Unlocking the Power of the Money Business: A Compelling Case for SMBs
Imagine if your bank will offer you a free cup of coffee for your money rather than paying you interest on your money, Starbucks rewriting the rules by rewarding your money with a cup of coffee instead of traditional interest.
Overview and Current Trends
A notable trend sweeping the corporate landscape is the transition towards embracing the money business. A compelling instance of this shift is evident in Apple’s recent announcement of their new credit card, boasting an enticing 4.15% APY. Similarly, companies such as Robinhood (you can join here) offer a 4.6% interest rate on non-invested deposits, exemplifying how businesses are redefining the traditional banking paradigm.
It’s a known fact that a business to grow needs capital. It forms the foundation for developing new products, enhancing existing offerings, fostering customer loyalty, and acquiring new clientele. In essence, capital acts as the driving force behind the continuous evolution and success of enterprises.
Startups thrive on this trend, with numerous companies seeking substantial financial backing to fuel the development of groundbreaking innovations and propel their ventures to greater heights.
Strategic Growth Through Customer Funds: Unraveling Starbucks’ Success Story
Around 2009, Starbucks launched its rewards program called “My Starbucks Rewards.” The program offers customers the option to load funds using their mobile app. It’s no different from any other digital currency, with a small caveat: you can’t use it anywhere else.
The way it works is simple — you load your account with funds that convert to stars. Another way to accumulate stars is through purchases. The motivation behind it is that the more you buy, the more rewards you get. For example, you can get a free coffee after purchasing 10 cups of coffee.
Allow me to provide a comprehensive overview of the inherent brilliance of this system:
- Starbucks customers are providing them with 0% interest loans through their loyalty programs and gift cards, the best part about it their customers love it!
- Some will never use their funds, and we’re talking about some large amount of money, estimate talk about hundreds of millions of dollars.
- This approach presents an innovative avenue for customer acquisition and retention. Enabling the company to tap into new market segments and bolster its revenue streams.
- Increase spending, It is a well-established fact that customers tend to exhibit a more effortless disposition toward spending when transactions are conducted in a digital format.
So What an SMS should do? “Try Per Diem”
That’s exactly what we’re trying to do at tryperdiem.com. We are helping you build your white-label mobile app. Per Diem’s white-label app comes with rewards programs, gift cards, loyalty features, and many more.
If you have any questions please don’t hesitate to reach out to me.
