Modernization is one of the key concepts in business development nowadays. The world is changing rapidly, and companies must develop at the same pace as the market. The norms and values of the current consumer are not the same as those of the consumer five years ago, let alone ten years ago. So, why would you try to keep them on board with those "old" methods?
Companies are working their socks off to attract new customers. That is a great accomplishment, but it is all for nothing if they cannot preserve them. For that reason, customer loyalty should be moving with the times. We are all aware of the traditional methods; discounts, air miles, excellent customer service, perks for "good" customers, etc. These ways are also important, but new methods should be implemented to engage with the new consumer. We aren't asking you to re-invent the wheel. We are just asking that you use a tire instead of stone. As simple as it sounds, this is definitely a challenging task to come up with unless a specialized company can step in to support it…
Bits of Stock created a unique and innovative method to boost customer loyalty, namely by providing fractional pieces of stock as rewards when customers shop at your brand. Simply put, customers get rewarded in ownership of the company for completing specific tasks. Be honest, who will leave their own company?
Exactly, they will not! That is down to what we call the ownership mentality. Ownership mentality has a direct effect on efficacy, self-identity, and belonging. Moreover, people establish their identity by the certain things they buy and own. Their belongings provide a symbolic representation of themselves.
Psychological ownership influences the behavior of the owner. It increases the will to gain intimate knowledge about that stock or company. The more people know about a specific thing, the more they feel connected. It is a sense of fusion. Furthermore, self-investment grows alongside their rising connection. By spending physical and mental time, energy, ideas, and skills, people begin to feel more unified with it.
The transition to digitalization also affects psychological ownership. The feeling of ownership can be expressed and strengthened by social media. Consumers can fulfill their needs through liking, commenting, and sharing content regarding the company they own. This digital behavior shows the connected feeling they have developed. So, besides improving the sales, psychological ownership helps to surge (digital) marketing.
Overall, the business world and its consumers are modernized. The values are changed, so the customer loyalty methods should move with them. Providing customers with Bits of Stock as a reward can have such a profound effect that it creates a psychological sense of ownership, which boosts the affinity and commitment towards the providing company. Please do not sleep on the pace of the changing market, it is now time to innovate!