Category Archives: marketing

What sort of performance?

What sort of performance?

It’s not unusual for something to be positioned as the high performance alternative. The car that can go 0 to 60 in three seconds, the corkscrew that’s five times faster, the punch press that’s incredibly efficient…

The thing is, though, that the high performance vs. low performance debate misses something. High at what?

That corkscrew that’s optimized for speed is more expensive, more difficult to operate and requires more maintenance.

That car that goes so fast is also more difficult to drive, harder to park and generally a pain in the neck to live with.

You may find that a low-performance alternative is exactly what you need to actually get your work done. Which is the highest performance you can hope for.



via Seth Godin

This Entrepreneur Wants To Turn Australian Shoppers Into Dedicated Online Consumers

This Entrepreneur Wants To Turn Australian Shoppers Into Dedicated Online Consumers

How Melbourne entrepreneur Ruslan Kogan sees the new world of retail

This article titled “Amazon and cheap TVs: Ruslan Kogan on the new world of retail” was written by Alexandra Spring, for on Thursday 4th January 2018 23.49 UTC

Amid all the Amazon chatter last year, there was at least one Australian retailer who was excited. “A rising tide lifts all boats,” says Ruslan Kogan, founder and chief executive of the one-stop online shop

Speaking in Sydney not long before Amazon launched in Australia, Kogan predicts the online shopping behemoth will “retrain the way people shop and retrain the way brands distribute”.

Australians have been slow to the online shopping boom, but they are getting the hang of it: the latest NAB online retail figures show that, while spending in traditional outlets is flat, online shopping is up, equivalent to 7.6% of in-store spending. Kogan has been waiting for this moment.

In many ways, Kogan pitches himself as the archetypal tech entrepreneur. He is outspoken, quick to take risks and occasionally fail, and he has made a fortune doing so. How his 11-year-old business responds to market trends could be indicative of the larger business picture.

In person, he is more circumspect and less cheeky than might be expected. This is the man who challenged self-proclaimed “enemy” Gerry Harvey to a debate on national television in 2010, launched the $900 Kevin37 flatscreen TV to take advantage of the 2009 stimulus package and came up with the 8,000 thread count Kogan spam “Portector” in response to communications minister Stephen Conroy’s 2010 proposed internet filter. Kogan gives good PR.

Perhaps the black T-shirt he wears to the interview is a clue to his newfound guardedness: it’s branded ASX KGN, a memento of the July 2016 day when was floated on the stock exchange. It wasn’t an instant success but stocks quickly gathered momentum, and finished 2017 as the best-performing stock on the ASX all ordinaries index, with an annual gain of more than 300%. These days he has shareholders to report to and a bottom line to protect.

Born in Belarus, Kogan arrived in Australia aged seven in 1989 with his parents and sister. The family had $90 to their name and Kogan grew up in the Elsternwick housing commission flats in Melbourne.

He made his first profit when he was nine, collecting abandoned golf balls at the nearby golf course, before cleaning them and selling them back to players. At school, he was fascinated by tech and went on to do a double degree in business systems on a scholarship, before working in IT for Bosch, GE, Telstra and Accenture.

Ruslan Kogan was named Australia’s richest person under 30 in 2011.

In 2006, when he was 23, he started, selling private label televisions online out of his parents’ Melbourne garage. Legend/PR has it he maxed out his and his friends’ credit cards to buy stock from China, before selling it directly to the customer with a lower-than-market-average margin. By 2011, he was Australia’s richest person under 30, and now his personal wealth is estimated at $169m.

That money isn’t flashed around: he lives quietly in Melbourne with his long-time girlfriend Anastasia Fai, a video producer, spending most weekends at a farm in country Victoria. Kogan reportedly remains close to his family, tweeting recently that he was doing his own UberEats by couriering his mum’s cooking back to his house.

His firepower is reserved for the office, and 2017 was a big year. After its first full year as a publicly listed company, posted revenues of $289.5m, up 37.1% on the previous year ($211m).

There are few goods the company doesn’t offer these days, including books, toys, fashion, furniture, appliances, garden and home products, both under its own label and other brands. It has also branched into services with Kogan Travel, Kogan Mobile, in partnership with Vodafone, and Kogan Insurance. In June 2017 the company announced it would offer fixed line NBN broadband services in 2018, also with Vodafone.

Despite its growth, Kogan believes online shopping’s potential is “probably somewhere between 20 and 40%” of traditional retail and won’t fully replace the experience of going into a store. “Our business is commodity-based products so it’s all around efficiency. It’s ‘Hey I know what I want and I’ve got a very busy schedule, any spare time I’ve got I’d rather be playing with the grandkids in the park rather than trying to find a parking spot.’ So you know, it serves both purposes. [And] there’s bricks and mortar [business], those who do it really well and their businesses are thriving.”

For some products, the experience is everything, according to Kogan: “I love nectarines. I wouldn’t buy a nectarine without holding it in my hand first and making sure that it’s a heavy nectarine and it feels juicy because you can order them online but one nectarine doesn’t equal one nectarine.”

So Kogan won’t go into groceries? “I didn’t say that,” he says quickly. In fact Kogan did launch Kogan Pantry in 2015, aimed at challenging the Coles and Woolworths duopoly with a line up of 600 brands, but it fizzled out.

Kogan is on the lookout for other sectors ripe for disruption. Energy retailing must surely be on the list, although he’s noncommittal, saying only it is an “interesting market”.

His expansion principle is straightforward: “When we look at what to expand into, it’s a product or service that is mass market and typically has a high cost of acquisition.”

For a company that now claims a million active users, insurance was a logical progression. And with the success of the mobile partnership with Vodafone, so was NBN broadband.

“Sally, who’s a customer of ours, lives at this address. [We know] NBN becomes active at her address on the 12 December so we will send Sally a promotion ‘click this button and you’ll have NBN ready to go on the day it’s active’,” Kogan says.

He has little sympathy for the government’s NBN rollout difficulties: “Has the government ever rolled something out that hasn’t been problematic?”

But it could become an issue if Kogan customers are not looked after. Relying on other suppliers was how Kogan took a hit in 2013 when the first iteration of Kogan Mobile collapsed after their Telstra wholesaler ispONE went into voluntary administration, leaving 120,000 prepaid mobile customers in limbo.

Kogan says the company was trying to avoid problems with NBN. “Any service or product that has our brand on it, we are working relentlessly in the background to ensure the customer experience is as smooth as possible.”

The company has not been without its failures: there have been run-ins with the government, the ACCC, Apple and Microsoft. Aside from the failure of Kogan Mobile 1.0, there was the discreet closure of, launched with much fanfare in 2010 to herald the company’s global expansion, but now diverting back to the Australian website.

And while one of Kogan’s chief selling point is its low prices, some have questioned the cost of achieving them. The company was poorly rated in the 2016 Baptist world aid report Behind the Barcode, which grades electronics companies on workers’ rights, policies, traceability, transparency, monitoring and training. The assessments are based on “publicly available information and on data self-reported by the company”. was marked as nonresponsive.

Kogan dismisses the report, pointing to the company’s policy on ethical and sustainable sourcing, and insists he has personally visited factories and met staff. “We know that we are improving the lives of hundreds of thousands of people. We know that … if not for this economic boom created by the manufacturing caused by many of the world’s biggest brands and retailers … these people would be living in poverty.”

He says the company took their staff’s welfare seriously. “We care about these things because ultimately happier people make better products.”

Kogan sees automation as an opportunity rather than a threat, and promises further use of algorithms to suggest products to customers. “I’m not concerned by it, I think technology does wonderful things. Yes, we should be clever about the way that we use it and yes, we should ensure that it’s dedicated to solving the right problems, but in general it’s the next industrial revolution.”

He is critical of the lack of support for the tech industry in Australia, saying if he had not succeeded with, he would probably be working for a tech company in the UK, US or Germany. “You always want to work somewhere where your skills are really valued.

“That’s probably part of the reason that a lot of the talent has come here, got our IT and technology degrees and then left. Or even grew up here, got the skills then said ‘Hey why am I sticking around here when our major retailers and business leaders are talking down technology, when I can go to the US and be a superstar?’”

But he says the best thing the government can do for tech entrepreneurs is to get out of their way.

“The less that the government has their claws in the startup community, the better. My general advice for the startup community is less tax, less regulation. Remove the red tape, and don’t take stuff from people before they’ve even made it. That would really incentivise the business community, would really incentivise more people to start businesses, more people to hire staff, more people to invest in growth.”

And, he says later: “Be wary of those wanting handouts and subsidies.” © Guardian News & Media Limited 2010

Published via the Guardian News Feed plugin for WordPress.

Lead Image: Ruslan Kogan at the initial public offering of online retailer on the Australian stock exchange in July 2016. Photograph: Wendell Teodoro/Style & Image


via PSFK

China’s First Magazine Library Opens In A Historic Beijing House

China’s First Magazine Library Opens In A Historic Beijing House

China’s First Magazine Library Opens In A Historic Beijing House

China’s First Magazine Library Opens In A Historic Beijing House

Fon Studio converted a traditional Beijing hutong into a minimalist library and reading room

Fon Studio converted a traditional Beijing hutong into the China’s first magazine library. The Spring Whispers Book Club has a view of a nearby canal and is masterfully redone in minimalist fashion. Historic neighborhoods like the one in which the new library is situated are now being classified as landmark areas and their residences are being renovated, transformed and repurposed as new contemporary spaces.

The traditional three-room house was in need of repair, and the architects at Fon Studio kept the building structure while reinforcing it with steel and teak. Grey terrazzo, glass and wood are used to create an organic and open feel in the space. The floor-to-ceiling windows give readers light all day. Finally, the shelves are made of thin white metal, providing the perfect frame for the eye-catching magazine covers that grace its walls.

Visitors can find nooks, tables and even a bar to sit and enjoy the library and its treasures.

Fon Studio



+Fon Studio





via PSFK

Virtual Souvenirs Make Sightseeing More Interactive

Virtual Souvenirs Make Sightseeing More Interactive

Virtual Souvenirs Make Sightseeing More Interactive

Nexto is a new AR app created to gamify the concept of going on a tour and teach visitors about historic places

Travelers wanting a new way to learn about the places they visit can download the AR app Nexto, a digital tour guide designed to gamify sightseeing.

When a user opens Nexto, the app lists various locations for them to visit while on a trip. At each of the places, the user can learn about the history of the location through augmented reality images and quizzes. As users gain points from correctly answering the quiz questions and visiting more locations, they start to unlock virtual souvenirs to take with them wherever they go. The app functions on both iOS and Android devices.

The developers behind Nexto encourage users to send them recommendations for places to make new tours about.








via PSFK

New American Girl Doll Aspires To Be The First Person On Mars

New American Girl Doll Aspires To Be The First Person On Mars

New American Girl Doll Aspires To Be The First Person On Mars

New American Girl Doll Aspires To Be The First Person On Mars

Luciana Vega, the newest American Girl doll, looks to defy gender stereotypes with her ambition to join NASA and be the first person to land on Mars

American Girl, the popular doll brand owned by Mattel, is aiming to battle stereotypes with its first release of the year: Luciana Vega, an 11-year-old girl of Chilean descent who dreams of becoming the first person to land on Mars.

While the brand, which launched in 1986, has embraced inclusivity before with dolls of different races and cultural backgrounds, Luciana Vega comes at a time when the lack of diversity in STEM fields is being questioned.

“We’re proud to introduce fans to American Girl’s 2018 Girl of the Year, Luciana Vega—a champion of STEM and a natural-born leader who puts her whole heart into making her dreams a reality,” Katy Dickson, president of American Girl, said in a press release. “Luciana is a role model for today’s girls—empowering them to defy stereotypes, and embrace risks that will teach them about failure and success as they chart their own course in life—whatever the goal.”

Luciana comes with a a chapter book telling her story as well as space-inspired outfits and accessories. To ensure accuracy in developing her character, Mattel formed an advisory board with NASA scientists and astronaut Megan McArthur Behnken.

The new doll is now available online and at American Girl stores nationwide.

American Girl







via PSFK

Gen Z Entrepreneurs Are Set To Monetize Their Creativity

Gen Z Entrepreneurs Are Set To Monetize Their Creativity

PSFK’s Forecast Z report describes how an entrepreneurial mindset will turn time into money for Gen Z, with digital currencies and more

With Gen Z we are seeing a rise in entrepreneurial mindsets and, concurrently, a generation that is eager to tap into new financial platforms and technologies. In PSFK’s Forecast Z report, we label this trend ‘Z-Coin’—Gen Z’s desire and ability to monetize engagement with their own audiences.

It’s important to understand the distinct traits of Gen Z to get a sense of their financial mindsets. For starters, our survey showed that 12% fewer Gen Z perceive creative expression as a solitary effort compared to Millennials. This generation is more interested in borrowing, remixing and collaborating with other people to complete a project. Furthermore, they are a generation that identifies themselves largely with the words “creativity” and “multitasking.”

Gen Z is equipped with the ambition and the tech to take a new approach to monetization, and some companies are already paving the way with new financial models. Drip, a project by Kickstarter, offers an opportunity for artists to receive continuous financial support while offering donors a unique view into their ongoing creative process, with previews of projects and the chance to read the artists’ notes.

An even more literal idea of someone monetizing their time comes from entrepreneur Evan Prodromou, who created his own cryptocurrency called Evancoin. Those wishing to meet with him must first download an Ethereum wallet and purchase Evancoin. We can expect Gen Z, who are already at ease with new technologies, to take advantage of and develop new digital currencies.

Brands seeking to tap into this Gen Z mentality can begin by offering insight into their production process, celebrating craftsmanship while also committing to transparency to build trust.  Brands can also invite Gen Z creators to collaborate on projects and products, giving creators the chance to gain professional experience and brands a fresh take to reach new audiences.

PSFK’s Forecast Z decodes the shifting priorities, values and behaviors of Generation Z. Members can download the report today, or click here to learn more about the benefits of PSFK membership.


via PSFK

How HubSpot’s Pricing Page Redesign Increased MQL Conversions by 165% & Free Sign-Ups by 89%

How HubSpot’s Pricing Page Redesign Increased MQL Conversions by 165% & Free Sign-Ups by 89%

A few months ago during INBOUND 2017, we launched a complete redesign of HubSpot’s website pricing page. Not because it hadn’t been redesigned in a few years (it hadn’t), but because we saw a big conversion opportunity from a page that had a lot of untapped potential.

And boy, did it pay off. Not only did we increase the number of MQLs the page generated by 165%, but we also increased sign-ups for our free products by 89%.

It’s no small feat to increase free product sign-ups while also increasing the number of people who raise their hand and say they want to talk to our sales team about our premium products. But I’m not really here to brag about numbers (though I’d be lying if I said I wasn’t even a little bit proud). I’m here to talk about process.

A redesign of a website’s pricing page is typically a huge undertaking that involves a lot of company stakeholders. For us, those stakeholders were web strategy (my team), product marketing, sales operations, legal, pricing and packaging, and localization. And when you have that many opinions involved, it’s easy to cave in and make compromises that A) dilute the overall quality of the work you’re doing, and B) detract from the original goals of your redesign.

So keep reading if you want to learn more about our research behind the redesign, our goals, how we made sure we stuck to those goals during a months-long redesign process with multiple stakeholders, and why we changed what we did. 

Before and After 

You can check out how the old page looked via the Wayback Machine here, and you can find the new page here. Or just take a look at the quick snapshot below … 





The Goals of the Redesign

The pricing page has always stood out to my team as being rife with opportunity. Up until this redesign, it had been built primarily as a sales enablement tool. While that’s not necessarily a bad thing, it’s also important to note that the pricing page is the second most visited page on our website — second only to our homepage. As a result, the pricing page generates a lot of really broad traffic from visitors who, compared to the sales reps the page was originally optimized for, have much less knowledge of our products.

This meant we had been neglecting to optimize the page for its primary user: the website visitor. As a result, the pricing page was converting visitors at a poor rate, and given the hefty amount of traffic it generates every month, we hypothesized that we were leaving a whole lot of conversations on the table. So our goals were twofold.

  1. Optimize for conversions. Our pricing page should either drive visitors to sign up for a free product or contact our sales team.
  2. Create a positive user experience. Pricing should be presented in a way that is both transparent and easy for users to understand.

The Research Behind the Design

The new pricing page was launched near the end of September, but we started conducting research to lay the groundwork for the redesign way back in May, and let me tell you: It was extensive. In fact, pretty much every decision we made about every aspect of the redesign — the copy, the layout, the user experience, the design, the conversion events — all of it had roots in some aspect of our research.

Defining Guardrails and Omissions

We compiled our goals and the findings of our research into a slide deck that defined specific guardrails and omissions for the redesign based on the insights we uncovered through our research and discovery phase.

We shared this deck with all the page’s key stakeholders and asked them to sign off on the plan before we got started. This gave us a document to refer back to throughout the redesign process to ensure we were staying true to our goals and sticking to our guardrails.

Here’s a look at the different types of research we conducted and how its insights led to specific changes on the pricing page. 

1. Qualitative Data

First, we analyzed the performance of the existing pricing page from a traffic and conversion perspective.

From this, we learned that people on the pricing page preferred to pick up the phone and give us a call, which led to our decision to feature the sales phone number more prominently in the new design.

We also learned that pricing page users were actively clicking between the pricing for our different products (the Marketing Hub, the Sales Hub, and HubSpot CRM), so we made the navigation between products even more prominent so users could move freely from one product’s pricing to another’s.



2. Pre-Testing of Calls-to-Action (CTAs)

In the months leading up to the redesign, we also did some A/B testing to inform our pricing page’s conversion strategy. Historically, the CTAs for the paid products on our pricing page had always linked to our contact sales landing page. But those CTAs had a really poor conversion rate, so we tested them against a demo CTA that led to our demo landing page instead.

While the demo CTAs generated a higher volume of conversions, the data showed that the contact sales CTAs would ultimately result in more customers (due to the higher close rate of contact sales conversions). This informed our decision to keep that contact sales conversion on the new page.

To inform our CTA copy decisions, we ran an additional CTA copy test ("Contact Sales" vs. "Talk to Sales") and saw a 46% increase in clickthrough rate with the use of the "Talk to Sales" copy, which we therefore implemented in the redesign.



3. Chat Transcripts

We also reviewed transcripts of the chat conversations that were happening on the pricing page to determine the common questions users were asking while they were on the page.

From this, we learned that people were often skeptical that the CRM was truly free, which led to our decision to incorporate copy on the CRM pricing page to directly address that concern.

We also learned that people were confused by the contact tier pricing for the Marketing Hub, so we incorporated a slider that shows users how purchasing additional contacts directly impacts their pricing, and also added a tooltip to explain to users what "contacts" are.

Lastly, we learned that because we had only been displaying pricing for our Marketing Basic, Professional, and Enterprise plans on our main pricing page (with pricing for our free and Starter plans living on an entirely separate, fairly hidden page), the $200 Marketing Basic price tag gave a lot of visitors sticker shock. This supported our decision to incorporate pricing for our free and Starter plans (and sign-up CTAs for our free marketing tools) into the core pricing page to prevent users from disqualifying themselves based on cost alone, and from getting scared away before getting started with our software.



4. Interviews With HubSpot Sales Managers & Reps

Knowing that the pricing page is still an important tool for our sales team, we interviewed sales managers and reps alike to gather their feedback on the old pricing page — what they liked and didn’t like, what was working for and against them, and what other opportunities they saw for the upcoming redesign.

From this, we learned that we weren’t putting enough emphasis on the customer support we have — and that customers see it as just as valuable as any other software feature. This led to our decision to include customer support in the page’s feature grid, and to dedicate an entire section of the page to highlighting our various customer support options for paying customers.

We also learned that pricing page users need help determining which particular plan is right for them, and that we should make pricing transparent enough for users to understand what they get with each plan, but also intricate enough that users need diagnostic and prescriptive help from a sales rep. So we updated the copy for the descriptions that go along with each plan to help users more easily self-identify which one is right for them. We also used the copy positioned next to the the sales phone number to communicate to users that the best way to determine the right plan is to talk to a salesperson directly.



5. Qualitative User Testing

Furthermore, we conducted user testing on the old pricing page to understand what was already working, and where it fell short.

In addition to further validating insights from some of our other forms of research (e.g. the sticker shock of the Marketing Hub, the confusing contact tier pricing, the oversight of not featuring our customer support services more prominently, users’ difficulty in determining which plan is right for them, and the need for the easy navigation between pricing for different products), we also learned about the elements of the old pricing page that were particularly important to users: transparent pricing, a pricing calculator component, and the ability to easily compare plans.

In addition, we learned that users were having a difficult time comparing the value between different plans, and we discovered that the page’s cognitive load was high. In other words, there was too much information on the page for users to process at once, and they were suffering from information overload.

This led to our decisions to use expandable modules on certain parts of the page to reduce cognitive load, and to redesign the feature comparison table into something that A) was simplified and more easily digestible, and B) made it easier for users to compare the value between plans — the feature grid we have today.



6. Competitive Analysis

Pulling primarily from the Montclare SAAS 250 list of the most successful SAAS companies, we also spent time gathering examples of other companies’ pricing pages, analyzed the pros and cons of each approach, and drew inspiration from the pieces we liked.

This helped us validate that the new SKU/plan navigation we were planning to implement (to enable users to easily toggle between pricing plans and compare the available features) was a smart direction.



7. Building for a Scalable Future

My team keeps testing road maps for many of the core, heavy-hitting pages on our website. Here, we document all the tests we’d like to run and the insights from research we’ve done to come up with those testing ideas — all organized into a timeline of what we should test first.

So as part of the redesign, we sat down with HubSpot Chief Strategy Officer Brad Coffey so we could design a pricing page that would easily scale with, adapt to, and align with our potential business strategy.

Evaluating the Results of the Redesign

After the redesigned page went live, we repeated a lot of the research above to check in on how the new page was performing.

We’ve already mentioned that the redesign led to 165% more hand-raisers and 89% more free users in the month after the redesign (9/27/17 – 10/24/17) compared to the month prior (8/29/17 – 9/25/17), but we also conducted user testing and solicited feedback from our sales team on the new design. Here’s a summary of the feedback we gathered and the ways we’re acting on it.

Feedback From User Testing

From user testing, we learned that the new pricing page design is strong — users intuitively use much of the design, and it’s easy for them to understand what they’d be getting from each pricing plan.

Users also commented that the conversion events on the page seemed well-balanced and not intrusive. They said the CTAs throughout the page to talk to Sales, call us, and chat with us weren’t overly aggressive; they were actually helpful!

We also identified some room for improvement, and learned that there were some small design and copy tweaks we could implement to improve the user experience even further still, which we’ve been following up on.

Feedback From the Sales Team

In addition to users, we also solicited feedback from our sales team, who identified a few updates we could make to the design to make our pricing even more transparent and user-friendly to prospects.

As a result, for example, we made the pricing page URL dynamic so it  changes based on a user’s selections in the pricing calculator. This made it much easier for sales reps to share specific pricing configurations with prospects, who could in turn share those configurations with other decision-makers in their company.


Design Based on Insights

Our redesign wasn’t successful by chance, and none of the changes we made were made on a whim. All of the decisions we made (the copy, the layout, the user experience, the design, the conversion events) were strategic and deliberate, rooted in insights we learned from some aspect of our research. 

The lesson is this: When you test and design based on insights you’ve learned from real research, that’s how you generate real results.

So if you’re considering a redesign, make sure there is a real, data-backed reason for doing it, and do your due diligence to identify which parts of your design are failing (and why) so you know exactly what to fix and how to fix it. Redesigns are a time-consuming, and often expensive, undertaking, so you’ll want to do your best to make sure the results were worth the effort. 

Learn Inbound Marketing over the weekend.


via HubSpot

Decorative Wooden Piece Doubles As An Internet-Connected Display

Decorative Wooden Piece Doubles As An Internet-Connected Display

Decorative Wooden Piece Doubles As An Internet-Connected Display

Mui is a decorative and interactive wall hanging for the home

Nissha, a Japanese tech company, created Mui, an internet connected, multipurpose wooden device that can be hung in homes as a useful interface and decoration on the wall.

Mui has a built-in touch sensor that can be used as a dimmer, for messaging, to see the weather outside, to control the thermostat, for voicemail and for other tasks. With its ability to connect to the internet, Mui can be linked to cloud-based services and provide real time displays of information.

According to Springwise, Mui is expected to go on sale this year and will retail between $900 and $1200.


Lead Image: Mui via Facebook







via PSFK

This Startup Wants To Rethink Retail Rewards As A Unified System

This Startup Wants To Rethink Retail Rewards As A Unified System

This Startup Wants To Rethink Retail Rewards As A Unified System

This Startup Wants To Rethink Retail Rewards As A Unified System

Benebit hopes to simplify loyalty programs with a single app that works across retailers

Around check-out time, shoppers are often asked if they are a part of a loyalty program or want to join it. Even as technology changes the way we shop, rewards programs remain a key way to get consumers coming back for the benefits. Benebit is a startup with one goal in mind: to transform the way loyalty programs work.

Research shows that 83% of consumers participate in at least one loyalty program and 13% of these consumers participate in at least five different programs. Based on these statistics, Benebit wanted to decrease the confusion for consumers and create a platform that allows consumers to know exactly what their perks are and how they can be redeemed.

The loyalty points that are collected will be converted into something called Benebit Tokens. Benebit Tokens can be exchanged for cryptocurrency or fiat currency that can then be used for online purchase or redemption of any other perks.

Benebit wants to replace numerous programs and cards with just one program that can be used at any retailer. It’s obviously a difficult feat, but it will also benefit retailers by lowering transaction fees. The app will allow brands to interact directly with consumers. Retailers will also be able to have easy access to a system that collects valuable consumer shopping data that will help them manage things like inventory tracking. At the end of the year, the company plans to create an app and a physical card, the Benecard, that will track points and make it easy to redeem.





via PSFK