When you're a brick and mortar business like a retail store, restaurant, car wash, dry cleaner, ice cream chain or any of the other millions of companies that make up this multi-trillion dollar market it's critical to know who your customers are, how often they shop with you, how much they spend and how you can bring them back as often as possible. If you don't know this data you're going to have a hard time building a successful business. So the real question question is how do you gather this data, analyze it and then leverage it in a profitable way...the answer is Thanx.
Thanx is a loyalty and customer retention platform that gives these brick and mortar businesses the tools they need to grow a bigger, happier, more engaged customer base. Thanx has raised $23 million from some amazing investors including SoftTech, Floodgate, Icon Ventures, BoxGroup and Sequoia. The company is based in San Francisco, has approximately 50 employees and is preparing to open up their 2nd office.
In this interview I spoke with Zach Goldstein about his motivation and mission behind starting Thanx, what problem is the company solving, how are clients using the service, what it was like being a solo-founder and how quickly did he begin hiring top talent, what was his fundraising approach and how did he land so many great investors, what has been his recruiting strategy given the competitive landscape in the Bay Area, how did the company acquire their early users and how are they doing it today, why are they opening a second office, how have then managed to remain so lean, how does he balance growth vs. burn/profits, what are some of his favorite client success stories and much more.
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