In Simon Sinek’s book Start With Why, he discusses the many ways that companies who have lost their vision, purpose, and reason struggle to remain in business. Among their sales techniques are manipulation, lowered prices, using promotions, fear, aspirations, peer pressure and novelties. None of these techniques are sufficient to grow the necessary loyal customer base to sustain long term business growth. Only starting with Why and clearly communicating the Why works.
Asset Token’s strong platform enables companies to issue crypto reward loyalty points to build the necessary consumer cult-like following to be successful at building a loyal following. The major key is tying the company’s purpose with the success of its customer base by using crypto rewards points.
One of the major challenges for customers is determining whether they are being inspired into a sale or manipulated into a purchase. A leading electronics retailer recently implemented a store-wide fifteen day return policy on all major appliances. Once the fifteen days are over then any item cannot be returned. Generally, for large ticket items like refrigerators and washing machines, it takes just that long for a customer to even open the box. While the locked-in period may be a way for the company to reduce the number of returns and lower its cost of goods, it does not constitute the creation of trust and loyalty for its customers. Asset Tokens, in contrast, never expire. The company that cares about its customer base and provides them with tools to return unopened merchandise and Asset Tokens to be a store of value will be positioned to build a loyal customer base.
Another way companies compete is based on promotions and price. A large luxury cruise line company with a large fleet in the Hawaiian islands about a year ago shifted from an all inclusive Caribbean cruise package to an a la carte one. Based on several studies conducted on social medias, the vacation goers that paid the lower prices were surprised by the much lower quality cruise they perceived to have received. Many responded they would not cruise with that company again. One of the benefits of Asset Token is the API ensures transparency. Had the cruise line adopted the Asset Token API, the vacationers could have seen the obvious differences in the bookings, prices, and amenities, and perhaps made a much different and enjoyable choice.
Another means companies promote their brands is through selling fear. Some of the best advertising tag lines belong to insurance companies that have commoditized insurance and made it all about the lowest price based on fear of loss. Asset Tokens are flexible reward points and because they have upside value could be used to replace traditional insurance instruments. The large problem facing US insurers is not the selling of fear, but the fact that underwriting limits in most states are based on 1970s laws and values that no longer make sense. Asset Token can serve to replace traditional offerings that no longer serve policyholders.
Aspirations and novelties are sellable and important but also don’t necessarily create lasting loyalty. Who doesn’t deserve a break today? Who wouldn’t like to have a smile? These are novel concepts. Obesity, diabetes, and cancer are not. With Asset Token’s API and the use of the crypto rewards points, consumers are able to use the rewards as they see fit and toggle between vendors. So, if today a consumer only eats steak and has the Asset Token, if tomorrow he became vegetarian, he could still use Asset Token. Conversely, a local butcher shop crypto reward most likely would not have value at a farmer’s market. A network that adopts Asset Token and partners with industry peers to address rapidly changing consumer preferences would see a rise in its worth to a loyal client base.
Asset Tokens are not only safe and secure because of the value of Blockchain, but also are a real asset in creating a loyal and dedicated customer base.
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