Zach Goldstein, Founder & CEOCustomer data is no longer a nice-to-have feature, but a need-to-have asset for growing businesses. However, unlike their e-commerce counterparts, brick-and-mortar merchants (like restaurants, movie theatres, car washes, and retailers) are often challenged with consolidating and/or extracting customer data spread across POS systems in multiple locations and deriving meaningful insights from it.
Couple this with the fact that almost 80 percent of their revenue comes from the top 20 percent of their customers, the problem at hand takes a new shape: Offline merchants need to know where their revenue is coming from and who their top customers are to effectively channelize their marketing efforts. Mindful of these challenges, Thanx makes the entire process effortless through a platform that demystifies customer identity and provides engagement tools that build profitable relationships between merchants and their customers. Zach Goldstein, CEO and Founder at Thanx, promises to provide visibility and actionable insights through customer data for multi-location offline businesses without disrupting the POS equipment.
The Thanx secret sauce is its partnerships with card operators like Visa, Mastercard, and American Express, which allow customers to pay as usual and get loyalty credit without having to present a punch card, digital card or QR code. This frictionless experience for both the merchant and the customer ensures program stickiness and success.
The Thanx platform provides merchants with a dashboard to view critical customer data, including frequency, spend, and feedback. “The key here is not merely collecting data, but using it to drive real results,” remarks Goldstein. Thanx assigns an account manager who assists merchants in analyzing data, deriving insights, and launching engagement programs based on the merchant’s goals. Goldstein pledges, “we evaluate our success based on the measurable results driven for our customers.”
With the goal of making data easy for merchants to use, Thanx automates the creation and execution of these high-impact, personalized campaigns.
The key here is not merely collecting data but using it to obtain actionable insights. That is where we strike
For example, based on a customer’s revenue contribution, he might be categorized as a VIP and marketed to accordingly with preferential treatment. Another automated campaign—“Winback”—helps with churn management by identifying once-loyal customers who’ve seen visit frequency decline in a statistically significant way, and winning back their business through automated outreach and personalized offers.
Goldstein mentions the case of a well-known retail outlet in the U.S., with three separate channels for the inflow of customer data—in-store, online ordering, and telephone orders. The staff was tasked with examining each transaction manually in order to track the rewards that their customers had earned under the previous card-based loyalty program. By switching to Thanx, the company simplified this process, eliminating all manual tracking and even automating their customer outreach without any software upgrade or POS reconfiguration—all within a month of making the switch. Thanx tripled the number of active members for the company’s loyalty program in a matter of 6 months. Perhaps most notably, the loyalty members’ expenditure in store increased by 30 percent due to the effectiveness of automated marketing tools by Thanx.
As their modern approach to loyalty continues to drive success for Thanx merchants, the company is forging ahead and enriching its platform to identify even more sources of data for issuing real-time, personalized notifications to customers’ mobile phones. This, Goldstein says, improves the experience for customers, which increases the ROI for merchants working with Thanx. “We are focused on helping merchants say “thanx” to their best customers, which, in the process, helps them drive real revenue. It’s a win-win,” concludes Goldstein.