In this interview, Shyam Rao, Co-founder & CEO at Punchh discusses how outdated technologies can hamper massive revenue opportunities for retailers, how ROI must be realized in months not years and leveraging analytics to beat competitors to the punch.
Question : Tell us about your product/business and your specific role? Answer From Shyam Rao : Punchh is a marketing automation platform that gives brick-and-mortar retailers the same data-driven marketing and relationship management capabilities that make online companies like Amazon so successful. One of our main focuses is on the restaurant industry, working with 100 restaurant chains across the globe and representing more than $12B in annual spend on our platform. We help brick-and-mortar retailers of all types, including c-stores, gas stations, health and beauty, sporting arenas, and many others to transform customer relationships into revenue growth and higher customer lifetime value. As Co-founder and CEO of Punchh, I am committed to growing our company into a market leader for next generation marketing software. Question : What is the core issue your product/technology aims to address and what sets it apart from the other players in the market? Answer From Shyam Rao : We’ve built a suite of products that help retailers use their data to move customers up the value chain, to leverage the power of mobile and omnichannel experiences to first acquire, then grow relationships with customers in order to increase their lifetime value. There are really 3 different types of customers we’ve identified; Anonymous, Known, and Loyalist. For each type of customer you need different marketing tools. When a customer is Anonymous, you need to bring them in the door and get them to make that first purchase (eg. using Facebook or WiFi). Once they’re Known you can start tailoring their guest experience (eg. remembering they are vegetarian or offering individualized coupons). If they are Loyal, you want to make sure they stay loyal by giving them continuous rewards in their mobile app. Most brick-and-mortar retailers do not have the technological advances as e-commerce companies, like Amazon, do in order to know and understand who purchases their service or product. To solve this issue, Punchh’s all-encompassing platform manages the process of using mountains of data to build customer relationships and tailor every experience, at scale across hundreds of locations. Question : What’s the one industry, sector or role that your technology is most relevant to? Answer From Shyam Rao : Punchh is relevant to multiple types of retailers, but we would consider ourselves most relevant to retailers with a brick and mortar presence. While similar to a CRM platform, we provide a software for brick and mortar retailers to better connect with their customers and build ongoing relationships. Read the full interview of Shyam Rao, Co-founder & CEO at Punchh on The Digital Enterprise.
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March 2020
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