Cryptocurrencies rely on their users to thrive in popularity. In theory, one user can have an unlimited type of different cryptocurrencies. In reality, people often fall into camps. Various cryptocurrencies resort to many loyalty rewards to boost numbers, gain traction, and establish a reliable user base. Commitment can be difficult to only one or a few cryptocurrencies as users wish to get the best deal, so it’s worth reviewing available options.
1. Tiered rewards
All crypto users are equal, but some are more equal than others. Prestige, special functions, discounts, priority in service, additional gifts, special rates, and more can all be tiered, according to various factors. Crypto sites can include transaction rates, volume of trades, daily visits, recommendations, or transfers as factors when tiering their customers. Tiers boost loyalty by incentivizing users to climb the tier ladder to obtain rewards.
Crypto Expert Kane Pepi suggests using casinos accepting Bitcoin payments, as they often have a tier reward program that values their regular visitors. Rewarding users for using your cryptocurrency or your site builds a dedicated user base that can regularly trade or use crypto to your benefit. In the end, both sides have much to gain.
2. Paybacks
Imagine getting some of your money back whenever you use a credit card. This type of loyalty reward ensures that users are trading with a specific cryptocurrency or via a specific crypto trading site. Here, sites can offer paybacks in percentages, ranging from 1% to 10%, depending on the volume and capacity. Users get rewards with a percentage amount or crypto tokens in the same percentile value (we’ll cover tokens later).
Sites then allow users to use the awarded amount in different ways. Depending on the site, rewards are used for trading for other cryptocurrencies, which are usable for crypto gambling, purchases, on-site benefits, etc. The mentioned credit or debit card discount can also happen, making crypto trading sites superior to traditional exchange sites as they give more back to their users.
3. Gamification
The gamification method has found its place in many aspects of our societies, just like crypto has. There are even play-to-earn (P2E) crypto games, but the core principle of gamification can also apply to loyalty programs. Crypto users are mostly tech-savvy and familiar with various game types, so implementing elements from said games is the natural next step and a match made in heaven. Elements like leaderboards, experience levels, and achievements are the tip of the iceberg.
Users can get experience for their profiles which rises the more they trade, and different levels can fuse with the tiered reward list. Achievements can be rewarded for something incredible the user has done, like transferring an X amount of cryptocurrencies, and the achievement can even become a tradable NFT. Gamification aims to animate and entertain the user and reward them for their time and cryptocurrency investment.
4. Tokens
Tokenization and tokens can be an easy method for crypto companies to make their versions of cryptos and promote loyalty. As crypto is an innovative technology, it offers unmatched versatility, and anything that’s part of the crypto blockchain can be traded. Tokens are a form of NFTs, which are all tradeable and can vary in price, depending on their scarcity, perceived value, and prestige. A trading site can offer an exclusive line of NFTs available for early backers, investors, high-volume traders, and promoters, to name a few. Tokens can then be used in many different ways or traded.
If the token offers a substantial discount or access to special functions within a trading site, the token can hold value. The fewer tokens in circulation, the more advantages they offer, the more valuable they become. The best approach to tokenization is in polar extremes. Having tokes that are easily accessible and widespread generates initial traction and gets the customers interested. Then, once introduced to the token ecosystem, users can browse and learn about exclusive or hard-to-obtain tokens, which can be something they could be looking forward to obtaining. And in that dedication lies the secret of tokenization loyalty programs.
5. Partnership loyalty programs
An innovative approach to loyalty programs is when companies start thinking outside the box. By doing so, they change the perception of crypto loyalty programs being company, or site-exclusive. Instead, they can be part of a bigger picture. Multiple cooperating and similar companies can partner and offer bunched-up rewards. Companies can implement coordinated programs that reward a uniform token, benefit, or similar.
Or they can make cross-transfer rewards that work in their established ecosystem. By partnering up, the potential and value of loyalty programs rise, as the array of rewards expands in a multitude of ways and can attract a wider scope of users. When companies choose to work together, they also eliminate competition, which is one side effect of partnerships and crypto loyalty programs.