April 23, 2012
No matter how fancy your marketing campaign, hungry your sales team, or useful your app or product, you won’t achieve the growth you need unless you have a full understanding of your customers’ behavior – especially where they might be getting stuck in the sales funnel.
One of the showcased startups at our Tech Cocktail Chicago mixer last week was a company called Mineful, which uses a data-driven approach to customer retention for app developers and online retailers. Founded by Jaime Brugueras, a statistician and mathematician, and Jose Rubio, a software engineer, their platform uses customer behavior data to trigger emails based on behavior, purchases, and response history.
So you don’t get bogged down trying to decipher numbers in a spreadsheet, they made it really user-friendly with a visual analytics dashboard, allowing you to see how behavior changes with time and changes to your marketing efforts.
Brugueras was kind enough to share an example of how Mineful has helped one of their clients:
“Voxofon is a mobile app for international calling. Thousands of people were downloading their app, but very few were buying and even fewer would buy again.
“To solve these problems, they’re using Mineful. They send us data every time a customer signs up, logs in, makes a call or a purchase – basically any event that user does inside their app. They use that information to send a reminder to users who signed up but have not started using the app or made some test calls but have not paid yet.
“They are able to see the open and click-through rates for the emails as well as the % of users taking action after they have received a certain email, and they can follow up with users who have not responded to a certain campaign. The result: the company is seeing improvement in conversion rates and customer lifetime values.”
Mineful works a little differently for online retailers than app developers. Instead of using the API, online retailers integrate Mineful with leading shopping cart platforms like Magento, Volusion, and Shopify.
You can see the product in action below:
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