Techstars Boston Demo Day: Simply Good’s Loop ‘Hooks You Up’
Simply Good’s Loop mobile coupon platform is designed to help local merchants reward customers, handle customer service issues and support ambassadors who influence others to patronize local businesses. The concept is an on-the-spot bounce-back coupon where a waiter could offer a deal for the next time a person comes to the restaurant for them and four of their friends. Local retailers also have the ability to offer fans, or what they call ambassadors, the opportunity to “hook up” their friends and contacts with special offers at their favorite restaurants, bars, hotels and other retail outlets.
Retailers have a back-end measurement dashboard showing which employees are most active at providing rewards and offers, as well as what ambassadors are most active in bringing in customers with offers and rewards. Being able to see both options allows a retailer to reward those most active and provide additional incentives to those who are most influential. The dashboard also allows a company to segment offers to employees and ambassadors so they have more control over the offers available to both groups allowing for more specific measurement and targeting of offers.
Simply Good is making inroads with major Canadian media companies and sees a large portion of its future client base tied to media companies that touch a large base of retailers. We see great promise in using rewards and offers and strategically targeting them to current and new customers as well as utilizing people’s social graphs to extend offers to people more likely to redeem and become recurring customers. The insider motivation is very strong and the idea of being able to “hook someone up” with an exclusive deal gives the rewarder special status and provides real value to the person receiving the reward. Brilliant.