Retention Science Launches, Aims to Use Big Data to Improve Customer Retention
For marketers, customer acquisition usually receives more attention than retention, but Retention Science, the latest company to launch out of Santa Monica, CA. based Mucker Labs hopes to change that. The company announced it has secured $1.3 Million in seed funding for it's marketing platform aimed at helping e-commerce businesses with actionable data analytics tools to improve customer retention, reduce customer churn and facilitate re-engagement.
The $1.3 Million in seed round comes from numerous sources including Baroda Ventures, Mohr Davidow Ventures, Double M Partners as well as individual investors including Lifecrowd founder and CEO Bong Koh, Clark Landry from GraphEffect, Kunal Anand (BBC, MySpace, Gravity), Mike Greenfield (Circle of Moms), Paige Craig (Forbes Top 10 Angel), as well as numerous Stanford Ph.D. scientists from companies including LinkedIn, PayPal and IBM.
"Our platform enables e-commerce businesses to reengage the right customers with the optimal offers at the optimal time," said Jerry Jao, co-founder and CEO of Retention Science." When asked why this is important, Jao goes on, "This is so important because of the 80/20 rule,where 80 percent of a company's future profits are coming from 20 percent of the existing customers. We are meeting the mid-market demand for a customer retention platform that can drive tremendous growth in existing customer spending."
Mr Jao founded Retention Science along with long time friend and Ernst & Young Entrepreneur of the Year Andrew Waage, who currently holds the CTO position at the company. During the closed beta, the company claims to have increased sales by more than 133%. They also stated in the announcement that they have already signed up a number of name brands and are generating revenue.