Moving on to traditional customer surveys, InquireLabs wants to bring speed and scale to zero-party data, which is a beautiful way of telling the data that customers deliver accurately. to symptoms.
CEOs Matt Bahr and Curt Hasselschwert got the idea for the company in 2018 while helping e-commerce brands manage marketing attrition through “how did you hear about us?” questions after the purchase of the customer.
They spent the next two years with InquireLabs as a page-based platform, but when they started to see e-commerce platforms look at their reliance on third-page data, more more with web cookies, they begin to see some traction.
“I think people are really hungry for data,” Bahr told TechCrunch. “Historically, the brands we work with have a lot of trust in Facebook so they don’t have to know their customer well because Facebook is just going to give them the right customer information. With the elimination of third-party cookies, Apple has a harder time pulling changes and doing this kind of post-flywheel work.
That’s when Bahr and Hasselschwert started looking at consumer attrition. By 2021, the New York -based company has spent less than half a million dollars to expand its technology around allowing customers to ask more questions.
What they started to build became an Inquiry Stream product, which included timely delivery of queries, each served through programmable rules and context on the customer journey.
InquireLabs’ question engine decides when questions are asked based on changes. The technology detects what to ask from independent data sources such as email or phone number. This is an important R&D concept for the industry and one of the drivers is to go back before trading in different parts.
As Bahr explained, InquireLabs is uncoupling questions from each other that can be asked at a time, after the purchase. This is where he says the difference between his business and incumbent providers, such as Momentive / SurveyMonkey or Typeform, is that they focus heavily on research, while InquireLabs focuses on the use of Data analysis in real time. Typeform also received $ 135 million in new funding for its “conversational data collection”.
The company is working with about 2,000 signatures, including Allbirds, Figs and Skims, and caught over 30 million responses last year, with more than enough to complete. of research over 50%, Bahr said is a bit different from fellow InquireLabs, where the average response is. a 10%.
Asked how the organization was able to get such an answer, Bahr explained that the main reason InquireLabs provides context with the questions asked, leads to a higher level of privacy.
“Based on our data, we know it’s annoying to answer some questions, so we don’t ask those questions because we know they won’t answer,” he said. “The idea is to build the world on who the customer is and what we want to teach them. This is different from the research side where they look at problems and then we water the customer.
Those responses are linked to information that customers can access from their dashboard and can use that information in their retail store to send unique emails that better reflect the brand.
Originally available to Shopify brands, InquireLabs has started getting inbound applications from new verticals, such as mobile apps, insurance and fintech, so it has started its beta software development program to expand new verticals, created by $ 4.5 million in revenue money.
The tour was led by True Ventures, with participation from V1.VC, FiDi Ventures, Hawke Ventures, Silicon Ventures and a group of angel investors including Chubbies founders, Ted Wang, Harris Barton, Daphne Carmeli and Casey Armstrong.
Bahr expects to spend most of the money on investment, which is important to improve the company’s technology and product aspects. InquireLabs, a two -member company since last July, has doubled its revenue in the past 12 months, Bahr said, adding that he is ready to “put some gas on fire.”
“Because of the amount of work we’re doing, we’re excited to expand the engineering side of the business and continue to innovate in that area,” he said. “Our roadmap will take a year longer than we would like to do with the Question stream. Also, the more powerful our internal questionnaire, the better. That’s what it is. we look forward to next year. “