Aravind R Menon
Ever thought how great it would be if the friends of your customers become your customers too? Wouldn’t you love it if your customers could refer you to friends through a hassle-free process? Time to say hello to Everfave.
The Customer Acquisition and Analytics Platform
Everfave, headquartered in Silicon Valley, is a mobile and social media based customer acquisition and analytics platform for businesses, brands, and retailers. It works as a referral platform that lets customers endorse your brand or business across mobile and social media.
Everfave also drives customer engagement and growth across online and offline marketplaces and provides analytics and insights by brand, product, geography, SKU and customer demographics, behaviour and journey.
How does the Magic happen?
Everfave’s customer growth and engagement platform uses mobile and computer apps, SDKs, cloud, and data analytics. The platform enables businesses and brands to easily convert their customers into brand ambassadors, who endorse them on mobile and social media, and refer their products to their friends.
Everfave’s analytics and insights platform enables businesses, brands and retailers to understand their customers’ preferences, product and category trends, and the shopper journey in real-time. It also empowers businesses to offer referral rewards in an omni-channel approach.
Everfave’s platform enables brands and retailers to develop a deeper and tailored engagement with their current and new customers both online and offline. Post-recommendation actions can include informing customers what adjacent products and brands are trending amongst their friends or in their communities, where to purchase their favourite brands and products and the easiest way to get there or have it delivered, being amongst the first to receive special offers and exclusives, inviting them to join their loyalty programs, and enabling customers to ask their friends for their product and brand recommendations.
The mobile and social based referrals platform works across in-store, mobile devices, PCs, 25+ social networks including Facebook, Instagram, Twitter, Snapchat, messaging apps, email and SMS/text.
The Opportunity
Referrals have been tremendously successful – unicorns like Uber, AirBnB and Dropbox have grown manifold in recent years using referrals. If you are a digital brand or product, having a referral program today is a no-brainer.
Everfave’s platform is targeted bringing social and mobile referrals to the larger market. The idea is to empower omni-channel businesses, brands and retailers that operate across both online and offline to have a referral program that works across all media easily and effortlessly.
Enabling customers and businesses to easily offer rich content around referrals and providing rich insights and analytics to brands and retailers such as their customers’ preferences, product and category trends will significantly change the market landscape.
According to Nielsen, 84% of all customers across 58 countries find referrals and word-of-mouth from friends and people they know to be more compelling than any other form of customer acquisition. Harvard Business School (The Value of Word-of-Mouth) and the American Marketing Association’s Journal of Marketing (Referral Programmes and Customer Value) have also shown that referrals significantly decrease customer acquisition and more importantly, significantly increase customer lifetime value, customer quality, and customer retention over time. In addition, the positive effects are even more profound in fast growing markets like China.
Everfave’s platform analytics has also sees a similar powerful level of impact – customers that come in through referrals tend to spend 30-%-40% more, and tend to have 2X engagement rates with brands and retailers, and in turn when brands and retailers offer their customers the opportunity to become referrers that also results in higher retention and frequency rates for those customers.
In terms of Return on Investment, given the virtuous cycle (your customer refers a friend, that friend becomes a customer, and in turn refers their friends, and so on), businesses are experiencing a 10X ROI through the Everfave platform.
What Clients Get
Everfave’s platform and technology has been developed to be easy and effortless for retailers and brands regardless of their size. Everfave is provided as a turnkey solution. It’s easy for businesses, brands and retailers – no hardware needed, no software needed, no complex integration. Everfave runs the entire system, and provide the business with a dashboard, APIs and analytics feeds so they can simply track their results without any effort on their part
Across the Everfave platform, it is seen that 6%-11% of the business’ total customers will convert to becoming ambassadors of the business, brand or retailer and for those businesses that have a loyalty program, typically between 55%-75% of the loyalty program members will join the referral program.
Social media is about 2/3rd of how customers share their favourite brands and products. Facebook is the largest percentage of that segment with social networks like SnapChat and Instagram being the fastest growing. Using the Everfave platform, customers and shoppers can also include photos and short videos related to their favourite brands and products.
The Team that Delivers
Everfave was recently named “Top 10” most viewed U.S. companies by Looksharp, “Future of Retail” at Total Store Expo, “Top Most Innovative” companies by Shoptalk, and won the “Silicon Valley Entrepreneurs” Award. Learn more about Everfave here.
Everfave’s team come from Yahoo, Google, Facebook, Nokia, Microsoft, NBCUniversal, Yelp, Oracle, GE, Saks Fifth Avenue, Proctor & Gamble, Nordstorm, Gap and other technology and industry leaders. Everfave is backed by investors and institutions that supported Facebook, YouTube and PayPal.
The Way Forward
Everfave’s customers are consumer facing businesses, brands and retailers especially those that have an omni-channel approach to how they engage with their customers and shoppers. They are working with some of the largest global brands and retailers across food & beverage, CPG, apparel and clothing, grocery, consumer electronics, and financial services.
Although North America represents their largest base of customers today, Everfave is now expanding to Europe and Latin America since a number of their customers are global and have sought Everfave’s support for their growth priorities in international markets. A number of large European and Latin American businesses who have seen the success reaped by counterparts in North America, through Everfave, have requested their services across other markets.
Everfave is planning to take the marketing sector by storm and be the name of every retailer’s lips, in the not too distant future.