4 Ways Digitalized Products Drive Long Term Value
Here we define specific and measurable ways Blue Bite drives long term value through connected products.
Digitalizing products adds value for a brand’s most tangible touchpoint — their products. But what exactly does that value look like?
Instead of looking at this value in the abstract terms, we define specific and measurable ways Blue Bite drives long term value through products. Explore four of those ways in the business cases below.
Brand storytelling incorporates a large number of elements; in context of Blue Bite experiences, we look at storytelling as the information brands exchange directly with consumers.
Drive Media Value
We look at media value in a similar way you would look at traditional cost-per-click (CPC) campaigns.
Since the interactions are initiated by consumers when they tap or scan a connected product, we can drive much higher Media Value than traditional CPC campaigns.
Drive CRM Capture
Blue Bite storytelling is a two-way street. Brands are empowered to use personalized experiences to ask for user information in exchange for exclusive content like loyalty program membership, access to offers and invitation-only events, and much more.
And that user information is passed directly to your existing CRM. Because users are already engaged with the content of the experiences, we see a much higher CRM capture rate than many other channels, driving a higher overall CRM Capture Value.
There have never been more counterfeit products on the market than there are today, and the number is still growing. Brands need an effective way to protect their brands from counterfeits.
Reduce Counterfeit and Gray Market Loss
Blue Bite reduces counterfeit loss by providing brands with better tracking and tracing capabilities throughout the entire supply chain. Seeing whether a product is going through the correct checkpoints and ultimately ends up in an authorized retailer helps brands identify anomalies and take corrective action, thus reducing loss from counterfeit and gray market diversion.
Since consumers can now easily ascertain the authenticity of a product through our platform, they are unlikely to mistakenly spend money on a counterfeit product. That sale will now likely come back to the brand in the form of an authentic purchase.
With Blue Bite Analytics, we are able to calculate the amount of potentially increased sales based on the discovery of counterfeit products.
Innovative brands use Blue Bite to turn their physical products into direct sales channels. And because all consumer actions are measured in Blue Bite experiences, we’re able to put a dollar value on what you gain from this new sales channel.
From reorders to related products, Blue Bite allows simple, one-tap buying opportunities. When consumers are using and interacting with a physical product, conversion rates are higher, which drives the Upsell Value.
Using these numbers, we can also recommend areas to improve your experience to increase your Upsell Value, a process that can be repeated as you work with us to keep that value growing.
Enable Peer-to-Peer Commerce
Furthermore, Blue Bite creates entirely new ways to sell. For example, peer-to-peer commerce enables your users to buy directly from other consumers with a simple tap via Blue Bite experiences.
A third of consumers will pay 25% more for sustainable products. But how does that translate to your brand?
Blue Bite caters sustainability messaging to the item level — which means you’re able to tell the sustainability story of the exact product consumers hold. Even better, you can offer ways to get them involved in your brand’s sustainability initiatives by informing them on the best ways to recycle, upcycle, resell products and much more.
Measure Sustainability Value
While sustainability initiatives are a common thread among brands today, Blue Bite experiences demonstrate the Sustainability Value these initiatives bring in the form of increased conversion rates and higher premiums.
Blue Bite drives measurable value by turning physical things into digital platforms. Click the banner below to get in touch for a demo customized to your specific business.
Originally published at https://www.bluebite.com.