May 26, 2022

Going beyond basic customer surveys, EnquireLabs aims to accelerate and scale data from the ground up, which is a fancy way of saying data that customers are giving directly to brands.

CEOs Matt Bahr and Kurt Hasselschwarth came up with the idea for the company in 2018 when e-commerce brands asked, “How did you hear about us?” The saying helped solve marketing failures. Question after the customer has made a purchase.

He spent the next two years at EnquireLabs as a side project, but began to see some support once the e-commerce brand began to rely on third-party data, especially internet cookies.

“I think people are really hungry for data,” gaming-updates Bar said. “Historically, the brands we work with are so dependent on Facebook that they don’t need to know their customer very well because Facebook will start looking for that perfect customer profile for them. By removing third-party cookies, Apple has essentially made it much harder for brands to drive conversions and make this post-flywheel work. ,

Bahr and Hasselschwart then focused on customer churn. The New York-based company raised just under half a million dollars in 2021 to improve its technology so customers can ask a lot of questions.

What they started to create has evolved into a Question Stream product, consisting of a chronological campaign of questions that are delivered through programmable terms and context during each customer journey.

The InquireLabs question engine determines when questions are asked based on variables. The technology knows who to query based on unique identifiers based on information such as email or phone numbers. This is the company’s main focus of research and development and one of the driving forces to eventually move beyond commerce and expand into various vertical markets.

As Bar describes it, EnquireLabs separates questions from each other so that they can be asked some time after the purchase. This is where, they say, lies the difference between their company and traditional companies like Momentive/SurveyMonkey or Typeform, which focus more on research, while EnquireLabs focuses on how data is used in real time. Typeform recently raised $135 million in new funding for its “interaction data collection” approach.

The company has partnered with nearly 2,000 brands including Allbirds, Figs and Skim and received more than 30 million responses last year and a survey completion rate of over 50%, which Bar says is one of the best in the industry. difference. From InquireLabs, where the average response rate is 10%.

When asked how the company came up with this answer, Bar explained that the main reason is that EnquireLabs provides context for frequently asked questions, which increases the level of personalization.

“Based on our data, we know who hates answering certain types of questions, so we’re not going to ask those kinds of questions because we know they’ll never be answered.” “The idea is to build on who the customer is and what we want to learn from them. This is different from the research side, where they look at what the problems are and who the customer is.

These responses are channeled into insights that customers can access from their dashboard and use those insights in their existing marketing stack to send unique emails that better illuminate the brand.

Previously available exclusively to Shopify brands, EnquireLabs has started receiving requests from new verticals such as mobile apps, insurance, and fintech, so it has now launched its software development kit beta program to expand into new verticals called. financing.

The round was led by True Ventures, which included V1.VC, FiDi Ventures, Hawk Ventures, Silicon Ventures and a group of angel investors including Chubbies founders Ted Wang, Harris Barton, Daphne Carmeli and Casey Armstrong.

Bahr expects to invest the bulk of the funds in recruitment, primarily to expand the technical and product side of the organization. Until last July, EnquireLabs was a small team of two, and after doubling sales in the past 12 months, Bar said he was “ready to set fire.”

“Given the volume we are in, we are very excited to expand the technical side of the business and continue to innovate in this area,” he added. “Our roadmap goes beyond the year, as far as we want to do with the flood of questions. Also, the more powerful our internal query engine, the better. This is definitely our goal for the coming year.”

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