Coupons have been around for years as a promotional tool, but the way they’re released has evolved greatly. Some people will remember the days of having to cut out printable codes from newspapers and magazines. However, with these things now having shifted online, they’re no longer as effective.
Many US brands are at the forefront of adopting digital coupons now. These can come in the form of NFTs or other limited-time collectibles, and they are proving to be an excellent alternative to traditional coupons.
Promotions are Rapidly Evolving
The online world has been a huge influence on the evolution of promotions, with competitive online industries constantly trying to think of new ways to attract customers. The ecommerce market is one of the most bustling sectors online, and leading sites like Amazon have got to that stage by offering discounts, reduced fees on subscriptions, and flash deals.
The online casino sector has been another huge catalyst to the progression of promotions over the last couple of decades. Indeed, sign-up offers have become expected, so operators have had to think outside the box to give players something that stands out. The latest is the concept of awarding players a bonus before they even deposit funds, which is seen at sites like High 5 and Stake. There’s no deposit necessary at these Sweeps options, with players gifted a certain amount of Gold Coins and Sweeps Coins when they sign up.
With all these varied promotions around, it’s given marketers the freedom to test new ideas and come up with fresh ways to engage customers. One of the greatest new developments is the introduction of limited-time digital collectibles.
What Are Limited-Time Digital Collectibles and Their Advantages?
Limited-time digital collectibles are designed with the 21st century customer in mind, and they range from NFTs to digital badges and wallet passes. These can be used to get offers and discounts in the same way that coupon cutouts were in the past. However, instead of using them once and then losing them or discarding them, the aim is for them to feel memorable and exclusive.
One of the best examples of this in action was Starbucks Odyssey, which was a Web3-based extension of the Starbucks Rewards program, launched as a beta in late 2022. It used blockchain technology to reward customers with digital collectible stamps for completing coffee-themed activities, offering unique experiences and merchandise in return. Although this was ultimately discontinued due to a shift in marketing strategy, it gave a glimpse of the future and what’s possible with digital rewards.
Taco Bell also famously released an NFT collection in 2021 called NFTaco Bell. It included unique digital art and celebrated the return of potatoes to the menu. These were a huge hit with customers, and the tokens sold out within 30 minutes of them being made available. This was a great example of how limited-time digital collectibles can generate hype around a company or product and give people a different way to engage with a business.
Although it’s still the early days when it comes to digital collectibles, there have been some promising developments in recent years. Many US companies are looking forward and thinking about more futuristic ways of connecting with customers.
