Since Bitcoin’s boom in popularity last 2017, we’ve seen an increase in discussions surrounding non-fiat currencies. Where fiat currencies are issued by the government and are dependent on the supply and demand of a state’s economy, non-fiat currencies hold an intrinsic value that does not diminish.
Gift cheques and loyalty points are prime examples of non-fiat currency from before the craze of cryptocurrency. As analogue strategies are important to secure a sale for businesses, these also rewards customers with every purchase.
It seems to be working—9 out of 10 Australians are part of a loyalty program. However, most only actively use their points with brands that bring them the most value.
In this digital age, consumers are smarter and more keen to get the best value for their money. As a result, businesses should realise that offering premium rewards encourages client loyalty. Whether it’s upgrading their seats to first class, converting points into cash or granting membership to exclusive offers, it boils down to giving valuable rewards.
In my conversation with iFLYflat’s founder, Steve Hui, he reveals the importance of customer loyalty programs and how he helps people turn their miles into a first-class seat.
When Steve founded iFLYflat, he wanted to help customers maximise the return of their reward points and gain something high value. Focusing mainly on the frequent-flyer program, he advises travellers on the right investments for an optimal Cash Flow Conversion Cycle. Meaning, when a customer purchases quality items, their net worth (or personal business) is guaranteed growth.
With Steve’s accounting background, he shares financial tips to maximise people’s loyalty points. Instead of always collecting miles with their favourite airline, jet setters can increase their frequent-flyer points by simply paying their bills via credit card.
And while Steve teaches customers how to hack their loyalty program through smart purchases, he’s also helping businesses gain more loyalty. While not actively partnered with the companies his customers buy from, iFLYflat finds ways to integrate their loyalty programs into the person’s life and improve his company’s standing.
As people continue to expand their knowledge thanks to the Internet, they gain more control over their journeys. With the ability to hack the loyalty points system and invest in quality products or services, customers can now purchase the things they want without burning holes through their wallets.
As businesses, we need to consider leveraging existing reward programs to meet customers halfway and ensure that transactions are not only revenue-driven but also enriching experiences.
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