Another two weeks passed for my internship. The last two weeks was spent on marketing. Pure marketing. One of our experiments hit a jackpot and I’m here to share what works.
So its been a couple of weeks since I’ve worked full time in Captivoo. Now that the first phase of product development is completed, I’ve shifted focus to sales and marketing. How will things look like when you put a computer scientist into sales and marketing role?
So it has been a week of working full time on Captivoo, my startup. I never knew that so much could happen in a week, and the experience to be so different from what I’ve imagined. I’ve decided to capture random snippets of thoughts and work schedule on my this blog to hold myself accountable to the growth of Captivoo. There will be at least one blog post every week as I reflect on my past week and plan for the next.
If you are reading this, feel free to laugh and learn from the mistakes I will be making along the way as a founder.
So I’ve arrived in US from Singapore. After landing here at the airport it does not take me long to realise the difference in the price of goods here compared to back there. Getting around here is not easy for Singaporeans since we are so used to a developed public transit system. Taxi seemed to be the way here, unless you start using Uber and Lyft. Here is a way to get 3 free rides on each app while you are here!
Having worked in startups I understand the importance of having press coverage. It gives you instant audience, not to mention credibility of some sort. So I thought what would it be like to be on the other side of the coin. That’s when I joined TechInAsia as a contributor.
Talking about failure is almost a taboo in our society, especially the not-so-forgiving Singapore. Social media became wall of fame for other’s success, but not ours. Everyone talks about success. It seemed that every day some ‘lucky’ companies get acquired. Or someone got promoted. Or someone got married. Everyone around you appear a lot more successful than you are. What about failure? Does no one fail? Let me share with you some of my failures from the last one year. Some are funnier, crazier, or dumber than others. Some are probably waiting for me to work on it further before it succeed. You judge for yourself.
You got a website? Cool.
It must be serving a purpose right? So how do you know if it has been performing? If you don’t have an answer right away, you probably have not been measuring its performance. Here is 3 free tools you can install on your website right away to start measuring its performance.
Every now and then I will receive a call that goes “Eh Raymond, how much you charge for SEO ah?”. Just a couple of months ago, I will quote him the price, wait for money to come in and then place an order for some “SEO Package”. Part of me knows it will work, part of me knows that its just a fad. So I’ve decided to come clean, buying SEO doesn’t work. Do not spend another cent on “SEO Package”.
While working on the reporting module of the CRM system, I’ve compiled a list of metrics that businesses should care about while improving their customer retention.
So why should you care about customer retention in the first place? Here’s why:
- It is 5-7 times more expensive to acquire a new customer than to keep an old one.
- Loyal customers are worth up to 10 times as much as their first purchase.
- Increasing customer retention by just 2% can translate into a 10% cost reduction.
- Some retailers indicate their top 15% of ‘loyal’ customers comprise 50% of their sales revenue.
Let’s take a look at our first metrics… The Customer Retention Rate of course!