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Officials for Chanticleer Holdings, which owns, operates, and franchises fast casual and full-service restaurant brands−including American Burger Company, BGR – Burgers Grilled Right, Little Big Burger, Just Fresh and Hooters−plan to explore the world of blockchain technology connected to its loyalty programs in 2018.
Specifically, Chanticleer owns eight Hooters restaurants; nine American Burger; 12 Little Big Burger; and seven Just Fresh.
Chanticleer plans to use MobivityMind, a blockchain-architected platform for commerce and customer communication across brands, to power its groundbreaking cryptocurrency customer loyalty and rewards program.
Loyalty360 talked to Mike Pruitt, Chairman/CEO of Chanticleer Holdings, and Dennis Becker, CEO of Mobivity, to learn more about this new partnership.
“Since acquiring four regional burger concepts two years ago, our initial focus was to integrate POS, accounting, and purchasing between the concepts, which we completed this year in time for our year audit as a public company,” Pruitt told Loyalty360. “We’ve had ongoing discussion with Mobivity on a number of fronts as we looked at ways to drive revenue. Recently, they approached us with their product in development for a loyalty program utilizing crypto currency that could integrate within each of our brands, but also between them. That was the most critical factor, a program that could work easily, efficiently, and effectively across our brands.”
Considering most of Chanticleer’s brands don’t currently have loyalty programs, Pruitt believes this partnership with Mobivity can only help drive sales of already successful concepts.
“We’ll get better profile information about our customers, and be able to serve them better because of it,” Pruitt explained. “And the customer will have the benefit of a more flexible form of reward. Being able to use this between brands is unique and compelling. It helps us drive customers to all of our brands, and allows the weight of their positive experiences in one to benefit the other. So, it’s more portable and beneficial to the consumer than other rewards solutions we’ve looked at. Plus, it leverages the secure blockchain technology, which will reduce fraud and make the results more quantifiable than other programs.”
Becker told Loyalty360 that MobivityMind is the only closed-loop, AI-driven, currency-based marketing platform purpose built to grow revenue for brick-and-mortar businesses.
“MobivityMind is an AI-driven platform for restaurants, retailers, personal care brands, and other businesses to create, engage, and reward consumers,” Becker explained. “It starts with the capture of basket-level detail on consumer purchases using a patented, POS-independent technology to push all detailed transactions to the cloud. Our AI and data teams monitor and measure that data to identify buying patterns, opportunities for menu/price optimization, and the motivations of consumers that can then be used to inform the business and outreach to customers. And finally, it includes channels (including Text message and dynamic printing directly on the receipt) to conduct that outreach both in-store and beyond, and communicate offers, incentives, other information and rewards to the consumer.
So, it’s not just a ‘loyalty’ platform, a business intelligence tool, or currency. It’s an end-to-end system to communicate, track, reward, and measure marketing for brands.”
Becker said the great thing about this application of cryptocurrency is that customers don’t need to have any awareness!
“They visit their favorite businesses and sign up for a ‘rewards’ program that will likely feel very similar to others they’re familiar with,” he said. “Customers will see communication to engage with the program directly on their printed or digital receipt, through in-store signage, and through other means of marketing. They will enroll in text-message communications, and be sent a link to complete their online profile and currency wallet. They make purchases, watch their balance grow, and then spend that balance at their leisure. The backbone of Blockchain and cryptocurrency makes the technical management of that process more secure, more efficient, and far better for both the brand and consumer. And yes, it opens the door to new ways to use or exchange that currency, but it won’t be foreign to the consumer because they know how and where they got it, how the earned it, and what it’s worth. The simplest analogy is that consumers already understand American Express Rewards Points; this will feel like that initially, and they will be exposed to the greater benefits of cryptocurrency as they accumulate it.”
How will this transform traditional consumer rewards?
“Flexible, transferrable, cost-controlled, quantifiable marketing on a scale that far exceeds any option today,” Becker stated.
Unlike a coupon that is once redeemed, a currency persists, Becker noted. He said that the digital wallet attached to the cryptocurrency will include the customer profile, giving a business instant visibility into the persona and preferences that consumer shares in their profile.
“The restaurant gives it to consumers in exchange for a purchase, but collects it back once redeemed,” he explained. “It can then be given out again, or potentially transferred back to another form of currency. Imagine I gave you a $1 bill marked in red ink as a reward for purchasing a burger and fries. You return with the bill later and buy a $1 side of fries (no additional reward when you pay with the red-marked $1). The entirety of our exchange is perfectly traceable and quantifiable, and in the end, I (the restaurant) got my $1 back, so the only real cost was the fries I gave away. Compare that to the management, printing, fraud, and incremental hard costs associated with making a typical coupon or reward program attractive to consumers. With typical programs, I would put a volume of discounts and promotions in market, pay to place those in channels, recoup a small percentage while sinking money in printing/publication, getting nothing of value back when the offer is recouped, have offers get re-used or applied fraudulently by scammers or accidentally by employees, and somehow try to calculate and control the costs.”
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