Loyalty meets Web3: a starting point for brands
My Starbucks Odyssey NFT Purchase
Loyalty is important to all brands. With Web3 capabilities, Loyalty is evolving. Is it transformative? Possibly. Below is the first of many perspectives we will cover…what Starbucks is doing and how brands can begin to get educated.
The Starbucks Odyssey Loyalty Program has been among the most talked about initiatives in the web3 space. Yes, there are many other strong metaverse/web3 projects but when a global brand with their level of awareness, distribution, and consumer following makes a major push to “evolve, reimagine, transform” (pick your descriptor) a category of marketing like loyalty, it’s worth paying close attention. This program is innovative, interesting, and at the same time uncharted. The drop today could have gone better technically but it also sold out quickly and Starbucks did a nice job acknowledging the challenges.
Why pay attention? Loyalty marketing is changing. The playbook is being written as we go and your brand may be able to use this time for competitive advantage.
As a Starbucks Odyssey beta member, I had access to the drop and was able to purchase one of 2000 Starbucks Siren Collection Stamps (NFTs). I’m looking forward to the reveal tomorrow. It’s their first priced collection and one part of the loyalty program which also includes Journeys (challenges, quizzes, content, etc) that when completed enable you to earn Stamps (NFTs) and Points and a Marketplace, powered by Nifty Gateway.
What Can Brands Do To Get Smart on Web3 Loyalty
You can read the links at the end of this post which include helpful commentary from Brady Brewer, Starbucks executive vice president and chief marketing officer. Then, consider joining their waitlist and also look for other web3 loyalty programs to get a first hand experience (and rewards) and start to formulate how a web3 loyalty program might be applied to your brand. (Calling all golf companies, I’m in.)
At the same time, here are some of the questions you can be asking for your brand:
What is Web3 Loyalty?
Is it truly transformative or will it be a feature set of existing loyalty programs?
What can token-based (NFT) Loyalty do for my brand?
What is the Current vs Future State, ie Points vs. Tokens, Transactions vs. Engagement, Value Creation & Exchange
Which platforms to consider based on our brand’s characteristics?
Which tools to consider for on-chain/off-chain data for targeting, personalization, and enriching customer profiles?
Starbucks Links
December 8, 2022, The Starbucks Odyssey Begins
September 12, 2022, Starbucks brewing revolutionary Web3 experience for its Starbucks Rewards members
Learn more about the program here.
If you’re a brand that is interested in learning more about this web3 loyalty, please do connect.
Michael DeNunzio
mike@pebbleventures.com
