nefarious actors are sophisticated and evil now (and they are) they’re only going to get worse the more pervasive the multiverse becomes.
Yes, fortune favors the brave. But let’s face it trust and security are essential pillars of the possibility.
So the next time you shrug that a Beeple collage sold for $69.3 million was “crazy,” think instead about what technology holds for the future. Think big. Test aggressively. And educate yourself, educate yourself, educate yourself.
This article does not contain investment advice or recommendations. All investments and trading involve risk, and readers should do their own research when making a decision.
The views, thoughts, and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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