Every month Stacey will be reviewing a working blockchain loyalty program and giving it a rating based on the overall concept, marketing communications, website and app design, as well as other features, functionalities and future potential of each program.
In this video the dining rewards program Liven is reviewed and rated.
Liven are not currently running as a blockchain loyalty program, and have instead launched as a cashback rewards program, where they reward members for transacting with LivenCash which they can trade in for discounts at any Liven merchant. However, Liven have always planned to turn LivenCash into LivenCoin, and are actually now in the process of running an ICO so they can transform their existing program into a blockchain loyalty program.
The reason most blockchain loyalty companies are failing is because they are founded and run by tech companies not loyalty experts. They generate a cryptotoken, run an ICO, spend too much money creating a complex tech platform, all prior to building out their merchant and member networks which is actually the hardest part. They struggle with loyalty theory basics and find it hard to understand how to engage the critical mass of merchants and members necessary to run a successful program and protect the price from being affected solely by market sentiment.
The reason we like Liven, is because they’ve approached it from a different angle and haven’t underestimated how difficult it is to onboard members and merchants. They’ve built up an impressive list of merchants such as Lord Of The Fries, Sumo Salad, Mad Mex, Rolld and Gelato Messina, they’ve got over 200,000 members, they’ve implemented a comprehensive member communications strategy (clearly designed by loyalty experts) and their program is super simple to understand.
When this program is running as a blockchain loyalty program, the app won’t change, the customer journey won’t change and the member communications wont change. The only thing that will be different is the digital currency earned will be ‘alive’ as it goes up and down with the market, adding a nice gamification piece. The likelihood of members disengaging will be low. In fact, i’m looking forward to earning LivenCoin and seeing how this plays out.
Stacey Lyons is the Marketing Director at Loyalty & Reward Co, a leading loyalty management consulting agency based in Sydney. Stacey has years of experience within loyalty, marketing and eCommerce across multiple channels and business models. Most recently, Stacey has been managing the investor, member and retailer communications for blockchain loyalty company EZToken Rewards.