Starting today, we’re updating our loyalty system. Fygo users can now unlock Boosts when they earn enough points at Fygo’s partner merchants!
Not only are Boosts extremely simple to understand and use, our initial testing has shown us that it will now cost businesses 5x less to incentivise students than our legacy system cost.
We’ve made two key improvements to rewarding loyalty at partner businesses
We first introduced a loyalty system in April 2020, giving Fygo partners a low-cost and speedy way to incentivise students to discover, spend at, and return to their businesses.
Our original system was popular amongst both partners and app users, but our research showed it was a little complex for everyone to understand and could be on the costly side for our partners (the system was built around rewarding users with credit, which could then be redeemed at a later date).
Boosts are here to change this!
On Fygo’s new loyalty system, students collect loyalty points whenever they spend with you, which add up to unlock ‘Boosts’. When the user activates a Boost, the cashback % that they earn on their next purchase increases!
1. For partners, Boosts make tracking your incentives for students even more transparent, so you know what you’ll reward users with and when you’ll do it
We’ve removed credit rewards and built a simpler loyalty system built around cashback, so we can be clearer upfront about costs to incentivise users. Boosts are easy to understand and here to simplify partners’ Fygo experiences.
Invoices will also now be far simpler, as partners will only ever see cashback items there (goodbye credit!). We’ll present a clear breakdown of how Boosts have helped increase revenue at our partners’ businesses.
2. For app users, you can now activate a Fygo Boost when you choose to, instead of it being automatically redeemed
We surveyed Fygo customers over Summer and learned that our legacy loyalty system — which gave students credit at partner business when they reached a certain number of loyalty points, was too difficult for them to understand and use.
However, our survey also showed that students absolutely LOVE earning cashback rewards at our amazing Durham business partners and sharing points with their friends to earn more rewards.
Boosts put users in control as, not only will they now get more of what they love (cashback). They can also activate Boosts when they choose, meaning that they can activate them at a time that suits them.
Additional FAQs for Partners
Q. How large should the Boosts that my business offers be?
A. This depends on the growth strategy your business is pursuing! If you’re looking to increase footfall we’d recommend 10–15% Boost at 5 points. If you’re looking to increase spend per visit, we’d recommend 15–20%% Boost at 5 points and a 25–30% Boost at 10 points
Q. What control do I have when a user activates a Boost?
A. A user can only use a Boost when they activate it, it does not happen automatically. When they do, it is valid for the next single purchase they make with you. There is nothing you or your staff need to do and you’ll be able to keep track of all Boosts that users have activated and redeemed.
Q. Can I cap the amount that a user earns when they activate a Boost?
A. Yes, you can specify a maximum cashback a user can receive irrespective of how much they spend. Although we advise against it, If you do want to introduce a cap, we recommend a cap at 50% of your average transaction value
Q. I am following a growth strategy already, how do Boosts affect that?
We have already updated your growth strategy for using Boosts, and you should be hearing from your Partner Success Manager to help choose the best cashback level for your business.
