We get asked these questions a lot: “How does Formaloo analyze their own clients? How does Formaloo use Formaloo to increase revenue and monthly active users?”
Our goal here is to explain how we analyze our customers’ behaviors, study their traits, and increase our customer engagement, our monthly active users, and our monthly recurring revenue. We’ll highlight our challenges and explain how we overcame them using our own solutions in order to grow faster.
Here’s Formaloo’s dashboard. We’ve hashed out some sensitive information such as the contact info of our clients. Below, we’ll explore each section in a bit more detail.
Following we have described the challenges we faced during our journey so far, and the solutions we developed to overcome them.
How can we generate leads?
You have tested your pilot with your network and now you’re looking for more customers. At this stage generating leads could be a daunting task.
Knowing that the most optimum way to generate leads is through online forms, we developed no-code forms as a solution. A no-code framework is a platform that uses a visual development interface to enable non-technical users to build applications by dragging and dropping software components to create a full app. Later we provided this platform as a fabulous solution to our customers.
As a result of our no-code forms (which we called smart forms), we could build any type of form and use it on any platform to generate leads. For example, newsletter subscriptions, automatic chatbots, feedback surveys, contact forms, etc. So we started communicating more actively with our network and asked them to keep in touch with us through the right optimized forms we had curated for them.
How can we grow our monthly active users (MAU)?
Growing monthly active users is a very crucial task in the lifetime of every startup. At Formaloo, we developed a gamification system that encourages our customers to be more engaged within our system. This system analyzes customers and utilizes AI to evaluate the loyalty level of each customer. In other words, every customer has a health score that indicates their loyalty. Additionally, this gamification system encourages our customers to keep engaged in the system and as a result, the MAU rate increases.
Today, you too can use Formaloo’s gamification system to build customer loyalty, increase the lifetime value of your customers, and grow your monthly active users.
How can we increase our monthly recurring revenue (MRR)?
Here we get to the ultimate goal of every business: increasing the monthly recurring revenue. The MRR is a very important indicator of business growth.
Our customer analytics platform showed us why and how our customers are using Formaloo. This helped us make effective decisions on which features to provide and which to forget about. Therefore we knew what features are most valuable to our customers that they are willing to pay for. Having a deeper level of customer insights, we shifted our focus to our most effective assets.
We recognized that in a world where businesses compete and grow based on their data, less than 0.1% of businesses benefit from their own data. Formaloo’s success is highly bound to the success of its customers. Therefore, we provided our customer analytics solutions to our customers to empower them with high-quality insights that help them grow continuously.
Which customers should we focus on?
At Formaloo, we used AI to optimize our customer segmentation. Therefore, using our customer analytics solutions, we understood the industries, and size of businesses our marketing team should focus on. Also, we received valuable insights on the recency, frequency, and monetary value of each customer.
As mentioned, Formaloo automatically segments our clients. Also, our marketing team reviews customer segments and optimizes them based on their experience. Using the automatic and manual segmentations continuously, our marketing team knows which customer segments to focus on and how to improve their experience when they are using Formaloo.
How should we analyze our customers on multiple platforms effectively?
Customer data should be easy to understand, otherwise, it’s useless. Problem is, keeping up with every customer touchpoint in every channel is a challenging job. Departments and employees usually either make dataless decisions or waste time gathering data from different channels to understand customers.
We developed the customer data platform (CDP) solution to roll up all of our features. Formaloo CDP connects to every platform that you choose to collect customer data. For example, you can connect Formaloo CDP to your Shopify website, your CRM, and your advertising platform. As a result, Formaloo will collect data from all those platforms, analyze them, and give you insightful actions you can take to build customer loyalty, grow your monthly active customers and increase revenue.
Our single view of customers shows every collectable cleaned data of each customer. Therefore every customer information is at the tip of your finger, so you spend less time digging around and more time doing what’s important.
In this article, we explained how we at Formaloo use our own solutions to build customer loyalty, increase revenue, and grow our business. We described the challenges we faced along the way and how we solved them. You too can use Formaloo solutions to increase revenue and grow your business. It’s easy to start. Just sign up at formaloo.com and import your customers/integrate your platforms at Formaloo CDP or you can simply request a demo.