Customer Retention
The Importance of First-Party Data in Marketing
Blustream enables marketers to leverage first-party data throughout the product lifecycle by collecting data from the product itself.
New Funding Drives Product Usage Data and Customer Experience
This week’s $3 million funding announcement sets the stage for a continued digital transformation of physical products, and we’re ecstatic to be at the forefront of this technology.
Blustream
Oct 23, 2020
Recent research shows that 54 percent of US-based consumers say customer experience at most companies needs improvement. Our mission at Blustream is to bridge this gap and help companies build meaningful after-sale connections with their customers through product usage data. This week’s $3 million funding announcement sets the stage for a continued digital transformation of physical products, and we’re ecstatic to be at the forefront of this technology.
York IE led the round of funding with additional support from existing investors. The capital raised will further help brands build upon their customer relationships with product usage data via the Blustream, SaaS-based Product Experience Platform, and provide investment to build upon the sales and marketing foundation that’s been established to meet growing demand.
Blustream’s platform collects usage, environment, and performance analytics for brands and delivers automated education, alerts, and purchase recommendations to its end-users. While there used to be no value-added connection back to a brand that sold the physical good, our platform lets them continuously engage with customers long after the sale, fueled by product usage data.
Our Product Journey Templates power the product-to-customer engagement experience and allow companies to continuously provide recommendations to customers. Real-world data is monitored to trigger actions in the customer-product relationship at exactly the right time. These data points then become actionable insights to power this digital transformation creating an entirely new level of customer experience and business value to Blustream’s customers.
Blustream’s Story: How We Are Solving An Unmet Need
Numbers show there are billions of IoT devices deployed, with 40 billion expected to circulate by 2025, yet only three percent of the data is being analyzed for businesses. That leaves 97 percent of this useful data untouched because product manufacturers and brands lack the knowledge or technical ability to mine the insights that could become a sustainable competitive advantage. Blustream is leading the market in the physical products category.
- Lack of Data - The current landscape of customer experience platforms is missing product usage data. Brands have lacked the ability to collect product intelligence to see how their products are being used in their customer’s hands. Blustream looks to continue a newly connected channel, enabling brands to ingest the data and in turn, create the right recommendation at the right time, building trust and a customer experience like no other. The product usage data tells the brand what the product needs, when it needs it, so the brand can create an ongoing value-added connection to their customers long after the sale.
- Brands are in Trouble - eCommerce platforms commoditize and compete with leading brands. Physical goods brands are playing in an arena filled with competitors vying for the same consumer. Not to mention the eCommerce heavy hitters have their own white-label products to compete against (think Amazon-owned, private-labeled paper towels). Further, given world events, the entire retail distribution channel is in trouble. With this ongoing trajectory, Blustream aims to catalyze the need for digital transformation in the retail space.
- Untapped Product Lifecycle Care - The Blustream innovation shows how real-world data is a trigger for action. It’s a simple, workflow engine approach enabling Product and Marketing Managers to quickly set up recommendations to their product owner customers at precisely the right times in the product’s lifecycle. Product lifecycle care then provides the data into an ongoing knowledge base of product intelligence so brands can create an ongoing excellent customer experience. Blustream’s innovative product journey approach allows companies to set up executable templates along the continuum of customer onboarding– enjoying–maintaining products.
What this recent funding validates is this is a noble technology. Our value prop is addressing post-purchase product needs, taking the consumer experience into greater consideration. This enhanced experience and new way of engagement allow brands to improve retention, increase sales, lower churn rates, and drive loyal advocates.
The hope moving forward is for manufacturers and retailers to recognize that the common denominator between their brand and customer is the product itself. If we can expand this realization, we’ll help brands in solidifying long-lasting relationships with their customers. This next-generation customer experience powered by product usage data is the name of the game.
In short, we are supercharging brands with product usage data.
Schedule a Blustream demo to see how we are bridging the current customer experience gap and powering the brand-customer relationship with product usage data today.