E-vouchers and how they work.
Electronic vouchers aka e-vouchers are not something foreign to us in this day and age. When it was introduced, customers were able to easily keep track of the number and validity dates of vouchers digitally and helped businesses save costs on printing. However today, customers are far more selective as options are bountiful and brands are trying to cut above the “noise” in order to stand out.
E-vouchers still have its magic touch only if it’s utilised in a strategic way; the same as any other marketing tool out there. Here’s a case study of how a brand has successfully harnessed it to support their business in the time of crisis.
Innovation is the way to win.
All businesses were affected badly by the Movement Control Order (MCO) in Malaysia as everyone was put on self quarantine with the exception to head out to purchase food or medicine while only essential businesses were given the permission to operate. Even though restaurants, cafes and other eateries remained open, businesses were struggling to stay afloat as dine ins were prohibited.
As an attempt to survive this crisis, these businesses have resorted to selling e-vouchers to be utilised after the MCO is lifted. However, there would be a risk of compromising the public’s safety when everyone rushes to the restaurants to utilise their vouchers in store. Therefore, myBurgerLab has decided to find a solution to make sure that does not happen to them by killing two birds with one stone; to solve their cash flow challenge and crowd control by launching the "Save the Future of myBurgerLab".
E-vouchers that works like investment.
Customers are able to purchase RM50 e-vouchers that will grow overtime. Every 3 months, the customer would be able to enjoy an increase of RM5 to their e-vouchers.
The chart below shows the incremental amount when a person hold on to their vouchers till February 2021.
This will incentivize the customers to come at a later date rather than immediately which would solve the challenge mentioned earlier.
Renyi the co-founder of myBurgerLab predicts, “Our bet is that the majority (40%) will use it when it’s in its mid-value around RM60-RM65. 10% will use it once the MCO is lifted. Another 35% will use it at its maximum value (RM70). And an estimated 15% will forget to use it.”
To help customers remember the voucher validity and also whenever its value increases through the use of e-newsletters and push notifications through the loyalty app (mBL+).
How did myBurgerLab hit their target?
Branding & Loyalty
myBurgerLab has always consistently built their brand and loyalty with their customers from the first day that they decided to start the business.
The key to building long term loyalty is understanding your customers and knowing how to communicate effectively. The brand started from their social media pages to creating their own mobile game (Burger Hantu - Game Play similar to PacMan) making a point to stay relevant in every season; recently even engaging with their customers through some popular games during MCO like Animal Crossing (Nintendo Switch game), Minecraft and Sims.
Their fans even built their own versions of the stores and myBurgerLab team visited them virtually on those platforms.
Transparency & Authenticity
As myBurgerLab keeps their customers up to date with everything that goes on with their business through their social media accounts, sharing their struggles too is no exception. Being transparent with their business decisions and carefully explaining the rationale behind them creates an opportunity for understanding to take place, and in turn empowers their customers to support them.
They’re authentic in the way they communicate with their customers. As time passes, trust was developed through engagement with their customers. They allowed themselves to be accountable for their actions by following up with the progress of their business in turn for their customers' support. As seen in some of these posts, customers were able to see the brand’s effort in supporting their fellow industry partners, creating new products and ways to serve their customers.
Doing the right thing the right way pays off in the long run; as seen in the post to promote the e-vouchers. It never made it to their official myBurgerLab as it was posted on Renyi’s personal account but that didn't stop the people to spread the good news and speed up the selling out process within half a day.
Value to Customers
Brands must not overlook this point even though the objective was to encourage spending by customers; there MUST be a reason for customers to WANT the item. By offering a RM20 increase from the initial value of RM50, myBurgerLab is offering a whopping 40% additional value within 9 months.
Trust and loyalty is not created overnight. They are now reaping what they have sowed throughout the years and created a win-win situation for themselves and their fans; especially in times of crisis.
Discover how you can start building a loyal fanbase for your brand through a Digital Loyalty Program (Branded Mobile App), providing customers easier access to your business via online E-commerce store and website call or WhatsApp us at +6018 - 9722 620.