Future of Money: New Brand Currencies Reshape Consumption
As we explored in The Future of Money, consumers are increasingly enthusiastic about brand experiences that turn their passions, values and attention into currencies. As a result, companies including New Balance and Uber are now partnering with fintech start-ups to transform the way consumers pay for services.
In February 2019, US footwear brand New Balance teamed up with fitness app Strava to support participants in the upcoming London Marathon. Strava users training for the race could earn points by completing a set of challenges within a two-week timeframe, which could be converted into currency for use at the New Balance owned Runway pub in London.
The campaign builds on the service provided by UK fitness app Sweatcoin, which pays users in cryptocurrency every time they exercise outside. Sweatcoins can then be converted to buy products and services provided by partner brands. Launched in 2016, Sweatcoin now boasts 10 million users and over 300 participating brands.
Following the success of quiz app HQ Trivia (see State of Media: The Fan-First Revolution and The Future of Television for more on the impact of this app), brands are also looking to quiz formats as a way of offering new ways to purchase. Uber has partnered with New York-based start-up Joyride to enable users to earn Uber rides by successfully answering 10 trivia questions during their journey. In-game ads are displayed as you play.
For more on new transactional innovation, see Leveraging Loyalty: Retail's New Rewards Sweet Spots.