KraftCPAs adds owner

Industry veteran arrives from Fox, Kolb & Associates
Jul 23, 2014 10:44 AM
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Aegis Health Group names CIO

Former Emdeon VP to lead IT development
Jul 23, 2014 7:04 AM

Noted tech attorney moves to Frost Brown Todd

Film Festival president spent three years at Dickinson Wright
Jul 23, 2014 6:58 AM
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On the Move: 24 July 2014

Avondale, Convention Center Authority, Corsair, Vanderbilt announce updates
Jul 22, 2014 7:00 AM

Q&A: Spring's Jonathan Dyke

Jonathan Dyke is the Nashville-based co-founder and executive chairman of Spring Marketplace Inc., a Chicago-based digital marketing company whose Spring Rewards subscriber shopping service launched in late 2013 (it began in Nashville in May) and is preparing to establish a presence in 10 more markets in 2015.

Dyke, a former chief operating office Edo Interactive COO, oversees the company’s Southeast region office, located at the Woodmont Center at Harding Pike and Woodmont Boulevard. He cofounded Spring with Bruce Mitchell, who runs the Chicago office.

Post Managing Editor William Williams recently chatted briefly with Dyke.


You already have 60 Nashville locations and what you say is consumer spending in the market of more than $1 million. What are your target numbers in, say, five years? 

[We expect there will be] over 300 high-quality establishments in the Nashville area that will see value in joining the Spring Network within the next three years. Consumer spending across the Spring Network in Nashville will be over $50 million, which will be the largest digital consumer audience in Nashville. Access to this size of audience, with this level of spending, clearly represents a significant opportunity for local businesses to acquire new customers and grow their revenue.

You note that revenue at your clients’ companies is expected to increase about 20 percent annually. Thoughts? 

For clients using the Spring marketing platform [since the company launched last November], we typically see 20 percent revenue growth in their business after six months. Spring designs and launches a "rewards program" for the business that encourages their customers to come back more often — for example, "spend $200 and get $15 back.” This increase in revenue is seen as an increase in visits and spend per visit, which increases the overall average ticket for our client. 

For example, when a Spring client begins working with us, we benchmark their average ticket. Let’s say it is $20. Because we track every transaction from their "member" visits, we can show "lift" because their customers who are members are coming back more often and they spend more each visit. In this case, the member average ticket grows to $25, which is over 20 percent revenue growth. 

How would you explain the "refer-a-friend" feature?

"Refer-a-friend" is a very powerful way for Spring clients to grow their business. Members of a client's rewards program can send an email or post on Facebook a "gift" ($10 for a visit) to their friends who are not members of that program. All the friend needs to do is enroll in the program and visit the business. Then they receive $10 in their credit/debit card account. The Spring client gets a new "member" from a high-value source that is a current customer — their friend. This feature is also a good way for businesses to use their social networks they have been building for years at no cost to the business — basically advertising on Facebook for free.

How did your work at Edo Interactive prepare you for this job?

Edo (stylized as edo) is a great company creating substantial value for large financial institutions and large merchants. At Edo, we were very early in connecting offers to consumers via a credit/debit cards. We all see opportunity to transform marketing by proving full attribution to advertisers and providing true ROI of their marketing spend.

Spring got a nice write-up in Crain’s Chicago Business (read here) this past January. How has that helped your company's visibility?

Good press always helps get the word out about how we create value for small and mid-size businesses. With Spring, our clients have the opportunity to grow their top line while creating a strategic marketing asset in the form of a customer database that provides powerful insights into their business. For example, they can see their top spenders as well as lapsed customers who need an incentive to come back and visit. The Spring team also runs your marketing for you so you can focus on running your business.
 

Jul 22, 2014 6:45 AM

Auto parts manufacturer CTP hires product management exec

Eaton veteran to oversee pricing, marketing, planning at company that moved HQ here in '11
Jul 21, 2014 7:11 AM

BRE adds Pacula as creative director

Black River Entertainment has hired Dave Pacula as creative director of BRE Publishing, musicrow.com reports. Pacula is a graduate of Vanderbilt University and holds an audio technology diploma from SAE Institute of Technology. Read more here.

Jul 18, 2014 12:05 PM

Local Nissan HR official promoted to Japan role

Automaker also elevates fellow VP to assume additional duties
Jul 18, 2014 10:21 AM

Campfield uses state-paid constituent communications on TV ads

The state gives legislators thousands of dollars each year to cover the costs of communicating with constituents, and Sen. Stacey Campfield is the first to use that money to air "legislative updates" on cable TV, the Knoxville News Sentinel reports.

The money — $6,832 annually for state senators and $2,016 for reps — is typically used on postage and printing costs. Lawmakers tend to stockpile those dollars and either use them on mailers shortly before the elections or transfer funds to fellow legislators. While the state prohibits lawmakers from including political references or postmarking the communications fewer than 30 days from the election, critics argue the communications give incumbents an edge over political challengers. The Dean has more on who gave, who received, and how sitting legislators are spending that money.

Jul 17, 2014 3:36 PM

MTSU adds vice provost to focus on retention, graduation

Exec has been at Central Missouri for more than two decades
Jul 17, 2014 1:06 PM