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Wouter Meeuwisse is the CEO and founder of Stampwallet, a company founded in 2014 in Curacao, a Caribbean island near the coast of Venezuela. Stampwallet is a smart wallet for customer loyalty cards and it’s a loyalty and marketing platform for merchants all around the world.
Merchants can easily setup and be up and running within 15 minutes.
Loyalty360 caught up with Meeuwisse to learn more about the company and its approach to customer loyalty.
Can you talk about the fundamental difference between what existing, loyal customers spend on a brand compared to new customers, and how brands can spark engagement with the latter group?
Meeuwisse: Stampwallet and its solutions will simply generate much more profit for your business! How? More profit results out of two variables that are positively influenced by our loyalty platform; higher income and fewer expenses. Higher income is generated due to an increase in engaged customers to your brand who consequently spend more on a higher frequency.
The fundamental difference that drives the loyal customer to spend more comes from its faithfulness to your brand, which has been acquired due to two factors. One is the overall in-store experience from the brand’s quality in products and services, and two is the reward that the customer receives for showing its loyalty.
Stampwallet and its solutions perfectly anticipate on both factors by firstly adding value to the customer’s experience due to the simplicity of our solutions. We fully understand that the impact of a loyalty program should only eliminate the pain points of both the brand and customers’ journey rather than adding them. Therefore, Stampwallet and its solutions are the most easily implementable programs on the market. You can already be up and running within 10 minutes! Secondly, Stampwallet adds value to the customer’s satisfaction when showing their loyalty to your brand due to its user friendliness, customizability, and even more importantly, its relatability to your brand.
Since it costs six times more to acquire a new customer as opposed to keeping an existing one, what is your advice for loyalty marketers when it comes to new customer acquisition?
Meeuwisse: Be one step ahead to eliminate the need for new customer acquisition. As soon as you have to focus on acquiring new customers, you’re already losing money. It means that not all of your customers are fully engaged and that therefore your revenue isn’t at its highest and your expenses aren’t at its lowest! However, even though this would be the ideal situation it is nearly impossible. With Stampwalllet you’d be able to retain a total of 89 percent of your total customers! We understand that every customer has a certain lifetime value (which can be increased by 30 percent) and therefore new customers are needed.
The most effective method to acquire new customers is to firstly have a large base of loyal customers. There isn’t a better marketing tool than word of mouth. A perfect brand wouldn’t even need any other marketing channels to create a higher market share. Additionally, once a new customer has been obtained, it is essential to engage them right at their first purchase while they are on average 10 times more worth. Stampwallet and all offered solutions already grasp the new customer by giving them value even though they haven’t even started shopping yet! Through this, even the new customers have already taken their first step to becoming loyal to your brand!
Can you talk about the power that a solid loyalty program brings a brand and its impact on retaining your most loyal customers?
Meeuwisse: The power that comes from a solid loyalty program such as Stampwallet and its solutions results in a number of factors:
First, a proper loyalty program will boost your company’s profit. Being able to focus on your existing customers and their engagement will lower your costs and increase their spending. As we all know, a 5 percent increase in customer retention can already boost your profits up to 95 percent.
Second, through a program like Stampwallet, you will be able to bond with your consumer. In other words, you will create a relationship that is valuable for both parties. By having more direct communication channels, and in-depth insight into the needs and wants of your customer, you can alter you marketing strategies perfectly to fit their desires. This often works two ways so your customers can on its turn give you proper feedback that actually improves your products and services!
Third, you don’t have to compete over pricing anymore. We all know the prisoner’s dilemma in business where the whole market keeps downgrading its prices and you eventually get stuck. By the installation of Stampwallet, for example, you will be able to differentiate your brand in ways that are more diverse. You don’t have to stand out anymore by having the best coffee available, but you can simply generate consumers that won’t be looking for the lowest price while they are loyal to you!
Consequently, these customers will be your own brand’s ambassadors. A loyal customer will be talking positively about your brand throughout their circles of friends and family. Recent studies show that 92 percent of consumers believe recommendations from a person close to them to all forms of advertising.
At Stampwallet, we always say ‘We allow you to engage, equip, and empower your fans.’ You will have direct contact with them and therefore the ability to become part of the conversation about your brand. By offering amazing personalized prizes, they will become equipped to have a reason to talk about your brand and last, but not least, Stampwallet gives your customers different ways to talk about you. We help them find ways to share their experiences.
Lastly, you will gain market insights. A proper loyalty program enables you to gain data that gives you the opportunity to draw conclusions on how to operate your business. By having in-depth analytics which is structured clearly, your brand should be able to monitor market changes and most importantly, the changes in needs and wants.
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