Loyalty 2.0: How Brands can Tokenise Customer Attention and Data (Part 13)

Mu Tokens

There are many ways to earn and encash Mu tokens. Here are some starting ideas.

Earning

1. Users providing zero-data about themselves upon registration
2. Opening and reading emails and other incoming push messages
3. There could be higher incentives for steaks (acting on successive messages) and speed (less latency between receiving the message and taking action)
4. In-message actions eg. clicks, playing a game, giving feedback (NPS, ratings)
5. Providing preferences (zero-party data)
6. Participating in surveys
7. Agreeing to participate in trials and sampling
8. Watching a product video
9. Sharing on social media
10. Referrals
11. Actions on website or app eg. connecting email ID to mobile number, which provides the brand an additional channel of communications
12. Greater rewards for Best customers
13. Using Micronbox as the app for brand messages
14. Using WhatsApp or an in-mail chatbot as an alternative to calling a support helpline (helps reduce costs for the brand)

Note that all of these are not linked to transactions. The key point to note is that the Mu tokens become an instrument for marketers to nudge customer behaviour. As has been explained earlier, the prerequisite for success is creating the hotline with customers. None of these ideas are easily doable today because marketers don’t have the conversation pipe to their customers.

Redeeming

1. Paying for unique and differentiated experiences on the three axes of access, ease and exclusivity. These are “priceless” in that brands (or influencers) are not “selling them”. For example, a bookstore can provide me early access to a book for some of my Mu tokens. So could the OTT platforms. A new electric car company could offer me a priority test drive. Artistes (creators) could offer priority access to their works in exchange for Mu tokens.
2. There would be a brand marketplace where brands could list all their premium offerings to enable easier discovery
3. Selling to brands or other customers via the exchange.
4. Transferring to friends or family members
5. Buying brand NFTs
6. Holding on to the tokens with the belief that they will increase in value over time (because there is an upper cap on the total Mu tokens that will be in circulation)
7. Converting to cash (this may have some tax implications in some countries, so perhaps could be avoided)

These are just a few initial thoughts. The MuDAO needs to create the trading platform (exchange). After that, brands and customers will take over and create a virtuous cycle which benefits both sides. What’s needed is for the tokens to have utility and be “alive” (have circulation), leading to mutually-beneficial brand-customer relationships, bringing them closer.