We’re building Ryze to help merchants gain and retain more customers while helping those customers earn rewards that they can use for whatever matters most to them.
On the merchant side of our business, we’ve intentionally structured everything about the products we build and our business model to enable flexibility, control, and long term alignment between us and our partners.
In this brief post, I wanted to share the top four ways we’ve been hearing why merchants want to join the Ryze platform and how they use Ryze to help grow their business.
Flash hits: A flash hit is a short term campaign, usually about a week or two long, that a merchant will offer with an aggressive reward rate to get an immediate boost to sales. Some of the reasons for flash hits include:
- Boosting sales at quarter end to hit specific revenue targets: In this case, a merchant might be unsure whether or not they will hit their revenue plans. In such cases, offering an aggressive short term reward might do just the trick to bring in the additional customers needed so targets get hit and the boss stays happy.
- Product launches: When a restaurant adds some new items to their menu or a retailer adds a new line of a clothing brand for example, getting a strong response upon the launch of that new thing is often extremely important. When successful, these types of fresh offerings can be a great way to bring back customers to experience what’s new and kick start some fresh social buzz.
Timely promotions: Timely promotions are very easy to understand. They’re promotions that take place to take advantage of specific spending patterns around certain holidays and times of the year. Here’s a couple examples to illustrate this point.
- Holidays: Popular marketing channels like Facebook are incredibly competitive around holidays because every marketer and their mother is told to run promotions then. Not only do merchants have to eat the cost to run campaigns with no guarantee of sales, merchants also take a hit on whatever discount or sale they’re specifically paying to promote. It’s a double whammy of cost. On Ryze, merchants and brands can just promote a cashback reward rate of whatever works for them and pay nothing upfront.
To illustrate this a step further, instead of offering a 35% sale and having a $5,000 budget to advertise that sale, a merchant on Ryze can offer an equal 35% cashback reward. The merchant on Ryze then only pays for successful sales at the end of the campaign. It’s much easier and budget friendly without that upfront cash expenditure.
- Seasonal: Most people hear seasonal and think spring, summer, fall, and winter. There are way more seasons! Back to school season, graduation season, vacation season, wedding season, moving season, and so many other sorts of life event driven seasons. The point is, think outside of the box and think about what real behaviors and actions are happening and how you can position your brand on Ryze at just the right time with the right promotion to take advantage of those behaviors and hidden demand!
Evergreen offers: We see a lot of merchants who prefer to take the simple route. No fancy promotions, no aggressive flash sales, no six month plan of a dozen different things. In such cases, these merchants opt to offer fairly modest reward rates, usually between 8% and 15%, and schedule back-to-back campaigns so the reward is always active on the Ryze platform. It’s an easy way to run on Ryze for just minutes of campaign set-up each month that often results in a steady flow of customers and new followers.
Follower only specials: Growing a following of shoppers on Ryze who have favorited your merchant profile comes with a lot of benefits. You gain a captive audience to promote to, you can work with our merchant success team to get direct feedback from those users, and when you offer follower-only campaigns, we charge you less than public campaigns! This is bringing Ryze full circle. We’ve helped you gain new customers through public campaigns, and now we help you bring those folks back again and again through these special, private campaigns for your biggest fans. These types of campaigns are a great way to show your loyalty to the fans and customers loyal to you and make them feel special and appreciated.
Launch a campaign, build a following, and grow your business with Ryze.
As we learn more from our merchant partners, we’ll be sure to write additional posts with new concepts and tactics as we learn. If you have any tips and tricks yourself for how your brand uses Ryze, let our merchant success team know so we can share the goodness and all grow together! Thanks!