Ahead of the CED Tech Venture Conference 2012, we sat down with a few of the executives that will be presenting as Demo Companies to find out what makes them tick…
Peter Bourne, CEO, Spring Metrics |
Ann: CED Tech Venture
Conference attendees can learn a lot from you; what does Spring Metrics look
forward to accomplishing at the CED Tech Venture Conference?
Peter: We’re really glad to be a part of this year’s CED Tech
Venture Conference. It is great for exposure to new ideas and sources of
capital, plus gives us the ability to demonstrate Spring Metrics’ new
functionality. We’re on an aggressive growth path, and exploring our options
for about how to fund that growth.
Ann: We love hearing about growth – can you tell me more about
Spring Metrics?
Peter: We’ve developed a conversion optimization solution,
delivered on a SaaS platform, that’s tailored to small and medium sized
eCommerce merchants –with revenue between $100,000 and $1 million per year. Merchants
use Spring Metrics to segment site visitors into behavioral groups, and then
present relevant and highly personalized content or incentives. By
differentiating offers we increase conversion rates.
By the time you hit $250,000 in
revenue, you have substantial traffic filled with unique visitors. The
challenge, then, is moving from increased traffic to a better conversion rate.
If you’re at the industry average, you’re converting about 3% of your traffic.
If we give you even a 1% increase in conversions, that’s more than a 30% uptick
in sales.
Ann: This must be a huge problem, because it seems like
there are more and more companies each day that are offering marketing
automation solutions. How different are you from your competitors?
Peter: What we’re offering is less work and better results. In
less than 30 minutes each week, our customers are seeing often 16 - 20%
increase in sales conversions.
If you have deep pockets, you can
buy $100,000 software to get dynamic content delivery on your site, and if you
have a large marketing team, it works. But small to medium sized eCommerce
companies don’t want to reorganize content, or spend hours figuring out what
offers to give each visitor. With Spring Metrics you can synch with your PPC
campaign to reinforce the message. And instead of offering 10% discount to
everyone, devaluing your brand and looking like discounter, maybe you offer it
only after a multipage visit.
Ann: That sounds like a lifesaver for small companies
without that $100,000 to spend.
Peter: We charge a monthly subscription fee, tiered based on
traffic, which ranges from $200 to less than $1,000/month.
Ann: You came on board as CEO in February of this year. Tell me about your
vision for Spring Metrics.
Peter: Ecommerce is
evolving fast, and the margins are fantastic. But things are changing and we
anticipate consolidation. Customers want a single source for a group of
solutions that might include email marketing, retention programs, and
conversion optimization software. Spring Metrics will continue to dominate the
conversion optimization software space, and partner for alternate solutions.
Right now, we’re focused on
building a scalable customer acquisition model, and we’re breaking through
barriers. This year, we’ve add 5% in revenue each week. And it’s due to a
vision that’s very customer-focused, and a marketing message all about new
customer acquisition.
We’re adding valuable data
sources on which users can segment. You may want to differentiate between the
visitors using mobile, tablet and desktop PCs. Because the conversion rate for
people using a tablet is higher than mobile, the platform may trigger a different
offer. We’re adding segmentation on demographics, and ultimately we may have
vendors that manage that data for us.
Our new social media module
has been very impressive. We generated over 20,000 Facebook likes for clients
in last couple of months. So, if you can’t sell them, at least get their data
to remarket it, and if not that, use it to drive ‘likes’ on Facebook.
Ann: You’re in Durham, right? What keeps you there?
Peter: Yes. Durham has an excellent entrepreneurial growth
community. That’s part of why my family moved here from Silicon Valley. We’re
obviously members of CED, and the company was a graduate of LaunchBox in 2010.
And there’s a strong presence
in the Durham area as it relates to retail eCommerce, with Bronto,
iContact/Vocus, Windsor Circle, Argyle Social, etc. and that breeds excellence.
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