TECHNOLOGY
Wallet, Inc
Revenue Growth and Customer Retention Our special interview with JOHN TURNHAM, showcases the pioneering software developer, former banker, founder and CTO of Wallet, Inc, a proprietary web-based software-as-a-service (SaaS) platform combining rewards organisation, digital payment technology, customer relationship management, and direct-to-consumer marketing. Executive Global profiles Santa Barbara’s expert in software based rewards and incentives solutions for business. With the advent of hardware wallets like the Ledger Nano X and Trezor Model T, we are seeing disruptions to legacy banking and innovation in custody of financial assets. Why is now the perfect time for companies to integrate personalised wallets for their clients? These products are great. But so far, most JT digital wallets have only focused on this single aspect of commerce - the storage and/or movement of money. As a result, they haven’t yet matched the versatility of traditional physical wallets which contain membership cards, business cards, forms of ID, vouchers, promotions, coupons, tickets, receipts, gift cards, and a whole lot more. These additional elements are tremendously important in commerce because they provide context about the buyer’s journey and enrich the customer lifecycle. This is what the Wallet Platform is bringing to the market, and it’s why we believe it’s the perfect time for companies to elevate their customer relationships through personalised consumer wallets. EG
Having already facilitated $1 billion USD in value exchanged between businesses and customers, why could Wallet, Inc be an essential resource in the implementation of customer rewards, incentives and loyalty programs? Since we began in the casino industry, and JT since casinos have many different profit centers under one roof (i.e., retail, restaurants, hotels, spas, etc), we’ve adopted many strategies from each of these industries. Simultaneously, we’ve observed the fragmented market of customer loyalty systems that serve these industries, and how difficult it is for consumers to navigate from one EG
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loyalty system to another. Most consumers are still relying on their email inbox to sort through the promotions from their favourite companies. Our platform allows consumers to access all their favourite companies from a single interface. They can toggle between them, exchange realtime messages with their support staff, and obtain immediate value and incentives from marketing teams. Providing customers with this level of functionality is unparalleled and is it’s why we believe our platform is an essential resource for improving the quality of commerce today. How would you describe the four segments of customers and why is it critical for businesses to understand how to harness the behaviours and actions of each of these groups? We’ve found that organising customers into JT “Visitors”, “Subscribers”, “Customers”, and “Members” is an essential step in reaching a target audience with the appropriate message. It’s important to understand where these buyers are in their journey with the company, so they can be equipped with the right information and motivation to make their next buying decision. “Visitors” are finding the company’s social media account for the first time, walking past the store front, or visiting a company website, but haven’t completed a transaction yet. They need a hook, so they “follow”, “enter”, or “subscribe” for more info. Our platform creates these hooks, so visitors become subscribers. “Subscribers” can be enticed to become “Customers” with the right special offer. The typical obstacle here, is that a business has minimal information about these individuals. So,
• Productivity, Strategy, Profitability
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our platform uses scarcity and urgency to help subscribers convert into customers. “Customers” have performed a transaction, so the details from their purchase can be used to create more personalised and motivating offers, until they love the brand and make the leap into “Members”. Once a customer has become a member, they can deliver the company’s message to others. Tell us about some of the innovative strategies you are able to deploy which may assist businesses who want to incentivise customer loyalty? To help subscribers become customers, we JT provide an offer that decrements in value every second, minute, or hour in the consumer’s EG