Taggo has found a way to get bigger benefits and discounts for a bank's cardholders, with very little cost or effort.
At Cafe Le Caire, one of the restaurants trying out Taggo, OCBC credit card holders get 5% off, while fans of Cafe Le Caire that present their ez-link transit card get 20% off. Why? Because fans are more valuable, thanks to the automatic wall post designed to attract friends of Cafe Le Caire customers. At another restaurant, Paulaner Brauhaus, Citibank cardholders get 15% off, while fans get 20%.
These early examples of Taggo deployments make it clear that fan recognition could generate lots of value for card brands. If OCBC were using Taggo for their promotion, then Cafe Le Caire would be offering a 20% discount to OCBC cardholders that are fans of Cafe Le Caire. If Citibank were using Taggo, their cardholders would get 20% off at Paulaner once they become fans of Paulaner's Facebook Page.
I've been linking marketing and loyalty techniques to the payment transaction for almost two decades now. I am obsessed with inventing fresh new concepts that are innovative enough to merit solid patent protection (for me that's the first basic test, otherwise, I'm not interested). This is the funnest and most exciting development I've been involved with in a long time. At my prior venture (Welcome Real-time, a company I founded in 1996) I searched for years for a simple, attractive way to enhance payment transactions without all the traditional overhead of CRM systems, complicated earning and redemption processes, heavily customized enterprise software integrated into a bank's credit card processing systems, etc.
Taggo passes these tests. We're in for a fun ride.