Last updated on August 16th, 2022
An NFT or Non-Fungible Token is today’s norm for doing business more securely. It is also a way to build brand loyalty amongst target customers. Many big and small companies are entering this digital world for better exposure. There are several ways small brands can take advantage of blockchain technology.
The business world is steadily switching to NFTs, which many experts have pointed out as the future of trading. This is because NFTs are safe and secure to trade without fearing theft of virtual products or services.
What is an NFT (Non-Fungible Token)?
An NFT is a non-fungible token that makes each digital asset it stores unique. So, one NFT cannot be irrepressible by another NFT. This is contrary to the conventional cryptocurrencies that are fungible and interchangeable with any other unit.
So, we can say that NFTs are digital assets. These valuable assets represent different works such as art, music, games, and other internet collectibles. A unique feature of these assets is that they are created by blockchain technology.
Some Examples Of How Small Businesses Are Using NFTs
- If you run a restaurant, you can sell your own NFTs as a ticket for people who want to join your holiday party. This is your way to keep away from fraudulent ticket sellers.
- You can offer free cookies, say for a year, to those first bunch of people who buy an NFT during the grand opening of your shop.
- How about moving the service contract of your HVAC business to NFTs? That means the NFT holders will get your services on a priority basis.
- If you are a Certified Public Accountant, you can sell NFTs, and those who buy your NFTs can access your consulting service for one hour. After that, the owner can sell the NFT to any new client. That is the way to gain new clients for your accountancy business.
Here Is How NFTs Can Kickstart Your Small Business
01. Link Your Offerings with NFTs
Your small business can link its physical products with NFTs to drive more customers to your business. Many people are now well-versed in the way NFTs work. So, the chances of your business getting more customers via NFTs are much higher today than ever before.
If you run a small clothing business, create NFTs representing your fashion apparel. Then customers will buy them and receive an NFT after purchasing your clothing. A new owner of your NFT is a new customer for your business.
02. Build Trust and Authenticity
Any business needs to travel extra miles to build trust and authenticity. Small businesses can use NFTs to prove their products or services are authentic. Unfortunately, many companies suffer heavy losses due to counterfeit products.
Customers can trust their products since they get a digital certificate of authenticity secured on the blockchain. They also come to know the product’s manufacturing history. Luxury goods manufacturer LVHM is developing blockchain technology to develop authenticity. As a result, shoppers can find prices and history online.
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03. Use It As Access To Your Digital Services
NFTs are also an excellent technology for your customers to access your digital services. For example, if you teach and sell an online course, keep it as your NFT, which your course subscribers can easily access.
Those who hold your NFT will unlock it to find out the content of your online course. They can also connect their crypto wallets to your business website to access the course. This also is a way to win customer loyalty and engage them with your services. Most importantly, you will easily keep the content pirates away.
04. Manage Your Supply Chain
Small businesses can manage their supply chain as they can easily track their products using blockchain technology. For example, they can get a product’s history — from manufacturing to sales and who bought it.
So, with non-fungible token technology, you can track your supply chain and manage your inventory. It makes inventory management and supply chain management much easier and more effective. Businesses can also save money and time managing their supply chain through NFTs.
05. Raise Funds For Your Business
You can also raise funds for further expansion of your business using non-fungible token. Many small businesses consider NFTs for fundraising instead of approaching banks for funds and investment.
All you have to do is sell your NFTs of your company’s shares. Traditionally, companies have been selling their shares to raise funds. Now, they can sell NFTs. As a result, new investors will show interest in your small business. So, make sure that your digital logo for NFT trading is unique and impressive to drive investors’ attention.
06. Build A Strong Business Community
Another way to use NFTs for your business growth is to build a solid base of loyal customers. You can gamify your customers’ experience who visit your business and give them a reward to arrive at every stop. That is how you can bring customers to the desired location. Small businesses can also make money each time someone buys or sells their NFTs. Additionally, companies will get more customers.
Know that you can also use NFTs to build a loyalty program for your valued customers. When customers sign up on your website, they can download it to your mobile phone and scan the NFT loyalty code. They can earn your loyalty points as a reward when they reach a certain level of discounts, rewards, and tokens.
07. Benefit From Cause-Related Marketing
Cause-related marketing [CRM] is powerful means of increasing sales of products or services by helping a nonprofit organization in its cause. Therefore, CRM is a partnership between a company and a nonprofit organization.
Your small business can create an NFT project to help poor people get a good education. You can help them by using the NFT to raise money. Such a project is easier to launch in your vicinity.
08. Ensure Brand Identity and Loyalty
NFTs are being increasingly used as a way to brand loyalty. When brands reward customers for repeat purchases, it helps retain customers. Small businesses can now do that with NFTs.
So far, especially in the last decade, brands have relied on social media to make customers familiar with products or services. Now, businesses use NFTs to create and communicate their brand identity and tell a brand story. So, these NFTs then become the digital identities of brands.
09. Timeless Marketing
NFTs are new-age marketing that increasing numbers of businesses are adopting aggressively. This is because NFT marketing is limitless and lets you create your marketing visuals and content and trade it with the customers. They can open and see your content and then sell it further to someone.
Once you create a marketing campaign through NFTs, it is there for a timeless period to drive customer engagement with your products or services. That is why NFT marketing is today popular among businesses in entertainment, media, gaming, and technology.
10. Start With Low Budget
Small businesses mostly go through a lack of budget, which is often a constraint in reaching out to the target audiences in a big way. On the other hand, a benefit of virtual trading is its low cost.
When you put your digital works into NFTs, you need to pay a small amount as ”gas fees” on a blockchain to mint tokens. In addition, you will pay only a small subscription fee depending on the blockchain platform.
These are the ways NFTs can benefit your small business. But you should have the patience to get your desired results as per your goals after switching a part of your business to NFTs.
Ensure that your NFT art logo is impressive and unique to convey your brand personality and message. Designhill, a leading creative marketplace, is home to thousands of talented logo designers from across the globe.
Launch your NFT logo design contest for them, and you can get many unique designs. You can pick one winning design that best suits your brand.
NFTs are part of small businesses marketing and promotional strategies. They can link their products to NFTs and build trust and authenticity. You can raise funds for your business and manage the supply chain. With NFTs, you can create a community of loyal customers.