The first focus for marketer’s wanting to get out of the doom loop of adtech spending is to create a pipe and hotline to their existing customers. This means solving the attention recession problem and converting the “delete” mindset (for incoming brand messages) to “delight”. This is where the innovation of Atomic Rewards with its Web3 crypto tokens comes in.
Brands push out a lot of messages over multiple channels to customers. The tragedy is that most are ignored. Open rates in emails for marketing messages are 10-15%, meaning 85-90% messages are ignored. SMS open rates are even lower. Push notifications are blocked by over half of app users – and more often than not, these are likely to be the Best customers. Without an active pipe to one’s existing customers, marketers have no way of communicating new products and offers. This is the problem that can be solved by the pan-brand crypto tokens.
Armed with these tokens, marketers can now get to work recrafting their push messaging strategy:
- Every push message to have tokens as rewards. Incentivise customers for streaks – successive opens. This will lead to a habit of opening all messages.
- Email remains the best channel from an RoI perspective. Make it the first channel for implementing Atomic Rewards for opens and clicks.
- Use AMPlets in emails to make them interactive. This will help in getting feedback on the email and collect zero-party data. Tokens as rewards will increase response rates. Various studies have shown that customers are willing to share personal data in return for small incentives. (Collecting data is also critical for D2C brands who sell via marketplaces; acquisition costs on Amazon are also spiralling. Atomic Rewards can do the trick for such brands also.)
- Use Ems to create mental availability for the brand by sending informative microcontent in story form. The idea is to become a utility in the life of the end customer. Tokens can incentivise open streaks. A Progency is ideally suited to do this.
- Measure stickiness via Hooked Score, a 30-point exponential moving average. This can help track who are the most engaged users and correlate with transactions.
- For mobile first companies, the biggest risk is a user uninstalling the app in the first few days. To prevent this, two ideas can be implemented: tokens for creating a habit loop, and getting an email address to open up an alternate channel for interaction in the event that the app is uninstalled.
- Over time, the Atomic Rewards program can be expanded to other push messaging channels beyond email.
- Begin with a 30- or 60-day pilot to do A/B testing and measure the uplift that can be derived via Atomic Rewards. This can be run in parallel with the existing marketing campaigns on a subset of the customer base.
All these ideas taken together will go a long way in strengthening the pipe and creating a hotline to existing customers. The success of the next set of initiatives lies in the pipe: once customers are paying attention and engaging with incoming messages, half the battle is won.