Thanx’s mission is simple: enable merchants to effortlessly identify, engage, and retain their best customers. Thanx founder Zach Goldstein first developed this perspective while working at Bain & Co., where he saw leading retail and technology companies struggle to generate repeat business. All conceptually understood that the top 20% of customers drive 80% of profits, but none could connect with these high value individuals. Zach also noted that consumers wanted an improved shopping experience, where their favorite brands didn’t ask them to carry plastic cards or go through numerous steps at checkout.
Determined to find the right solution, Zach enrolled in Stanford’s MBA program. He quickly discovered the complexity of existing customer retention technology, as costly point-of-sale integrations chewed up valuable resources without the promise of generating actionable insights. This led to Zach's big idea. By eliminating point-of-sale integrations, and integrating directly into customers’ preferred method of payment, Thanx could provide merchants the real-time data they need to make sure loyal customers receive the experience they deserve — and make the entire process effortless. After running this concept by more than 300 merchants and receiving positive encouragement, Zach made the call. Fast forward to today, and Thanx is a go.
San Francisco, CAMARKET
$12B retail loyalty rewards processed annually
Icon Ventures, Sequoia Capital, Javelin Venture Partners, SoftTech VC, Danhua Capital
Loyalty360 caught up with Thanx CEO Zach Goldstein to learn more about the challenges associated with customer loyalty data and innovative ways it can be used.
Successful rewards programs reach a high return on investment by building loyalty through customers who stay longer, buy more, cost less to serve and recommend the company to others—all combining to increase the customer’s lifetime value.
Customer data analysis and consumer research can help restaurants hone in on the most effective digital marketing strategies.
As investors seek a business model that helps physical stores and other businesses dig into similar data, Sequoia Capital and Icon Ventures are betting they have found one in a startup called Thanx.
Thanx has built an app around the idea that smartphone users already have too many apps — The Thanx loyalty program runs in the background, earning rewards for customers without ever needing to be opened.
As Chipotle’s stock continues to struggle and forecasts become increasingly bleak for the once-unstoppable burrito chain, it’s clear that whatever they’re doing isn’t working.
At the end of the day, Chipotle’s program is ineffective (impersonal), difficult to measure (no tracking post redemption) and too expensive (blanket discounting).
Thanx has released its Branded App, designed to provide multi-location merchants with a complete suite of mobile and retention marketing tools.
Thanx CEO Zach Goldstein explains how the best loyalty programs identify and their most valuable customers, and make it easy to keep them engaged long-term.
Fashion Retailer 2nd Time Around wanted a complete picture of who their best customers are — They built an app with Thanx to help them do exactly that.
Customer loyalty solutions provider Thanx launched an app that allows businesses to incorporate a full-fledged mobile loyalty at a low price.
Seven examples of smart ways that merchants can take advantage of purchasing behaviors and offer more relevant rewards.