Signpost has designed a service to help small and medium-sized businesses attract and retain customers. It just raised $52 million to expand it.
"It was super-complicated and a total waste of money," Wall said.
People don't often leave reviews of businesses unless they're particularly motivated to do so — they had awful or extraordinarily good experience; they're family members or friends with the owner; or they own a rival business. In part, that's because it can be difficult. The customer has to seek out a review site and then find the business on the site. But Signpost has found that consumers are much more likely to leave a review if it makes the process easier for them.
On the flip side, Signpost tries to head off customers from leaving negative reviews on such sites. When customers respond to the initial feedback email by saying they've had bad experiences, Signpost directs them back to the companies with which they interacted, so that the business owners can try to address what went wrong in private before the consumers post negative reviews.
Founded in 2010, Signpost has accumulated a massive database of consumers — some 70 million. It doesn't allow clients to view or market to their competitors' customers, Wall said. But they can benefit from that huge trove in other ways. A business may only have a customer's name from a transaction.
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