Constructing the µniverse (Part 2)

Jeni at A1 Books

Jeni is the marketing manager at A1 Books. She handles the µProgram as part of her responsibilities. Besides overseeing the email program, she also has responsibility for ensuring an adequate supply of µ for rewarding customers. She uses the µExchange to make periodic purchases of µ, which are in turn then given to customers for their attention and engagement. She has seen a multi-fold increase in transactions after A1 Books joined the µniverse ecosystem.

Jeni remembers the earlier times. She would send emails and hope for the best. Only a fraction of the recipients opened the messages and an even smaller fraction clicked through to the website. She invested a lot in creating interesting content, but ignoring emails seemed to be the norm for most customers as their inbox was flooded with good and bad email, and they could not tell the difference. The emails (along with push notifications, SMSes and WhatsApp messages) were the only way Jeni could bring her audience back to the A1 Books website and app for transactions. All of these push channels filled with messages fragmented the end customer’s attention and impacted response rates. This forced Jeni to keep spending on new customer acquisition via the BigTech companies and marketplaces, where the costs rose sharply each year.

It was then that Jeni came across the µniverse, a decentralised blockchain-based platform to connect brands with their customers. The innovation was the idea of “atomic rewards” – micro-incentives for actions. There was no intermediary. Jeni could buy µ from the µExchange and reward her customers for their time, attention and engagement. The price was set by the trades being done – much like the stock market. End customers earned µ and could either use it for vouchers and special discounts in the µShop or sell their earnings on the µExchange. Since the absolute µ in circulation was capped and there was no single centralised entity who could potentially debase the value of µ, it was up to brands and customers to determine the fair value in the marketplace.

For Jeni, µniverse helped solve the biggest problem she faced – attention recession among her existing customers. She could now use variable rewards to incentivise the actions she wanted. Her customers also were happy that their time was valued. This win-win relationship helped Jeni get more from her existing customers, reduce her new customer acquisition spends, and put A1 Books on the path to sustained profitability.

That morning, Jeni started to think about new applications for µ. Could she use it on her website and app to get people to read a section of the book? She knew that once they spent time looking “inside the book” (as was possible in a physical store), the probability of a purchase increased dramatically. She was also thinking about how to use µ for referrals to bring her cost of new customer acquisition even further. She was even contemplating replacing A1 Books’ own loyalty program with the publicly tradable µ. She was also fine-tuning the µBenefits program as part of the µShop – collect enough µ and get invited to an exclusive interaction with authors. The simple idea of “atomic rewards” is so rich with dizzying possibilities!

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.