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Loyalty Lab: The key is to keep adapting

11 Dec 2008

Five years ago, Mark Goldstein and three partners recognized that loyalty programs were becoming a cottage industry. Coming up with the right way to manage those programs, he believed, would be a neat trick. So would finding an effective way to lure in customers.

"The toughest part of the business is the selling," Goldstein, founder of San Francisco-based Loyalty Lab, told CRM Buyer. "Nobody wanted to go first."

Loyalty Lab was founded five years ago. However, about two years ago, after lots of trial and error, the company "sort of got over the hump," as Goldstein put it, and "reached the scale that would make it work." That's when it hit the milestone of 100 million program members served.

"When that happened, we started feeling pretty comfortable," Goldstein said. The firm now claims to service 200 million loyalty program members.

Loyalty Lab had to reach out in several directions to develop software that would link into customers' platforms and communicate in real-time. Even now, the trial-and-error process continues, Goldstein noted, but "after five years, there are certain things that start coming together. The software works."

Read the full article here.