All of this suggests an opportunity for small businesses to take advantage of the current NFT mania. Here are five ways that you can use NFT technology to grow your business and retain customers.
Counterfeit-proof issuance of single-use promotional tools: coupons, promotional discounts, event tickets, BOGO deals, etc. Blockchain codes or QR codes serve as uncopyable, tamper-proof access/discount assets with a wide array of use cases.
Establishing a customer loyalty program: Consider a digital NFT loyalty card. Once customers sign up for it, they download it to their mobile device. Every time they visit your business, they scan the loyalty NFT code to accrue loyalty points. At certain thresholds, you can push rewards, discounts, or blockchain tokens to be used in store.
Cause-related marketing and charity support: NFTs were used to raise money to help empower Afghan women in the aftermath of the recent U.S. exodus. A similar program could be duplicated at the neighborhood, town, city, or state level to spur geographic-affinity marketing or support local charities.
Secure fundraising for expansion: If your business is considering opening another location or expanding your existing site, an NFT campaign could be a low-cost funding alternative to a traditional bank loan. Think of it as a scam-proof Kickstarter: Crowdfunding campaign where donors know and track that money, which is only issued if milestones are reached as determined by smart contracts established at the start of the campaign.
Sweepstakes or gamification types of promotions: These types of marketing campaigns can be expensive to run and usually only make sense for large enterprises, such as McDonald's franchises that participate in Monopoly game pieces or Publishers Clearing House, which still uses sweepstakes marketing. With a little creativity, NFTs bring the possibility of highly engaging gamification marketing to small businesses. For example, a Chamber of Commerce could launch a digital NFT scavenger hunt involving dozens of locally-owned businesses to drive customer traffic to each location. The potential is limited only by imagination.