Product Review – 360 Degree Customer Loyalty Platform by MoPals

It costs 6-7 times more to acquire a new customer than to retain an existing one. A loyal customer can also bring considerably more repeat business compared to a new customer. No wonder businesses of all types and sizes are rolling out the red carpet for their loyal customers. Despite their efforts, businesses tend to lose an average of 10-30% of their customers annually for variety of reasons, which is why it’s in their best interests to maintain customer loyalty.

Businesses have understood the importance of loyal customers for a long time, using a variety of tactics and programs to attract and retain loyal customers. Some examples of such programs are loyalty cards, repeat customer discounts, punch cards and so on. The proliferation of Smartphones and mobile technology has given rise to a new breed of loyalty programs that are much more powerful than the ones that have been introduced in the past. Well-known companies such as Starbucks and Best Buy have significant resources and marketing muscle and have been in the forefront of these mobile loyalty programs, and have reaped great rewards as a result.

Several start-ups have introduced similar technology to provide a well-rounded customer loyalty program that can be very effective in luring new customers and retaining existing ones. One such company I have been looking at is called MoPals. Based on my review, I have found MoPals to be an extremely powerful technology-based solution that can be leveraged by small businesses as well as large corporations. MoPals has realized the importance of taking care of two facets of loyalty programs – customers and businesses. They have introduced an excellent value proposition for both constituents, creating a win-win situation for both. I believe this powerful combination has the potential to revolutionize loyalty programs. Let’s look at what they have to offer for both the customers and businesses.

Customers

MoPals allows customers to earn loyalty coins, called MoCoins, in the form of virtual currency for doing activities they normally do, and in the process provides them discounts for the items they would normally buy. The customers have the ability to earn rewards before, during and after they conduct transactions at the cash register.

Before the transaction they can check in to their favorite businesses using the MoPals mobile app to earn virtual coins. They also receive relevant coupons and promotions from local businesses before they even step in the door. When customers make a purchase at a partnering business they can receive anywhere between 5% and 25% back in rewards on the items they would typically buy. After the transaction, they can earn even more rewards by providing product reviews, uploading photos of the business and promoting the product via social media channels, essentially becoming brand ambassadors for those businesses.

The seamless integration of all these activities via mobile app makes this a powerful value proposition that customers simply cannot refuse.

Businesses

For businesses, MoPals’ value proposition is on multiple fronts. Businesses get access to thousands of MoPals members that would normally not be aware of your business. They can also create and manage a fully integrated digital loyalty program without having to spend any money on expensive technology or monthly fees. Another powerful feature provided by MoPals is in the form of customer analytics that allows businesses to get a 360 degree view of their customers and create customized promotions to target them based on age, gender, past history and many other parameters.

The most powerful feature I have found is the use of Beacon technology that sets MoPals apart from all their competitors. This small, portable electronic device lets businesses find attractive customers as they walk within a 200 meter radius and sends exclusive offers to their Smartphone. What could be a better way to attract new customers as they are walking by in search of the products you are already offering? This powerful technology allows MoPals to offer much higher commission rates that benefit businesses compared to Groupon and LivingSocial.

You can test this out yourself as a customer or business by simply downloading the free MoPals app and creating a new account. Once you explore their solution and test drive the product I am sure you will understand why I am so excited about this company.