Winning the Game of Customer Loyalty: This is How Your Brand Can Use NFTs to Enhance Customer Retention
With Feyenoord’s victory in the Dutch National Championship on May 14, 2023, we were proven once again how strong fan engagement in sports can be. Tens of thousands of people cheered for their favorite football club on the streets of Rotterdam, which even caused discrepancies in public transport and enforced a public holiday to celebrate the city club’s victory. According to PwC, football connects 8.2 million fans in the Netherlands and generates over €2.03 billion for the Dutch economy. Yet this is just one country.
FIFA estimates that there are 5 billion football fans around the world. Many of these fans try to be closer to their favorite teams or players by purchasing merchandise, traveling for matches, or attending exclusive events. In a sense, the sports industry is doing very well with customer engagement. However, what if we told you that there is a way to top that?
With the growing popularity of Web3 technology, brands are able to expand their sources of revenue, thanks to NFT-powered digital collectibles. Unlike crypto markets that caused public mistrust, such digital collectibles can be linked to real-life utilities and are widely appreciated by customers. As such, they are used to build next-level customer loyalty programs for brands in any industry. That is, your sports fans will be able to enjoy a variety of benefits for owning NFTs.
Studies show that 84% of consumers are more likely to stick with a brand that offers a loyalty program. So here are 5 ways to utilize NFT-powered digital collectibles for your next-level loyalty program:
Exclusive rewards and content. You can award your customers with exclusive merchandise signed by sports stars, trips with their favorite star, or grant them access to limited edition behind-the-scenes videos or even happy birthday video recordings made by sports stars.
Foster community. By offering NFTs that represent exclusive digital collectibles, athletes can create a sense of community among their fans. Fans can collect and trade these NFTs, and can feel a sense of belonging to a group of like-minded individuals.
Engagement. Athletes can use social media platforms to promote their NFTs and interact with fans who are interested in buying them. This can help to create a sense of connection and community between the athlete and their fans.
Trading cards. Trading cards featuring players or other club-specific assets. These NFTs can be bought and sold on NFT marketplaces, and can potentially increase in value over time.
Fan loyalty. Clubs could offer digital collectibles as rewards for attending games, participating in club events, or making purchases from the club's online store.
Stop missing out and try it out yourself
Explore the features of Authic today and take the first step toward your new customer loyalty program. Not sure where to start? Read this blog or schedule a free demo with our skilled team, and receive strategic advice on how to get started.