MyFavorito announces that 500 Startups, one of Silicon Valley’s most active and influential investors, has joined its mission to unlock CRM for B2C brands and retailers.
MyFavorito is an open CRM-tech platform, built for brands and retailers to establish highly active, personal relationships with their millions of customers and increase store visits and sales significantly.
Initial customers such as McDonald’s and Diageo built 20 times more customer relationships on MyFavorito than on typical ad-tech / social media platforms and achieved much higher engagement rates.
Teaming up with 500 Startups now gives MyFavorito access to invaluable resources to unlock CRM for many more B2C customers in North America and worldwide.
“Traditional one-to-many marketing is broken for most brands and retailers and does not provide significant growth potential anymore. MyFavorito enables them to unlock their number one growth driver: Highly active, personal relationships with their millions of customers. Reaching the right customer at the right time with the right message or offer generates additional store visits, loyalty, referrals, sales and ultimately growth. CRM is a standard in the B2B world. With MyFavorito we offer B2C companies a ready-to-go, DIY platform to use the very same principles,” says Dirk Schlenzig, CEO and co-founder of MyFavorito.
McDonald’s, one of MyFavorito’s first customers and a major contributor to its product roadmap, used MyFavorito’s “irresistible” engagement tools to motivate several 100,000 customers to download the MyFavorito app and pick their favorite restaurant, thus automatically building a direct relationship and a fast-growing, 360-degree-view customer database full of meaningful user profiles – for the first time ever. Some of their restaurants attracted a business-critical number of 10,000 customer relationships. MyFavorito’s AI-driven sales engine then generated 25,000 additional store visits in less than a year. The engagement rate was more than 20 times higher than leading Ad-tech and social media platforms. Even more importantly, with MyFavorito results are clearly measurable store visits and sales. Not ‘Likes’.
“Ad-tech and social media platforms were never built for brands and retailers in the first place and most of our customers were not impressed with their results. With MyFavorito they can use instant engagement tools such as loyalty program, viral referral engine, coupon manager, daily prize draw systems and much more to engage with their customers like never before,” says Mark Schlenzig, MyFavorito’s CTO and co-founder.