Twitter and American Express just announced a new partnership that will allow customers to get cash back by synching their credit cards with their social media accounts. Early adopters of the program include Best Buy, McDonald’s, Whole Foods, and Zappos.
They are using the spend-some-get-some model where customers who spend a certain amount will have the option to get some cash back by interacting with the brand through tweeting @ them or using a special hashtag. Twitter chief revenue officer Adam Bain believes that this new social spending trend is just getting stared. He says
“This is just the beginning,” he says. “You’re going to see a ton of creative examples of people building on this platform–this is not just about giving people a deal or discount.”
While American Express launched a similar program through Foursquare, Twitter aims to differentiate its platform by making it more than just a rewards program. This is not meant to function as a loyalty program but more of an advertising tool increase the reach and the socialization of more purchases.
“Buying directly from tweets will be huge,” Bain predicts.
Twitter’s platform is aimed at driving sales instead of just the foot traffic we have seen come from the program with Foursquare.
“That’s why Bain refers to the promoted tweet as the “atomic unit” of the company’s ad strategy–a platform that will lead to “interesting transactions between consumers and merchants,” he says.”
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