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@vercelabloh
Been thinking about "how to increase the number of USDC transactions at shops" and have decided that the best way is to give people USDC cash back for buying things with USDC; and [loyalty] tokens for buying things with fiat. And then showing merchants how many people have those tokens. Or something of the sort.
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Sam (crazy candle person) ✦
@samantha
Substitute lack of a transaction fee for a discount for the customer. “Get a 5% discount if you pay with (insert crypto app name)”. Loyalty programs are great for smbs owners with strong business acumen but are generally difficult to manage for those just trying to make a living :(. I’ve been toying around with it and candles for a while but it’s just a whole other pipeline to manage.
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@vercelabloh
Yeah it's impossible for SMBs to do this properly. Even mid-sized businesses find it nearly impossible (I've asked). To be clear, I don't think the SMBs should run the program. I think whatever organization has decided to help integrate and scale this... they should run it. And it can be a massive business simply because it helps SMBs discover new customers.
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Sam (crazy candle person) ✦
@samantha
What do you think the GTM is for this type of org? My hunch is communities around niche physical products. Like shoe resellers, squishmallows, manga collectors etc. Communities who have high volumes of trading/selling/buying where $5-10 makes a difference in fees.
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@vercelabloh
do you think fees are like... the magic bullet here?
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Sam (crazy candle person) ✦
@samantha
There’s no magic bullet for growth. It’s always an accumulation of optimizing each part of the retention pipeline
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@vercelabloh
Not "magic bullet" per se. More like, do you think fees are the biggest selling point?
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Sam (crazy candle person) ✦
@samantha
I don’t know until I try it or have more data from other vendors. I don’t know what competing growth strategies there are for a product like this. When I signed up for hypersub with a 4% fee, I had to redo my pricing even though my margins are decently large. I would love to pass on some cost savings to my customers. So from my subjective view point, it matters for sure. I don’t know if it’s the biggest selling point though.
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@vercelabloh
Thank you so much for sharing. I really appreciate it.
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Sam (crazy candle person) ✦
@samantha
Now what do you think? 😜
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@vercelabloh
I agree with you. I do think that, ironically, the unlock isn't merchants, it's customers. Like, if I walked up to you and said, "Hey, I've got 1,000 customers for you, but they'd rather pay with AliPay". You're installing AliPay today. Businesses will accept what their customers are offering at scale. Square started because customers wanted to pay with cards at small businesses but couldn't.
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