Designing a Loyalty Platform
-
2021 saw crypto markets boom, with the sectors market cap growing by over 180% and many of the top coins offering four- and even five-digit returns. This meant that our client saw a huge increase in customers using their social trading platform for buying and selling crypto currency.
In order to grow their market share our client wanted to build a new digital banking and loyalty platform. This would be used to increase customer acquisition and retention across the business.
Exevion were brought in to lead the strategy and delivery of the digital banking loyalty programme.
-
Understand the Requirements – working with a cross functional group of senior stakeholders we defined the business requirements and selection criteria for the loyalty programme.
Assess the Market – conducted a market scan of key trends and identified potential technology partners. We used the requirements and selection criteria to shortlist providers for an RFP process.
Vendor Selection and Contract Negotiations – using qualitative feedback from the client and vendors, we worked with the executive committee to select a preferred vendor and managed the contract negotiations.
Project Planning – working collaboratively with the chosen vendor we built a detailed plan of what was required to build, launch and operate the loyalty programme post delivery.
Implementation and Build – worked with the social trading platform and the selected providers to successfully deliver the loyalty programme.
-
The loyalty programme launched in 2021. It has different membership levels depending on a customer’s realised equity (the money a customer has spent buying crypto) on the platform. This gives members access to features like:
Cashback on card spend;
Dedicated expert trading support;
Live webinars and exclusive member events;
Early access to new products, services and features.
-
With new customer acquisition increasing year-on-year and existing customers far more likely to try a company’s new products, businesses should consider customer loyalty as a key component of their marketing strategy. In highly unpredictable markets, like crypto, this is even more important as loyal customers allow businesses to maintain consistent growth through periods of market expansion and contraction.
