How To Create Successful NFT-Based Loyalty Program?

Loyalty programs are generally conducted by companies to reward repeat customers & improve customer experience.

In NFT-based loyalty programs, NFTs are rewarded to customers for their loyalty towards their company. There is a certain level of technical complexity involved in receiving & storing NFTs successfully. For this reason, NFT-loyalty programs are apt for technically inclined customers.

Let’s move on to find out how to create a successful NFT-based loyalty program, and turn your customers into proud NFT Owners.

Set a Goal

First things first. Set the goal of your loyalty program.

Ask yourself, “What is the goal behind creating this NFT-based loyalty program?”.

Is the goal is to engage with your customers? Or is it done to reduce churn? Or is it done to increase the sales? Is it done to reward returning customers? Or it can be anything? Clearly, zero in on your goal.

It also helps to decide on the total number of NFTs to release.

The customer must feel special for owning the NFT. Creating too many NFTs may sometime thwart this purpose. So, clearly keep a watch on the right balance of NFTs.

Select the platform

It’s now time to select the right platforms, both the BlockChain & NFT Marketplace platforms.

• Select the BlockChain where the NFT is to be created.
• Select the NFT Marketplace where the NFT is to be sold.

For example, the chosen BlockChain can be Ethereum, Solana, Polygon, or anything else. The NFT marketplace can be like OpenSea or MagicEden. You can also choose to transfer NFT directly to your customer without the help of a marketplace.

Create your NFT

While you create your NFT, keep in mind it is created for a customer loyalty program.

Code your NFT to reflect unique characteristics to unlock various levels of rewards as customer loyalty increases.

Program royalties in NFT. That is the primary, secondary & other sale of your NFTs should provide a percentage of sales to the NFT creator. Royalties will help fund further development.

Integrate your NFT with gaming platforms. This enables gamification for customers in the process of acquiring NFT.

Engage using NFT

Start engaging with your loyal customers with the help of NFT.

You can provide tiered access to NFT. For example, you can use Bronze, Silver & Gold NFTs. Each of these NFT types is provided to different sections of customers based on their engagement level. For example, you can provide Bronze NFTs to first-time visitors to your shop. Silver NFTs can be provided to customers who are consistent like buying more than ten times from your shop. Gold NFTs can be provided to customers who go the extra mile and recommend your product or shop to other prospective customers.

You can provide token-gated services after verifying the presence of a particular NFT in the customer’s crypto wallet. As mentioned earlier, gamify customer engagement by integrating your NFT with gaming platforms.

Refine Strategy

Measure the engagement level of your NFT-based Loyalty program. Find out the interest level of acquiring the loyalty NFTs. Is the intended purpose of the loyalty program getting accomplished?

Refine the existing strategies & find methods to improve the quality of the NFT-based loyalty program. As discussed earlier, utilize Royalties generated from primary, secondary & other sales to further fund the loyalty program.

Your customers are the best perceivers of your loyalty program. Use surveys created with BlockSurvey to receive feedback from customers. BlockSurvey’s Token-gated surveys help you receive feedback from qualified customers, like customers who hold your NFTs.

Act on customer feedback to continuously refine your strategy to accomplish the purpose of your NFT-based loyalty program. Find out if it attained the goal that you set in the first place.

Discover key features that makes NFT Communities thrive.

Conclusion

Right from setting the goal to refining the strategy this plan sets the stage.

As a product owner or a NFT community manager this blog should help you create a successful NFT-based loyalty program.

If you need more help successfully implementing an NFT-based loyalty program with the help of BlockSurvey, shoot an email to [email protected].

Learn best practices for managing you NFT Whitelist effectively.