Momentum — US Customers wasting up to 100 Billion USD per year — Why is that?
Alright guys, where did we left off. Customer retention and relationship I think? If you haven’t read the previous article, please do so here.
As in the example in the first article displayed, keeping established customers is way cheaper than generating new ones. So what do we do? Right, we have to think about ways to keep our customers and build up our customer relationship. In the first article I’ve shown a small glimpse of what a post-sale progress could look like which would improve your relationship to our customers by heaps in comparisons with other companies.
Another way to go on about those things would be the implementation of customer loyalty programs, which are widely spread already. It’s actually so popular, that companies having a hard time to stand out of the crowd and actually make their programs attractive for consumers. How declining this usage of those loyalty points is, was shown in a statement of MobileBridge: The yearly waste of rewarded incentivized customer loyalty points range up to about 100 billion dollars alone in the US. That’s a lot of money to be unused.
The reason for this is not solely that people don’t want to spend them, they often times don’t get the possibility to do so. You see, if you shop at like 10–15 different places you’ll have a hard time carrying around all your loyalty cards or coupon codes. This maybe works for people who’re carrying around ten credit and debit cards, but even then you have to manage them like a small accounting firm to know where your bonus points actually are available on. Besides that, smaller amounts of bonus points often times don’t qualify for usage or it’s just not worth it to do a 2h drive to use your 5$ KFC coupon.
“Alright, I didn’t think about that but it sounds reasonable. There’s surely things to improve but where does Momentum come into play?”
Well, it’s a bit tricky to say at least. I don’t want to just touch on the project a bit, I want to present it in it’s fully glory. In order to do so, I’ll dedicate a whole article about the functionality and use of the Momentum platform and token. How this project works and why companies can benefit heavily through the utilization of it, will be addressed in the next article!
