Customer relation is an essential part of every business. For the purposes of sustainability, businesses must strive towards having repeat customers, in other words customers who are loyal to their brands.
Limitations of suspended rewards
The typical business environment is littered with different forms of loyalty programs that are aimed at encouraging customers to return for more business. Other aspects of such programs are targeted towards receiving feedbacks from these customers for purposes of brand management and improvement. However, in today’s era where processes are ruled by increased dynamism, it is difficult to hold on to customers with mere promises of suspended value. Besides, following up on numerous loyalty programs from the various vendors than an individual patronizes can be exhaustive and confusing.
Most businesses today do not get the expected responses from their customers in terms of feedback. Unlike like several years ago when the world was generally slower, millennials these days hardly have the luxury of time to fill out forms especially over the internet. In most cases, the ones who make out time to give feedbacks are usually dissatisfied customers, hence not representing the true reflection of service or product delivery. By introducing blockchain and incentivized processes, the feedback mechanism will definitely function better. Beyond just a profitable exercise, customers will feel more respected and appreciated rather than just being used.
Beyond feedback delivery as a medium of loyalty, several companies already provide some extra incentives. The complication comes from how cumbersome it usually is claiming such incentives. Most times they come as suspended benefits other than real time immediate value.
A rallying point for every business
By creating a unifying platform, Sandblock is using blockchain technology to provide immediate value in terms of loyalty programs.
With the emerging trend where all the major brands in the world are now starting to look into the blockchain technology for their future developments, it is only a matter of time before each one of those brands will start using the blockchain to tighten the relationship with their customers. When this happens, you can only imagine the number of tokens an individual can hold with respect to the various businesses that they patronize.
Sandblock’s protocol is designed as a centre of gravity that can serve as a rallying point for an infinite number of tokens. On this platform, users can trade their tokens which they must have acquired from their various vendors, including loyalty tokens.
An effective utility token
All this will revolve around Sandblock’s ERC20 satisfaction (SAT) token. This will function as a consortium token in order to ensure the cohesiveness of the ecosystem which will be comprised of various sizes of businesses. Every other businesses can then create their own peculiar tokens off the SAT based on Sandblock’s protocol. This will enable all players to communicate, exchange and benefit from the collaboration efforts that they choose to engage in.
The existing loyalty systems have the tint of an arm twisting exercise, this is because to enjoy these benefits, customers in most cases must return to the same business. This sometimes feels like blackmail because failing to return automatically implies forfeiture of such benefits. By achieving rewards in tradable tokens, customers will retain control of their value since they can be easily exchanged within the ecosystem. However, it will also serve as a wake up call to businesses who will have to sit up, hence the introduction of healthy competition.