Using NFTs for CRM (Web3 marketing tools, Part 2)
Last week, I launched CRMbyNFT with my old colleague from Ogilvy, Cyril Attias.
We found ourselves having lunch and discussing our 20 years in marketing, and how, when web2 kicked in, lots of companies failed because they were using new marketing tools without properly integrating them with their existing marketing framework and without applying what they learned from web2 (and web1) experiences.
As we all know, History repeats itself, and the shinny NFTs will undoubtedly trigger the same effects.
That’s the reason why we decided to launch CRMbyNFT, an end-to-end solution for companies willing to integrate web3 marketing tools into their traditional marketing mix.
Web3?
There are hundreds of good articles on the web defining web3, but here are a couple of quick points we need to keep in mind for our topic:
- Web3 is community-powered. That means your brand will thrive through your users’ behaviors (whether it is the act of buying or of convincing others to buy).
- Web3 is about rewards. That means you won’t have to run massive campaigns trying to reach your audience, but instead, you will thank your community for spreading the word. This thank you can be a rebate, early access to new products or private sales, etc.)
- Web3 is about sharing power. That’s the famous flat organization as opposed to the pyramidal one of web2 (think of all the big corporations like Google or Amazon). In web3, community members have a say on where the brand should go, and what product/feature should be released first. It’s really about co-creation
And that’s the reason web3 relies on tokens (we discussed this in my previous article).
So, you have a growing & active community and wish to use its power to boost business. Where do you start?
Like all new marketing tools, the idea is to start small, test, iterate, learn, and once you’re ready, scale.
The easiest way to start is definitely NFTs.
First, it is easy to understand for your users. It’s an image from which ownership & authenticity are verifiable and to which benefits &/or privileges are attached.
Now, for you, the landscape of what you can reward, and how you reward it is basically infinite. And the system is dynamic, meaning you can create as many as you want, give time stamps, change the rewards in the course of action, etc.
For example…
You’re a fashion company, and Fashion Week is coming up. You send invitations to the catwalk by NFTs, so you ensure only the right people will attend, no more black market reselling.
As NFT owners attend the show, they can get a POAP, an NFT that works as proof of attendance. The POAP will unlock new benefits, like access to a private bar, and allow those who collected POAP over the past three years to collect an “Elite NFT”.
A couple of weeks later, owners of the Elite NFT will get access to an exclusive website where your Head of Design will introduce different options for a new dress and trigger a discussion about fabrics, colors, etc.
Then, Elite NFT owners will cast their vote to decide which option will be picked.
A month after that, the dress is ready. But the best clients don’t want to find themselves at a party where others wear the same dress. Luckily, with their Elite NFTs, they have access to a pre-sale of the dress in a limited edition.
To be continued...
Interesting, but can’t we do it with a regular loyalty card?
Well, you could do most of the digital marketing using good old paper… yet you don’t anymore.
The same goes between regular loyalty cards and NFTs. NFTs are quicker to put in place, a lot more flexible, more dynamic, more secure, and way more FUN to play with. Never wonder why large retailers have so many problems in getting customers to get their loyalty membership?
In the coming articles, we’ll discuss how NFTs can be used at each stage of the customer journey.
In the meantime, you can visit CRMbyNFT and ping us if you have any questions!
