Phase 3: Web3 Launch (Jeni)
Jeni at A1 Books has been looking forward to MuCo’s Web3 launch. There had been many online webinars explaining how this would be an exciting upgrade and the new things Jeni could look forward to. She mentally checks out the benefits.
First, the Web3-ficiation of MuCo would create a better and more transparent governance architecture for Mu. One thing she had worried about was that MuCo could at any time flood the market with Mu and that would debase the value. Now, there are clear rules which prevent a single “ruler” from determining the future of what has now become one of the most successful loyalty programs. There is a clear roadmap that has been published on how the Mu in circulation will grow – balancing the need for price stability that brands would want and some value appreciation that consumers would like.
Second, the Exchange now gives Jeni a third way to acquire Mu. So far, she had been relying on the free Mu credits given by Netcore for the use of its platform and the Mu Marketplace where A1 Books sold experiences for Mu. The Exchange now meant that she could pay fiat currency and buy Mu at the prevailing price – exactly the way a stock exchange works. Now that she had seen the power of Mu, she decided she would allocate a budget for Mu and expand its usage across A1 Books’ customer base.
Third, Jeni could now create a new form of token, the eXtreme Retention Token (XRT), for its most loyal customers. The XRT, a non-fungible token (NFT), would allow the best customers access to many additional benefits: priority access to new books, fast shipping, express checkout in stores, a longer return period, and access to exclusive author events. Jeni had been keeping on creating a differentiated experience program for the best customers ever since she had read about “Velvet Rope Marketing.” When she had analysed the transaction data, she had found that 15% of her customers were responsible for 65% of revenue. These were her best customers, and they needed to be treated like “royalty.” The XRT now identified them. XRTs are stored alongside Mu in the MuCo wallet. Both are tokens: Mu transferrable; XRT identified with a specific user and a brand.
Jeni thinks back to the early days of Mu, and is amazed at its mass adoption and evolution in such a short time. Partners like Netcore onboarded a large number of brands for distribution of Mu. They were incentivised for performance: the speed of conversion of credits into Mu points which were activated by customers. Mu solved two genuine problems: attention recession and data poverty. With Mu, Jeni had been able to substantially reduce her ad spends on new customers and simultaneously grow revenue and profits at a faster clip. Jeni’s rapid rollout of Mu had helped her become CMO at A1 Books. Her CEO in fact called her the “Chief Profitability Officer.”
With the Web3 launch of Mu, Jeni is now happy that the loyalty program has become “institutionalised”. This will be good for brands and customers. There is one thought that she is excited about: can Mu become the anchor for A1 Books’ transactions loyalty program also?
