The Neighborhood Loyalty Program, Gems, provides the data-gathering mechanism that fuels the bleedingEDGE Experience Platform.
Points or Gems are earned according to how much a Resident of Melvin’s Neighborhood spends at your business (Front Porch). Only purchases at your business can generate Gems that are redeemable at your establishment. Purchases are converted into your firm’s specific Gems according to the conversion rate you set in the Front Porch interface. We suggest a conversion rate of 10/1. Putting it another way – for every $10 a Resident of the Neighborhood spends at your establishment, they receive $1 in complementary services or product in the form of Gems from Melvin’s Neighborhood.
The Gems program allows you to build off your existing customer base and market to them using the bleedingEDGE Engagement platform. Copious amount of studies have shown marketing to existing customers produces a return at least seven times more than just advertising to new prospects; yet very few businesses do it – especially small businesses. The problem most find is obtaining and working with the data needed to create a retention marketing program. This is a significant benefit of being part of the Melvin’s Neighborhood. Every transaction can be the fuel of an integrated marketing effort designed to strengthen your relationship with your customers – an effort performed primarily behind the scenes by the bleedingEDGE Experience platform.
As a participating Front Porch (business) in Melvin’s Neighborhood, the fees you pay are related the amount of loyalty points your customers redeem at your location(s). You pay nothing else. However, there is an initial $500 commitment deposit. This deposit is then set against any fees you would owe. In other words: the first $500 due to Community 3.0 (the Neighborhood parent entity) is taken care of by the commitment deposit.
Out of every $1.00 in loyalty points, $.05 is due. This is in addition to the loyalty points you reward your customers with as determined by the conversion rate you determine (10% suggested).
- Weekly loyalty sales: $10,000
- Amount due the Neighborhood (5%): $500
- What you get:
- 1-to-1 event-driven marketing campaigns (via subscriptions)
- Loyalty program involvement
- Solution and community engagement consultation
- Being part of a network that furthers your community to one of all-inclusive health and well-being