Retention Science is the first Retention Automation Platform that turns Big Data analytics and predictive algorithms into actionable retention marketing campaigns. Retention Science is a team of five, working out of their office at MuckerLab, an accelerator in sunny Santa Monica, California. Its Customer Profiling Engine analyzes the customer lifecycle and optimizes the time periods to re-engage customers with individually-tailored offers. Retention Science has previously been named a Top 10 Software Company in Southern California by SocalTech.
Retention Science’s co-founder Jerry Jao served as one of the panelists at Silicon Beach Fest, LA’s biggest startup tech entertainment conference. In his speech, Jao talked about leveraging big data and predictive analytics to increase customer engagement and loyalty.
A true entrepreneur at heart, at the age of 8, Jerry would wait until after his classmates left school to recycle their plastic cans for money. He was making $3 a day and a happy camper. Since, from importing and re-selling electronics, to selling comic books and video games online, Jerry has developed a strong passion for e-Commerce.
Prior to founding Retention Science, Jerry founded two other e-Commerce marketing companies, including incentiBox, a social media referral platform, with co-founder, Andrew. Earlier, Jerry was an analyst with Morgan Stanley and an engagement manager with BearingPoint Management Consulting (KPMG Advisory), where he advised FORTUNE 5 companies on product pricing strategies. He was most recently an advisor to the CFO of Clear Channel, working on digital sales initiatives and iHeartRadio.
Jerry is a graduate of UC Berkeley, where he received a B.S. in Business Administration and a full-tuition scholarship as an Alumni Scholar, and Yale School of Management.
Questions such as “Is big data real?” and “How can it be used to improve customer retention and loyalty?” were just some of the questions that Jerry Jao answered when he spoke at Silicon Beach Fest, LA’s original and largest startup tech entertainment festival.
As one of the event’s panel experts, Jao shed light on the technology behind customer retention and how companies can use big data to generate repeat business, reduce churn, and maximize customer lifetime value.
He also addressed the issue of whether big data is real or if it’s just another marketing buzzword. According to the co-founder, “Big data simply means business intelligence at a larger scale. Given today’s technology, companies can collect way more data than they can process and make sense of. We’re building Retention Science to help businesses make sense of data more easily and turn data into actionable campaign recommendations.”
Jao explained that having the capabilities to collect big data is just the first step. Determining which data points truly drive business is a critical task that companies need to focus on. This, according to Jao, is where Retention Sciences comes in. “Retention Science focuses on the data points that will positively increase the accuracy of our recommendations to our clients. It’s important that we understand which data points are important to include in our models and which ones are just noise that would complicate things without increasing business results,” said the co-founder.
Jao shared more about his company’s processes when it came to generating results for clients. “Whenever we engage a new client, we set experimental and control groups so we can clearly measure our benefits and focus on improving our results. We leverage machine learning technology to continuously improve our algorithms so we can make more accurate campaign predictions to help our clients maximize customer retention.”
Click image to see a larger versionThe Real World of Big Data via Wikibon Infographics
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