Crypto Rewards — Are they profitable?
Do you remember our “Crypto Burger” promotion? Recently, at our iconic Red Ruby bar, every purchase of a burger or cocktail was rewarded with STARX tokens. Yes, Crypto Burger was StarWORKS’ first campaign to collaborate with Red Ruby as a brand partnership but are crypto rewards effective and profitable for customers and businesses alike?
StarWORKS Global is not the first company to provide crypto rewards. “Lolli”, a Google Chrome and Firefox browser extension, carried out a similar campaign. They offered “Bitcoin Back” to every online customer who shopped utilising their portal and their merchants but didn’t however apply this to cryptocurrency purchases. “BlockFi” credit cards also provided customers with bitcoin cashback promotions for every transaction made and there are many other companies that use crypto rewards as a marketing strategy to introduce cryptocurrency to customers.
Marketing strategies have evolved with the rapid development of blockchain and StarWORKS Global is adopting similar strategies for our blockchain based products and services. The question is how do we introduce STARX tokens when a lot of people out there are unfamiliar with crypto?
We are developing marketing strategies to help educate customers on the benefits of crypto and how to take advantage of our blockchain/crypto based products and services including our STARPOINTS loyalty and reward programme. Customers not only get to enjoy a delicious burger! but also learn about crypto and blockchain applications that are starting to become so widely spoken of. Through this approach, StarWORKS Global achieved their goal of educating customers about the company’s products and services — how they work and the benefits gained.
As we know, crypto investments can be perceived as being highly volatile and resulting in negative publicity, but crypto investment risks can be minimized by being transparent and building trustworthy relationships with customers. Transparency refers to the way we work and the more we explain processes, the more we share information and provide regular updates to our customers, the more our customers will understand and trust the process and share their success story with others. Word of mouth marketing is incredibly effective and when we encourage people to share their experience, we then create a loyal customer base.
In addition to our referral program, StarWORKS Global has also introduced an affiliate marketing program which allows us to capture more market share by targeting the partnering affiliate’s existing customer database. We are looking to capitalise on the successful affiliate marketing programs that have been introduced by major exchanges like Coinbase and Binance.
By trialling our pilot ‘Crypto Burger’ campaign, Starworks gained valuable insights into what our customers wanted to learn about STARX, what their experience with this cryptocurrency program was like and also gave us the opportunity to share more information about our Ecosystem with them.
The more we know about our customers, the better we can serve them.