#472: Crypto-Based Rewards - Insights and Inspiration for Travel and Hospitality (Short Summary Show)

Paula: Welcome to Let’s Talk Loyalty, an industry podcast for loyalty marketing professionals. I’m Paula Thomas, the Founder of Let’s Talk Loyalty. Today’s episode is hosted by Tom Peace, Managing Director of the Loyalty People, a strategic consultancy with a laser focus on loyalty, CRM, and customer engagement.

The Loyalty People also runs a free global community for anyone working in the loyalty industry. If you’re working in loyalty marketing, make sure to join Let’s Talk Loyalty every Tuesday, Wednesday and Thursday to hear the latest ideas from loyalty experts around the world.

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Tom: Hi, I’m Tom Peace, Managing Director of The Loyalty People and presenter of Let’s Talk a Little Loyalty. Welcome to this week’s short summary show. It is with great sadness that my time recording this great little version of Let’s Talk Loyalty will be coming to an end at the end of this year. And this will be my second to last show.

I have really enjoyed the opportunity to provide my insight and speak to all in this format. And I’m also really grateful to Paula and all the team at Let’s Talk Loyalty for the opportunity. In this week’s episode of Let’s Talk a Little Loyalty, I’m reviewing the original podcast where Paula was joined by Lenny Moon, CEO of FlyCoin, an innovative crypto based rewards option that’s focused on loyalty programs in the travel and hospitality sector.

FlyCoin is a digital currency that can be used to reward members with an asset they control. So whether you are a crypto fan, a crypto skeptic, or just trying to understand the potential for cryptocurrencies in loyalty, you will enjoy this conversation. What I found really fascinating about this particular interview is that Lenny really highlights how Web3 enables the consumer to have control of their data and how actually this really isn’t the case for loyalty programs right now.

Currently, we as consumers hand over control of our data to the brand who will use this to structure comms and offers for us, and in some cases use this with partners and other businesses where privacy legislation allows. Lenny goes on to speak really well about how this solution, FlyCoin, uses blockchain to solve this problem, giving the member control of not only their data, but also their rewards.

FlyCoin enables members to save, trade, exchange and burn their rewards how they want to through the blockchain powered portal. This opens up all sorts of new opportunities for smaller loyalty brands to build partnerships and provide their members with a value proposition that rivals much bigger brands.

This could be done through a unified currency, which offers amazing value for the consumer as a coalition program, but also through the exchange of different reward currencies in a highly secure way. Using this technology, FlyCoin have created an ecosystem for loyalty in the travel sector, including airlines, hotels, and other services perfect for people traveling on business or pleasure.

This is a really great interview that details the benefits of Web3 for loyalty and how this technological advancement will really advance our sector. Lenny really brings to life how this very technical solution can and will be used in the real world. It’s well worth the listen. You can find the main show at www. letstalkloyalty. com, which first aired on the 1st of September 2022, episode number 270. Thanks for listening. I hope you enjoyed my summary show. All the best and speak to you soon, Tom.

Paula: This show is sponsored by The Wise Marketer, the world’s most popular source of loyalty marketing news, insights, and research. The Wise Marketer also offers loyalty marketing training through its Loyalty Academy which is already certified over 500 executives in 38 countries as certified loyalty marketing professionals.

For more information, check out thewisemarketer.com and loyaltyacademy.org.

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