20 Amazing Startups of the Year 2022
The Silicon Review
In the highly competitive world we live in, businesses are trying their best to turn customers into brand loyalists. This is often achieved by implementing a repeatable process that incentivizes the buyer to make them keep buying from the business. A loyalty program is a way to reward consumers through well-crafted marketing strategies for their continued or frequent engagement with the brand. The more a buyer spends, the more rewards they will qualify to receive. If a business decides to respect the customers’ preferences and execute a program well, customers will have a good purchasing experience. This, in turn, also greatly helps in gaining the upper hand among competitors.
Globally there are various firms delivering excellent loyalty platforms for businesses, but Lavish Loyalty stands out from the rest. Lavish Loyalty is a global networking and loyalty platform designed specifically for business owners. The platform-tools help partners find each other and message directly for decentralized commerce, bartering, sharing referrals, offering discrete feedback, networking, etc. The purpose of the platform is to create commercial opportunities for business owners by removing barriers of communication and geography through an online model. Business owners can use the platform as an innovation tool to help them reach a boundless market of other business owners.
In conversation with Travis Stroud, Founder and CEO of Lavish Loyalty
Q. What was the motivation behind starting Lavish Loyalty?
Lavish Loyalty was inspired by a light bulb moment for me while I was reminiscing on past work experiences. One of these experiences was when I worked briefly for a barter card loyalty scheme. The company would only allow membership to business owners and provide them with a credit card containing a virtual currency that can only be used with other partners to encourage loyalty. I remember the struggles I had trying to sell this product because of the commission charged in cash for the transactions and high monthly fees also charged in cash. This company was guaranteeing more loyal customers, but these loyal customers would only be paying with a currency that can be used in certain places, and then the company was charging them real cash commission and monthly fees for the privilege. At the time, it didn’t occur to me the fact that we were blatantly gouging the profit from the small businesses, but in hindsight, it is so obvious. I realized in that light bulb moment that I could create a system that is in keeping with my company values, would encourage loyalty between business owners without charging commissions on transactions, would build a vast database of service providers, and would create an income to support building a team for the larger project. At that moment, the seed of Lavish Loyalty was planted in my mind and grew to what it is today.
Q. A well-designed loyalty program helps businesses to attract new customers. How does your product contribute to this vision?
The loyalty aspect is very simple. Partners can offer other partners an advertised discount to reward loyalty. In return, participants receive an advertised discount from all other participating partners when they purchase loyally within the community. Using this system, Lavish Loyalty has nothing to do with the transaction process and therefore does not need to apply for financial services licenses in foreign countries, allowing us to expand globally rapidly. In a few years, when partners travel, they will be able to receive discounts on elements of their holiday expenses in foreign countries as part of their membership. It is a global; what comes around goes around, mates-rates loyalty system for business owners. What is unique about Lavish Loyalty is that we do not charge any commissions on transactions. Money flows freely between partners so they can maximize profit from their new loyal customers.
Q. A startup is defined by its core values. What are your company’s core values and how did they help you to succeed?
Provide more value than cost – due to this core value we are currently offering free for life membership. I understand that until there are many partners to trade and share with, the immediate gain is limited but the potential is huge, so I have removed any barriers for entry to those that are aligned with my vision and join at such an early stage. Once partner numbers increase a small monthly subscription fee will be introduced for new partners from then on but not until I am confident they are receiving at least their subscription fee in value from the potential of new loyal customers and/or discounts from other partners. Do no harm – this core value prevents us from ever selling our partner’s data as part of our profit model. It prevents us from providing entry to monopolistic corporates that undercut competing small businesses. It also prevents us from condoning any discrimination, favoritism, abuse, slandering or tarnishing of reputation within the platform.
Q. Do you have any new services ready to be launched?
As Lavish Loyalty is the MVP for a much larger project, it is essential that it becomes commercially viable with thousands of partners before releasing other services, but there are plans for several other services that are in keeping with the company values and will add value to business owners. I need to keep some of my ideas secret to protect IP at such an early stage.
Q. What does the future hold for your company and its customers? Are exciting things on the way?
I am very excited about the future of the company. Of course, the services provided by Lavish Loyalty will improve, but Lavish Crypto will also be developing other platforms and features to dramatically increase the size of the targetable market for our partners and further boost international commerce. We plan to be involved in international tourism and will develop a cryptocurrency specifically designed for B2B transactions where the focus will be more about accountability for regulation compliance than anonymity.
Meet the leader behind the success of Lavish Loyalty
Lavish Crypto was Founded by Travis Stroud. Travis is an Australian Army veteran having served in the infantry for 11 years and specialized in communications. Travis is no stranger to hard work, trained to cope and lead in arduous and stressful situations, extremely resourceful and resilient. Military training has instilled an unwavering value of service and a tactical thought process that has driven the company from inception; analyze problems, develop plans, wargame potential results, deploy course of action, analyze results, pivot if necessary, repeat… never quit.
Lavish Loyalty is offering FREE for life membership for a limited time. If you own a business you can join the community today by registering at lavishloyalty.com