The design of most existing loyalty programs and their inherent fragmentation means they have reached the limits of their utility for both consumers and merchants. Current programs have too much friction at various stages of operation. For example, too much value being taken out of the ecosystem by intermediaries, high capital investment and operating cost for standalone proprietary programs, and the frequent difficulty in enabling redemption – all of which increase apathy among most customers. This doesn’t help you build loyalty and advocacy.

Comcoin helps customers get more value

These limitations are among the main reasons why we decided to launch comcoin. It is a universal loyalty currency that solves all of these problems. With comcoin, 100% of the loyalty value goes to the consumer. None of it is lost to intermediaries. It’s also low cost to operate. At Currency Alliance we only charge when you want to engage with customers through issuing new loyalty points, or acquire new customers based on insights in our database of consumers. There are also no set-up costs, long-term contracts, or minimum annual commitments.

Frustration and apathy among consumers also ceases to be an issue when they know they can use the same loyalty currency across a range of brands. This gives customers more value and opportunities to redeem. This combination can be powerful in helping you build loyalty and advocacy.

However, our idea behind comcoin isn’t just that the customer is able to get more value. It’s that the merchant can, too. For too long, many merchants have been limited when it comes to personalizing offers. They haven’t had the resources to make good use of their customer database; and, their customer data has been limited to only what happens in their store(s).

We are also challenging the long-held belief that merchants should restrict access to their data. In the comcoin loyalty program, each merchant is encouraged to share data, albeit while retaining total control over the amount of data that is shared with the coalition. Partners must inform Currency Alliance of points to issue individual Members, but other merchants will have no visibility concerning where those points were earned. The significant step-up in value is generated because merchant partners will get a more robust customer profile that includes their desires and preferences based on actual purchase data from outside your store(s).

Personalize to build loyalty and advocacy

We’re convinced that the more data you have about your customers, the better. The more data you have, the better you can personalize your offers. This, combined with customers having a loyalty currency that they can more easily redeem will make it easier for you to interact with them and build loyalty and advocacy in the long run. In the coming years, consumers are going to be increasingly likely to favor brands that put their interests first and really care about them getting good value.

Many merchants already issue multiple loyalty currencies to give customers choice, so adding comcoin may simply be an enhancement of your offer.  You can even add Comcoin as an additional currency to your primary currency and set the value lower than your proprietary rewards. This will encourage high value customers to collect your primary currency, but ensures you still capture the medium to long-tail customers that otherwise would not participate at all.

Programs that are designed around better outcomes for people will succeed. What we do best is attract more customers more frequently and make information actionable – which allows you to keep them engaged with your brand so you have the opportunity to build loyalty and advocacy.

If you would like to talk further, have any comments, or would like information about our universal loyalty currency, comcoin, please get in touch with us.