Momentum Is Changing The Way Loyalty Works

Loyalty program sign-ups are at an all-time with over 77% of all households enrolled in at least one. On average, households are signed up for 19 to 29 different programs but actively only use between 5 and 12.

What is even more shocking is that even with sign-ups increasing the active use of loyalty programs has declined by 2% per year since 2010. This creates a problem for businesses and a lost opportunity for consumers.

The decreasing usage has resulted in an ecosystem where over 50% of accumulated points have never been redeemed. These points, worth approximately $100 billion, should be spent by consumers but they are not. Many think this benefits businesses but these unclaimed rewards actually create a financial liability for companies.

It may seem that loyalty programs are dead, but why are signups so high? The truth is they are not dead but the Millennial generation is looking for a different type of loyalty program. Millennials value innovative experiences, exclusive deals, and personalization more than the previous generations.

The Millennials are also quicker to switch brands, influence friends, and family, and generally spend less on brands that they are loyal to.

Momentum Is Changing The Way Loyalty Works

MobileBridge Momentum is a blockchain based product that will allow companies to reward customers for their attention, their business, their loyalty, and for permissioned access to their data.

The foundation of Momentum is that users are rewarded with cryptocurrency for providing personal data and attention to businesses. Users will have full access and control over their data and will have the ability to provide brands with permission to use the data they've collected.

This is counter to the current model where data is collected from consumers and monetized by corporations for their own profit.

Momentum will be capable of collecting a wealth of passive and active data points from users. Data will include browsing and buying behavior, geolocation information, social media actions, and responses to surveys.

MobileBridge Momentum will be integrated into third-party apps, working in the background to create a more effective promotion and loyalty system.

It's Not Just Data

Let's not forget that Momentum is, in essence, a next-generation loyalty program and it does much more than reward users for their data. The infographic below provides a list of some of the actions that can be incentivized on the platform.

Brands + Data = Mobile Moment Marketing

I've mostly been talking about the benefits to the consumer that Momentum to provide but there is a reason that brands are willing to pay for loyalty and attention. In many ways, attention is equal to loyalty for the new generation.

Loyalty is much quicker to change as younger consumers are not tied to one brand. Brands are fighting for user attention or moment-to-moment loyalty. Businesses need to establish themselves as one of the brands that consumers come back to.

Once a business has established this they can then battle for the all-important "Mobile Moment". A mobile moment is a small moment in time when a user first picks up their phone. This almost instantly passing moment in time is the key to influencing consumer behavior.

Imagine a consumer buys lunch every day around noon. A data trail will show how far the consumer is willing to drive, what time they get in their car, how much they spend, and what type of food they like. It will also know when they start planning for lunch based on browser history.

Momentum can use this data to provide targeting marketing for businesses. For example, Burger King can have a coupon pop up on the user's phone the moment they pick it up to search for that day's lunch.

Momentum technology will only send a Burger King ad to the consumer if it fits all of the criteria that the system has learned from their profile. This saves businesses money by only targeting ads to customers with a high interest and saves consumers from filtering through a large number of spammy uninteresting ads.

Has This Been Tested

Momentum is part of MobileBridge AG, an existing marketing company that already operates a company that creates Mobile Moment services.

MobileBridge has a client list that includes Burger King, Volkswagen China, Bilka, Galbani, and Praxis. The company has found that by integrating MobileBridge technology into the back end of forward facing loyalty program apps that app use has increased by 100 times, 40 times more data has been collected, 10 times more users are using apps in stores, and promotions have averaged a 50% conversion rate.

What Is The Blockchain Adding To The Mix?

The blockchain has a number of unique strengths including an immutable ledger, auditability, and transparency which are all utilized by MobileBridge Momentum.

The more interesting aspect of blockchain use is in the design of the loyalty program. Momentum is going to use a multi-token system that utilizes the token generating mechanism of smart contracts to create custom Brand based cryptocurrencies with no technologic know how.

The base token of the ecosystem is called Momentum Token and has multiple utilities. The Momentum token is the internal currency that is used by businesses to access and utilize the MobileBridge Momentum ecosystem.

The token can be used to directly reward consumers for their loyalty, attention, and actions. It can also be used to pay for goods and services or be traded on a cryptocurrency exchange.

Lastly, it allows companies to create their own branded tokens, for example, "Burger Token". These tokens can be rewarded to consumers who can then store them, redeem them, or trade them for Momentum tokens. Once traded into a Momentum token a user can exchange for a differently branded token, essentially creating a loyalty program where points can be transferred between brands.

Summary

The changing character of mobile marketing and consumer spending habits is beginning to leave traditional promotional and loyalty programs behind. MobileBridge Momentum is taking a working technology that is forward thinking and integrating the blockchain.

Ultimately they are creating a fully user permissioned, data-driven, ultra targeting ad protocol for mobile devices. If the team can continue to work with large brands and integrate the MobileBridge system with 3rd party apps the possibility of success increases significantly.

For more information

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By Martin Vunk 

https://bitcointalk.org/index.php?action=profile;u=1853936