Michael Greenberg
Michael Greenberg is COO of Loyalty Lab, a SaaS marketing solution for consumer brands including Virgin America, Nine West, and 1-800-Flowers. He started as the company’s VP Marketing and has held executive positions at several startups and a couple public companies.
Recent Posts
Are you creating or stealing customers?
(Editor’s note: Michael Greenberg is COO of Loyalty Lab. He submitted this story to VentureBeat.)
It’s easy to think that your start-up is centered in a green field or blue ocean, but typically, that’s not the case. Only the lucky few are truly creating new customers out of thin air. Most have to steal them from someone else.
This is a fact that few entrepreneurs want to hear. But smart start-up owners know when to face… Continue Reading
10 ways to get the second transaction
Odds are a large percentage of your company’s attention and budget goes toward customer acquisition. That makes sense if your customer lifetime value is high – but if you aren’t driving repeat business, it’s ultimately a waste of resources. Securing the second transaction is a key step to generating a good return on your investment.
A 10 percent increase in the number of new customers who buy a second time results in a 15-25 percent revenue improvement… Continue Reading
Do the math: An easy formula to forecast customer growth
Venture capitalists don’t want to hear about value – at least not initially. Before you have a shot at a capital injection, you’ll first have to provide firmly grounded revenue projections. And to do that, you need to know exactly how your customer base in going to grow.
The benefits extend beyond VC interests. Customer forecasting correlates closely with cash forecasting, so the better you are at predicting customer behavior, the better you’ll be with cash management. You’ll… Continue Reading
Do you need a loyalty program?
Loyalty problems tend not to be on the forefront of entrepreneurs’ minds. But an aggressive retention marketing program, even in early stages of a company’s history, can pay big dividends.
The relevance of such programs depends on your business model. Your customer value can be the deciding factor in how useful these programs can be for you.
In businesses where a typical customer spends large amounts per interaction or tends to stay for a long… Continue Reading
Key steps for developing customer loyalty
Most entrepreneurs rightly focus on revenue generation from new customers. But many do not plan for — or flat out ignore — customer retention and the opportunity it represents.
By your company’s third year, it’s typical that 50 percent of your revenue will come from just 10- to 15 percent of your customers. To achieve this level of loyalty, though, there are a few steps you’ll need to take as your company goes through three growth… Continue Reading