Today we are speaking to Dave Warren from Loyalty Bay, an innovative start up applying data analytics to serve incentives, rewards and messaging to better drive online conversions for their customers.
To start with, what is exciting you right now?
Multi-channel is exciting me right now; we’re beginning to see a new breed of multichannel directors who have to think more broadly about the way customers behave and quickly adapt organisations to support many engagement points in the customer journey, while continuing to retain the customer. Organisations are waking up to the fact that they cannot operate in traditional online, telesales and store network silos anymore.
And how are the customers behaving?
Because there are so many channels through which to engage and buy products or services a customer might hop between several before making the final purchase and can be lost anywhere along that path. A customer might first view a product in a shop, then on the spot do further research on their mobile for a better offer and buy it online right then. Alternatively, they might buy it later over the phone or at home on their laptop. At any point, they might choose another product, supplier or simply abandon the purchase.
So how did you come to work for Loyalty Bay?
Before Loyalty Bay I worked for large corps on a salary. I was also an Angel investor and had a successful exit, which is potentially much more lucrative than a salary! I thought I would look for another start up with a great idea and young enough for an equity share. I’m not a founder, in fact, I’m the first employee, but I do have a small equity stake.
Loyalty Bay attracted me because they had a great idea for optimising online sales with incentives and rewards; Loyalty Bay can track a customer’s journey through several channels, for example whether they start the journey researching the product on their phone but ultimately buy instore, the customer can still receive their reward, so are incentivised to complete the purchase.
There is also an element of behavioural psychology behind how best to boost sales conversion rates and reward customers for loyalty, which means cash is no longer king.
(For further reading see Dave’s article ‘When Cash is No Longer King’ )
If money was no object, what would you do all day?
I would do another start-up! I’d like to wake up and have a lazy breakfast with my wife, Bev, then we’d go for a walk somewhere with amazing scenery, with the Barnie the dog. I’m seeing… a beach. Then I’d sneak off for a ride on my motorcycle, probably through an Alpine pass!
I also like investing in properties, so would do more of that. We have just bought a holiday cottage in the Cotswolds which Bev has finished upgrading. It’s available for let, so in true ‘Loyalty Bay spirit’ we’re offering GROW residents a £100 voucher incentive if it’s rented for a week, and a £50 voucher for a long weekend.
Bookings can be made through Orion Holidays on the Spinnaker Lodge Facebook page, and then please contact me directly to collect the ‘reward’ :-).
What is the worst/stupidest/most embarrassing thing you have done J?
After a networking event in London, waking up on a train at 1am, at the end of the line, at Epsom. I slept through Clapham junction which is where I should have changed trains to get home. There were no taxis, but it would have been cheaper to stay overnight anyway, so I booked into Epsom Racecourse Hotel. There were still a few people lingering at the bar, so I introduced myself and had another one!
Is there anything that no one here knows about you? What is it?
I own a unicycle; I’m a bit rusty but can still ride it.
How did you come to own a Unicycle?
Just after I left uni I came across a juggling/unicycle shop at a festival. I bought one on impulse and spent the weekend learning but it took several months to learn properly.
Do you do demos?
Mmm. On request.
As a child, what did you want to be when you grew up?
I was wondering if I should I be truthful! I grew up in the era of ‘Footloose’ and the TV series ‘Fame’, I remember wanting to be a professional dancer! I told my Dad and he said I should get myself a proper job first and then think about it, so I went to university and did a Marketing degree. I never got to dance professionally, but I can still cut some shapes, though!
Favourite thing about GROW?
Obviously the biscuits. It’s a very friendly and supportive environment with everything you need; it’s flexible, you can just turn up, close to home, wifi connectivity, free parking, biscuits and tea! GROW is a professional but relaxed and easy environment to work from.
In your opinion, what is the most valuable aspect of co working?
You can get your head down and be productive and people will leave you alone, but also if you’re struggling with a challenge, there’s always someone to bounce ideas off. It’s definitely more productive than being at home, there’s an energy having people working around you.
Thanks Dave, for the insights as to why 'cash is no longer king' for converting online sales. We're looking forward to seeing you cut some shapes and riding the unicycle at the GROW Summer Social ! Thanks, too on behalf of GROW residents, for the generous offer on Spinnaker Lodge. Bring on Summer :-)!