Ryan Jeffery, Vice President, Business Development for Chicago-based Belly, a local business customer loyalty and rewards program, told Loyalty 360 that customer loyalty is “absolutely based on behavior.”
Jeffrey said executives at Belly -- which recently received $12.1 million in Series B-1 round of venture capital financing from New Enterprise Associates, Andreessen Horowitz, DAG Ventures, Lightbank, Cisco, and 7-Ventures (a subsidiary of 7-Eleven) – have thought a lot about the psychology of loyalty, about why people go to certain businesses and the types of incentives that can affect behavior for the benefit of a business.
“Loyalty is absolutely based on behavior, and incentivizing the right type of behavior,” Jeffery said. “This is obviously over-simplified, but I think in an increasingly disconnected world (smartphones, Internet, and social networks ironically create inherent problems for face-to-face interaction), consumers are struggling to find ways in which they actually can connect. Our platform gives them this ability. It gives consumers the opportunity to connect in a much more engaging way, to actually feel a direct link to the unique personality of that business. A business gets the opportunity to put a name to a face and truly offer rewards and promotions that speak to their customers. In this way, we are actually bringing people back to how things should be -- personalized and engaging.”
Jeffery said one of the biggest problems his company faces on a daily basis is determining which product to focus on and build out next.
“Because we create the digital connection in a business's storefront, there are so many additional products we can provide to help them connect with their customers and run a more efficient business,” Jeffery explained. “We constantly talk with the businesses we have in our network (and beyond) to get their feedback and determine what we can provide beyond just loyalty. Our product roadmap is a reflection of this customer feedback, and it's a constant reminder of how much work we can still accomplish.”
In just 24 months, Belly has established itself as a clear leader in providing a complete loyalty and marketing solution for retailers large and small, and now has more than $28 million in funding to expand further.
As part of its enterprise platform evolution, Belly is also actively working with more than 50 national chains representing over 700 current locations - a total market potential of more than 40,000 locations nationwide.
Belly provides the entire technology platform, including the in-store tablet, marketing materials and back-end support and analytics combined with a software tool that gives merchants the ability to conduct targeted email campaigns, integrate Belly with their social media and mobile marketing efforts, and obtain detailed analytics.
Jeffery said the funding is a “great validation point for our company. The recent round of funding is a great milestone for us, but we have plenty more work to do and we are excited to get started, now with an additional infusion of cash and strategic investors that will provide a significant amount of value. This funding will allow us to build upon the success we've had in core markets, build our team (product, data science & marketing) and scale for future growth.”
Jeffery discussed the company’s traits that have attracted investors.
“First, I think it's the team we have in place,” he said. “We have a dedicated, smart, and extremely passionate team that cares a great deal about the problem we are trying to solve. Second, I think investors see that the vision we've had for this company since the very beginning is really starting to materialize. We are the leading provider of digital loyalty solutions in the U.S., and we continue to add products that expand on the value we provide SMB's and enterprise clients alike. Third, investors see that we are just getting started. We are uniquely situated at the intersection of physical and digital, of offline and online, and we have the infrastructure, technology, and team to expand upon this connection.”