Own The Entire Space – FanXchange CEO on B2C Customer Acquisition (Part III)
Toronto: During Techweek Toronto Growth Summit 2017, Brandon Koffler, CEO, FanXchange, shared his views on the challenges of acquiring customers in the B2C marketplaces and what future opportunities lie in the space. In Part 3 of this 3 part series, Koffler shares some advice to budding entrepreneurs on how data can be used for customer acquisition.
“There is no such thing as overnight success, period” – Brandon Koffler, CEO & Founder, FanXchange
“You have to work hard, you have to stay focused,” Koffler began. “You’re going to have your challenges, you’ll take two steps forward and one step back, and you’ll have wrenches thrown at you all the time. If you’re passionate about what you’re doing, if you believe in what you’re doing, stay focused.”
Specifically for customer acquisition, Koffler recommended spending a lot of time on data analytics to understand the customer profile and behavior. “We have access to so much data about the tickets, the inventory and the price trends. We’ve seen success when we have personalized the experience, putting the right message in front of the right user at the right time.”
Koffler also recommended going very granular with the data to extract insights that can be used to prime future customer behavior. “We can tell you that in this particular section, in this particular row, at this particular venue, the price has decreased. This creates a sense of urgency and can drive impulse purchase.”
Koffler concluded by summarizing his advice: understand the consumer, put the right messaging in front of them, and keep doing it over and over. “There is no such thing as an overnight success, period.”
To see the full video for Techweek Toronto Growth Summit 2017: B2C Customer Acquisition, go here.
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