After six years of research, development, beta testing and data gathering, a new marketing tool that promises to reimagine customer behavior and retention has officially launched.
Quincy-based Epicenter Experience on Wednesday announced that companies nationwide can now subscribe to receive consumer behavior data gathered through The People Platform, which uses mobile location data and user surveys to analyze consumer trends. The company is calling this subscription its Behavioral Intelligence Solution.
“There is a massive gap in our world, which is we have forgotten that the consumer is actually the driving force behind the economy,” said Paul Krasinski, co-founder and CEO of Epicenter Experience.
Around $15 trillion is spent every year by consumers, which makes up 70% of the GDP, Krasinski said, citing data from the Bureau of Economic Analysis. Yet in Epicenter Experience’s research, most companies said they didn’t have the tools or processes to connect directly with consumers.
Epicenter Experience was founded in 2016 with backing from investors like John W. Thompson, then-chair of Microsoft; Sean Moran, former head of ad solutions at Viacom; and Chris Wilson, vice president at Bank of America. The company did a convertible note round and a “small” Series A round, Krasinski said, and reached profitability in 2021.
When consumers enter a physical location, such as a retail store, The People Platform asks them to share information about their purchases, experience and buying behavior. Consumers are invited to opt in through the platform’s mobile app or through banners on websites they frequent. Krasinski said that while the platform initially finds consumers through mobile location data, it can use IP addresses and device information to learn about a consumer’s online behavior.
As of early 2022, the company said it was observing 300 million devices monthly across the U.S. and Canada.
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For their participation, consumers earn digital gift cards to companies like Starbucks or Amazon. They can also donate their rewards to a nonprofit.
“The beauty of it is they have the opportunity to opt in and voluntarily share. They can share demographic information. They can share their experience in a store,” Krasinski said. “They can articulate the sequence of visits. So, what auto dealerships did I go to over a period of time? What were the behaviors that influenced me to make a purchase?”
Krasinski sees The People Platform as benefiting both companies and consumers. Companies can access data that helps them improve customer acquisition and retention — without a large analytics team. Consumers receive financial rewards for participation and can drive their experiences with brands.
“If you look at the traditional advertising, customer acquisition, bombardment of advertisements, that discounts the relationship with the consumer,” Krasinski said. “What we’re saying is, lower the costs of acquisition and retention by simply giving the consumer value on a regular basis, and that’s how you’ll retain them. But more importantly, you’ll see higher profits, higher revenue for your business.”
Epicenter Experience has around 25 employees, half of which are in the Greater Boston area. Others work remotely from around the U.S. Krasinski said the company moved its office during the pandemic from Boston's Seaport District to Quincy, which is an economic empowerment zone.
Krasinski said Epicenter Experience already works with more than 40 companies across 13 industries, including movie theaters, airports, sports venues and restaurants. Its top-line revenue has increased four-fold over the last year, Krasinski said, and they’re planning for continued growth after this launch.
After six years, Krasinski said they’ve shown that The People Platform works. Now, it’s time to imagine how wide its applications could be.
“If [the company] could do that, can’t they monitor disease populations around the world? Couldn’t they look at understanding and better informing call centers around the world?” he said. “I think this is that moment.”
