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- 1. TEAM 14 Mansi Tiwari Shreyas Kupekar Rovin Vazirani Salil Damle Prachiti Phadke Spoorthi Gunuganti Aishwarya Harne Shambhavi Kumar
- 2. • Leading loyalty program & marketing solution • Helps businesses enhance digital connections • Strengthens customer loyalty.
- 3. What’s the Loyalty Program Market like? • Highly Competitive Market • Promiscuous customers
- 5. Is BellyCard Worth it? Bundling 1. Digital Loyalty Program 2. Auto-engage: Marketing Automation for SMBs 3. Belly Bites: Acquire New Customers 4. Merchant Success Manager: Customer service from BellyCard 5. Analytics on Usage Behavior: BI & Reporting
- 6. Something For Everyone Versioning Basic - $129 Services: • Digital Loyalty Program • Automatic Customer Data Capture • Mobile Discovery • Actionable Data Analytics • Merchant Mobile Application Core - $159 Services • All services under Basic along with the following • Campaigns via Email and mobile • Auto-Engage • Belly Supported Marketing • Customer Email Upload • Belly Bites • Social Media Integration Complete - $209 Services • All services under Core along with the following • Prioritized Customer Support • Premium iPad Stand
- 7. • Race To Acquire Users Used a freemium model to attract businesses • Permanent Subsidies Customers permanently subsidized. Businesses are charged. • Exclusivity Partnering with big brands. Platform Mobilization http://belly-marketing-emails.s3.amazonaws.com/GetBelly-Official.pdf
- 9. Same Side Effect for Customers Same Side Effect for Business Owners Cross-side More Users Attracts More Business Owners Cross-side More Businesses Attract More Customers The Strength of a Network Network Effects
- 10. Who can be in Belly’s belly? Platform Envelopment • Emerging market • Possibly in the future
- 11. Proposal for Winner take all • Cross side Network effects are high; more consumers attract more businesses and vice versa. • Same side network effects high for consumers; neutral for businesses • Make Multihoming costs high for consumers. • Demand for differentiated features will be weak.
- 12. It’s a big bad world out there Competitors Belly Fivestars The Loyalty Box Platforms supported iOS Android iOS Android Web based iOS Android Windows Target Business type Small Midsize Small Midsize Small Midsize Enterprises Pricing Free Trial $129/month $159/month $209/month Free Trial Stand-alone- $40/location 100+ stores- 12$/location Free Trial Loyalty tool -$50 Analytics Tool-$150 Features Custom Ipads Customer data Analytics Email integration Social media marketing and campaigns POS integration A/B Testing Customer Segmentation Email Integration Text Message Integration Card independent Custom solutions Marketing and Analytics insights
- 14. Strengths Weaknesses Opportunities Threats • Digital Loyalty on Smartphones - Convenience • Largest Number of Users • Customized Reward System • Blue by Belly for large businesses • Reward points are not proportional to purchase value • Fewer businesses outside Chicago use Belly • Increase in online shopping • Growing competition • Gamification • Local businesses on the West Coast • Introduce mobile wallet in Belly’s app
- 15. Opportunities and Future Prospects • Local businesses on the West Coast • Gamification is the future • Introduce mobile wallet in Belly’s app • Incremental customer rewards plans • Communication through feedbacks and incentivized surveys • Aspirational awards: Surprise and delight • Shift customer spending to higher margin products.
- 17. Citations https://www.merchantmaverick.com/reviews/belly-review/ Comparisons: https://www.merchantmaverick.com/fivestars-vs-belly/ https://www.getapp.com/customer-management- software/a/fivestars/compare/belly-vs-antavo-vs-the-loyalty-box/ Future scope: http://marketingland.com/8-reasons-loyalty-programs-imperative-marketers- 109077 2016's Best Gamification Platforms | TechnologyAdvice technologyadvice.com Loyalty Startup Belly Builds On Opportunities Of Apple Partnership, Launches New Marketing Suite | TechCrunch techcrunch.com Loyalty a key tool to drive retailer app adoption, says Belly marketingland.com Awards & Press - Belly www.bellycard.com Business Customer Loyalty Program | Belly www.bellycard.com Belly Customer Loyalty Program: Members Page www.bellycard.com How the Belly Card Makes a Meal Out of Other Loyalty Programs - Techonomy techonomy.com www.google.com SCVNGR’s New Mobile Payment Solution LevelUp Goes Device Agnostic With A Web App | TechCrunch techcrunch.com Customer Loyalty And Rewards Platform For Local Businesses Belly Raises $10M From Andreessen Horowitz | TechCrunch techcrunch.com A comparison between Belly and RewardMe - by the stats - Yu-kai Chou: Gamification & Behavioral Design yukaichou.com Fivestars Review 2016 - Merchant Maverick www.merchantmaverick.com https://growthhackers.com/growth-studies/belly https://medium.com/evergreen-business-weekly/the-power-of-network-effects- why-they-make-such-valuable-companies-and-how-to-harness-them- 5d3fbc3659f8#.djx80q8kn https://www.quora.com/How-did-Belly-gain-initial-traction https://growthhackers.com/growth-studies/belly The Future of Loyalty Programs www.sweettoothrewards.com Marketing Automation For Small Business | Belly Auto-Engage www.bellycard.com Business Customer Loyalty Program | Belly www.bellycard.com Business Customer Loyalty Program | Belly www.bellycard.com Email Campaigns for Small Business | Campaigns from Belly www.bellycard.com Bites Customer Acquisition for Small Business | Belly Bites www.bellycard.com
Notes de l'éditeur
- -digital loyalty program platform founded in 2011 in Chicago -Integrates multiple brands and small businesses -avoids clutter in the wallet due to multiple plastic cards. -Belly acts as a platform which connects businesses with users. Creates a lock-in for the business. an in-store iPad is used to validate paying customers right at the point of sale and serves as the check-in point. With every purchase, the business rewards the customer with 5 points. Points are specific to a business and cannot be shared with other businesses on the belly platform.
- A recent survey found that while 54.7% of people use loyalty programs to save money, 37.5% of people are looking to receive any type of reward. -People can check reviews and make a decision based on other people reviews without actually using the product. -In addition to word of mouth, social network causes news to travel very fast today. -Hence, loyalty programs can advertise the companies using these media, post upcoming deals, membership programs Harvard Business Review stats 73% of customer want a universal loyalty program where they shop. Return of behavior review 65 % customers say they would recommend a loyalty program. Forbes - 88% of businesses with loyalty program are more profitable than businesses without them.
- The map shows the market penetration of Belly. The blue circle is indicative of geographic spread of active customers and merchants throughout USA.
- 1. Digital Loyalty No paper punch cards, one aggregated platform for multiple loyalty programs Identify habits of loyal customers and reward them Track customer activity, what drives them back in, engagement with loyalty program Customized rewards that suit business, eg; Meet Jerry of Ben & Jerry’s Word of mouth marketing by integration with social media 2. Auto-engage: Marketing Automation for SMBs Choose an offer type: send text 1 days after their first Belly check in, sent after 30 days of no visit, or ‘lapsed’ (sent after 30, 60, 120 days etc.) Customers who satisfy these criteria will be sent requisite message/promotional email Upload existing customer’s list along with Belly-related customers’ list 3. Belly Bites: Acquire new customers Over e-mail, send schemes to Belly’s customers who already have Belly cards, but are not customers of SMB/business Steady customer growth – not a surge Choose a free offer to attract new customers who already have Belly cards, but are not customers of SMB/business. Send them a ‘bite’ or a free sample of the product, Belly advertises this to the customers, sending up to 30 new customers every month Number of good impressions, repeat customers based on ‘Bite’ - analytics 4. Merchant Success Manager Customer service from BellyCard Other features: Collect Data Keep track of history of customer visits, demographic data Maintain dashboard to measure success E-mail and Mobile Communication Send marketing campaigns visa e-mail and mobile. Customizable, to capture in-store activity. E-mail required to register for Belly; e-mail not revealed to businesses - respect customer privacy, build loyalty
- Following the goldilocks pricing strategy. Automatic Customer Data Capture Seamlessly collect and track real-time customer data like email address, visit history, age and gender. Mobile Discovery List your business in Belly’s iOS and Android mobile apps. Actionable Data & Analytics Measure your loyalty program’s success from the web. Merchant Mobile App Right from the Merchant iOS app, measure loyalty program’s success, view your customers & make point adjustments. Email & Mobile Marketing: Campaigns Create, send and track email and mobile marketing campaigns. Marketing Automation: Auto-Engage Incentivize 10% of your lapsed customers to return with automated offers. Belly-Supported Marketing Belly Members receive introductory emails to the brands loyalty program, showcasing potential rewards. Customer Email Upload Upload customer email addresses the brand has already collected to send Campaigns to 100% of their customer base. Social Media Integration Connect to Facebook, Twitter and Yelp to get more ‘Likes’, shares, and reviews from the most loyal customers. Customer Acquisition: Belly Bites Grow customer base every month with targeted offers to Belly Members near the location of the brand who haven’t visited the business yet. Prioritized Customer Support Skip the line and get your questions answered first. Premium iPad Stand Showcase loyalty program with premium, all metal, WindFall stand.
- Racing to acquire users The user base of Belly increased from 15,000 users to 1 million users in just 15 months. Belly focused on establishing localized network effects, a no-lose proposition for small business owners and a highly valuable and enjoyable user experience. Solutions provided by Belly are now used by over 5,000 merchants across 46 states, helping them reach over a million customers. According to Belly’s CEO Logan Lahive, the reason for Belly’s growth has been their traditional form of advertising, i.e. one-to-one interaction between customer and a cashier. However, a closer look reveals that Belly’s growth has been driven by an affordable solution, aggressive local sales, and direct marketing efforts, strategic business development and a phone based consumer experience. Permanent Subsidies Customers are permanently subsidized. Businesses are charged for the services of Belly Card. Exclusivity Partnering with big brands like 7 eleven, Papa johns, McDonalds, Dunkin Donuts, Gatorade, Ben and Jerry’s etc has helped garner marquee users. Integration Integration of high end analytics program that mines customer data. This data can then be used by brands to create customized loyalty rewards programs. Track customer activity Manage features Immediate support/help View data and stats-what your analytics mean and how the loyalty program is performing i.e how total visits, total customers, total customer, weekly visits
- 1. Belly exploited deep understanding of its customer’s needs by developing a loyalty platform focused on retention which also addresses customer acquisition needs for Small Business with new products such as “Belly Bites” in numerous key markets. 2. Belly harnesses word of mouth through ‘their deep Facebook integration’ with ease of sharing check-ins and rewards claimed, and the engaging online rewards experience. Seeing a status update on Facebook of a friend getting rewards at an unknown place in your proximity promotes a tempting bait to click through and learn what he or she knows but you don’t. 3. Large franchise model stores are using Belly to enable their store owners to build up customer loyalty, increasing revenue per customer and critical same store sales metrics. Combining awareness of data about user base (obtained from local markets) in the potential partner markets creates a compelling reason for chains(franchises) to partner with Belly. 4. The playbook that maps the launch strategy Belly implemented in Chicago and detailing adoption strategies (internal resources and data) that can be executed in each city, allowing Belly to successfully “launch” a market and create powerful in-city momentum. Based on this playbook, Belly can launch multiple markets quickly and effectively—compounding the momentum across the country and exponentially growing the business.
- As customers see Belly in more places, more customers and merchants begin to talk about it and request it, driving adoption in the area and making it a fixture As the number of vendors increase, it attracts more customers to use the belly app; advertently giving an incentive for more businesses to subscribe.
- There is a possibility of platform envelopment since the whole point of having one place where all your points are stored will be lost if people are a part of more than one encompassing loyalty programs. How to envelop? Adopt check-in and reviews Apps like foursquare and Levelup simply allow users to check-in to a particular merchant establishment ( restaurant, nightclub, fun locations, shopping) via their apps. Foursquare is currently beginning to enter the loyalty program domain. Bellycard already has a wider web of businesses and users as compared to Foursquare. We speculate that it will be easier for belly for introduce the gamification feature than for four square to create its own web. If Bellycard integrates this gamification feature(check-in) with their loyalty programs, they could bundle their loyalty programs with the check-in game feature which could help them to possibly overtake the above apps. Belly already has a large customer base in this market and it can effectively stop the advance of foursquare and other competitors by including these features
- Belly is not a WTA currently, but has the potential to become one. Network effects: Consumers side will have positive same side effects because of word of mouth, social network and the fear of being left out Businesses have neutral same side effect, since the reward points points for a business can only be used for the same business. It does not affect other businesses. Cross side are positive since more consumers attract more businesses and vice versa Multihoming costs – Add a wallet to the Belly feature portfolio which compels the user to stay loyal to the Belly platform, since the user will have some credit in their account. Changing the loyalty program means going through the hassle of removing your account and finishing the money in your account. Differentiated features- The various loyalty programs focus on rewarding customers with points, discounts or exclusive offers. Hence, customers has little reason to opt for multiple loyalty programs for the same business.
- Belly will beat the competitors in the future
- What belly is doing right and wrong Blue by Belly Integration of high end analytics program that mines customer data. This data can then be used by brands to create customized loyalty rewards programs. Track customer activity Manage features Immediate support/help View data and stats-what your analytics mean and how the loyalty program is performing i.e how total visits, total customers, total customer, weekly visits
- “Gamification” is the future - tie-up competitive social media games with loyalty program; “new e-commerce is based on missions and rewards and game mechanics”, eg: FourSquare has games based on number of check-ins Social standing - Customers achieve some ‘status’ instead of just points, eg: Sephora Mobile wallet in Belly’s app - linked with each brand’s account - for quick and easy payments, eg: Starbucks Instant rewards - to leverage the ‘now’ instead of redeeming points later - for VIP customers. Communication through customer- or retailer-initiated feedback loops