Another newsletter about NFTs?

Bite-Size Loyalty Newsletter

ISSUE 012

Hi Reader,

While the jury is still out on NFTs, the good news is you don’t have to immediately pick a side. This week, I’ll share how brands can dabble in NFTs without the blockchain hassle. I’ll also share some new innovations coming from Chipotle’s marketing team as well as some ideas for how to offset customer concerns over price hikes.

Thanx for reading!
Emily

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NFTs without the learning curve?

Thanx just announced a new offering that’s part of our recently launched Loyalty 3.0 platform. It’s called Access Pass and it allows restaurants to experiment with NFTs without having to manage blockchain technology.

In NRN’s recent article on the topic, Joanna Fantozzi smartly describes our new Access Pass as an NFT “loophole” that bypasses the NFT learning curve while still offering the primary benefits.

“The attraction of many of these NFT-based memberships and rewards programs is for customers to join an exclusive club that offers discount and non-discount-based perks.”

With the newly launched Access Pass, restaurants can offer a digital ticket to any experiential benefit they can dream up. The restaurant win/customer catch is it’s only accessible through the loyalty program and, if they choose, to a subset of that group within the program (ie. the top 1% of spenders).

This reward model can be used to encourage more app downloads, drive direct website ordering, shift customers away from DoorDash, or generate excitement and engagement with valued members.

If you remember my previous newsletter about the iHOP rewards program, the idea is the same. Access Pass offers the allure of crypto without the hassle of blockchain. In other words, it’s a way to test the waters without wading in too deep.

Read more about Access Pass

“Buy the Dip” with Chipotle’s Crypto Giveaway

In other crypto news, Chipotle is expanding its guest engagement strategy into the crypto community with its latest campaign. Chipotle is giving away $200k in crypto while gamifying their loyalty program with a new interactive game, “Buy the Dip”, in celebration of National Avocado Day.

While many crypto-currencies have recently demonstrated value, Chipotle is doubling down on its bet on crypto enthusiasts and Web3 in an attempt to keep the brand on the cutting edge of digital trends. Smartly, in order to participate in the giveaway, customers must have a Chipotle Rewards account. The brand will also accept over 98 different types of cryptocurrencies as payment.

Inflation and price hikes may be inevitable, but discounts don’t have to be.

Thanx CEO, Zach Goldstein, recently shared why loyalty is the key to keeping customers happy despite the rising cost of goods with Fast Casual. With more scrutiny than ever on profitability and bottom lines, reducing discount dependencies in your guest engagement strategy is critical. Read on to learn how restaurants can rely on sophisticated loyalty programs to offer non-discount rewards that entice customers with exclusivity and access instead of discounts.

Non-Discount Reward of the Week

Velvet Tacos Backdoor “Secret” Menu, available only to top-tier customers

Velvet Taco’s loyalty game is on point. They just launched a new secret menu bringing back six of their most loved weekly tacos features or “WTFs” as they like to call them. The menu is only available to their top tiers of loyalty members to encourage program engagement and create an exciting incentive to reach top-tier status. This is just one of the many perks that Velvet Taco is offering to drive engagement without relying on discounts.