Create loyal customers with cryptocurrencies – Hacker Noon

People want cryptocurrencies. There is a massive desire not to be left behind in this story that Bitcoin started but most people do not know how to get started, although, it’s true, there are still a couple of brothers-in-law who reject the issue (or so they say).

It is time for you to be their trusted entry door. Think about it. I’ll explain a way to do so that, in addition, will improve your sales and create customer loyalty. It doesn’t matter what you sell or offer. Cryptocurrencies inevitably attract people and you just need to help them feel that they have not missed the train.

The method: use cryptocurrencies as discount-vouchers. It is very simple.

Necessary materials:

  1. A good cryptocurrency
  2. A wallet easy to install on any mobile phone
  3. A lot of desire to retain customers while at the same time offering them some very useful basic knowledge.

Which cryptocurrency should you choose?

It could be any of the more famous ones but, ideally, we need one with a stable reference value, because we do not want its referential value or fee per transaction to constantly or suddenly fluctuate. Some of the most interesting ones could be Monero, Digibyte or FairCoin.

The first two have wallets for Android and iOS, while Faircoin only has wallets for Android. However, we will choose the latter coin as an example because of the peculiarity whereby, apart from the reference market value, it has a fixed value established by the community (1 FAIR = 1.2 EUR) and because there are greater opportunities to use FairCoin as a currency in many physical places and online sites. This gives you a plus since not only can the client use it in your store or to obtain your services but also in other shops or online.

If we were to choose any other cryptocurrency we would have, as I said, some pros and some cons. The fluctuation in the market price could cause the currencies handed out as a gift to depreciate or, on the contrary, to increase in value over time. It could be an incentive for your customers to save them instead of using them immediately. But it would also be an added stress for you to have to be aware of that and to think of transforming them into a fiat currency as well as maintaining in place the logistics necessary to recycle them. I think it’s a good idea to start off by using Faircoin unless you have plenty of experience with cryptocurrencies.

Let’s proceed

Install a wallet on your Android mobile phone [INSTRUCTIONS] You just have to learn well this simple procedure so as to tell your customers how to install one and to make a backup or to save the twelve seed words (depending on the wallet, Core or Electrum… the latter especially for mobile phones with space problems).

Get a few FAIR to start off with. You can

get FairCoin at the official price also thereby supporting a good cause (your contribution is returned in Faircoin), and you can also buy FairCoin here or on the official FairCoop website. If you already accept FAIR you may already have some that you can use to build customer loyalty.

From here onwards, your business has something special.

Now your shop or your services are going to become something much more attractive. Determine what discount % you can offer to customers who agree to install the wallet. And put up a nice sign that says, for example: We give you electronic coins (FairCoin) that you can use in your next purchase. You only need a mobile phone with Android and an electronic wallet. Ask us and receive your first coins.

Download the sign

So, for example, let’s suppose you decide to give FAIR for 10% of the amount purchased in EUROS. Remember that 1 FAIR = 1.2 EUR or 1 EUR = 0.83 FAIR. But don’t worry, the electronic wallet does that conversion automatically.

1.You sell something for 100 EUR. The customer pays you 100 EUR. The customer receives 8.3 FAIR

2. The same customer comes back another day and buys something worth 20 EUR. He/she pays you 10 EUR + 8.3 FAIR. You give him/her FAIR for 10% of what he/she paid you in EUR, that is: 0.83 FAIR

3. The customer returns for another item worth 20 EUR. He/she pays you 19 EUR + 0.83 FAIR. You give him/her 1.58 FAIR

If you look closely at this example you will see that you have sold items worth 140 EUR and you have been paid 129 EUROS in addition to getting back 9.13 FAIR that you gave away. The customer has 1.53 FAIR left and will be looking for the moment to buy something again so as to use that amount.

The customer can also accumulate them from successive purchases in order to buy something only in FAIR when he/she has the necessary amount. This is up to the client. You are making a deferred 10% nominal discount (or whatever you have decided) that is in reality equivalent to 8.47%, which will motivate the customer a lot to continue buying in your store or hiring your services. At the same time, each participant acquires fundamental knowledge about the practical use of cryptocurrencies, something that is essential nowadays. You can believe me: maybe not everyone will participate but those who do so will establish a special bond with you, with your store or your service, a bond that will always be remembered and for which he/she will be grateful for.

Do I accept FairCoin from everyone or only from the customers to whom I gave some?

Ideally, you should accept FairCoin from all over the world since your customers can also use them in other places that participate in this attractive economic model. However, it is possible and logical that you want to set limits to have only the FairCoin you want and can use or save. FairCoin is a currency like the Euro or any other but it is clear that, right now, its use is not so widespread. Therefore, setting some limits is a good rule.

  • You can accept FairCoin from anyone (who, surely, will visit your store because you accept FairCoin) up to a certain limit that you set yourself. For example, you can check how many you have and determine that you do not want to accumulate more than 1000. Correct, and from there onwards do not accept from any people who are not your regular customers. Or you can decide that you accept only for 10–20–50 or whatever % of the sale you want to accept. This is with regards to people who are not your customers, that is, those that you have not given the FairCoin they have.
  • You can accept FairCoin from your own clients without restrictions because, after all, their FairCoin is equivalent to discount vouchers that you have given as a reward for buying at your store.

And how do you distinguish the FairCoin that you have given away from those that come from another source?

Very easy. The simplest way is to keep a list of your clients and the FairCoin that you have given them. It can be a handwritten list, a spreadsheet, whatever is easiest for you. If you have doubts, ask if he/she is a client and look for the name in the list.

You can also make cards for your store and divide the back into, for example, 6, 8 or 10 squares. In each one you write down the customer’s FairCoin balance and put your stamp on it. The client shows it to you every time he/she goes to buy, so that you can update it once he/she has paid you (with or without FairCoin) and you have handed over the ones that correspond to him/her.

Try to imagine something better

Meditate on all the advertising campaigns that you can think of to promote your business or your services. Most are already very worn out. The sales thing doesn’t work anymore because people do not believe in them much and they are not motivated. Now you know. The proposal described here is really simple, fun and useful. All parties win and that is a value which is much appreciated.

Other useful references:
Fair.coop
FairCoin
What’s keeping cryptocurrencies from mass adoption?
Cryptocurrency as the long game

Sofokles Dans, scientist, writer, hacktivist. He is mixed in the world of cryptocurrencies since Bitcoin poked its head. He collaborates regularly in the development of FairCoop and the practical use of FairCoin, as well as in practical experiences with many other cryptocurrencies.

If you liked the article, invite him to a coffee:
Bitcoin: 3GRuArRbNRkHqptq57FqrDWPr58APKKNbW
Bitcoin Cash: qrht40dmfsvyclunweauzpj968rtv0lj9gq4zl7w3p
Dash: Xn5mUgYuGw7PvNcFKVFQtf9t6TH9Wvw1an
Digibyte: DM6vZHKDkQj8w3Y4qhPDgU9K7uX2YUxzGP
Myriad: M9uib3Rg3r7uAgo53YGmQLZj3c4NFy5Eaf
Faircoin: fRLd8fEKLnVkQDe9iooW7zsE9dX5PqbhTb

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