Retain.ai is the platform that offers enterprises a comprehensive view of customer engagement around different processes, apps, and teams. If the latest reports are anything to go by, it has now raised $23 million in the funding round that got led by Emergence Capital. It has done so with Baseline Ventures, Afore Capital, and Upside Partnership participation.
The new funding has got used to support growth and over double the workforce of Retain.ai in 2021. CEO and co-founder Eric Chernoff stated that the round brings the company’s total raised to over $27 million up until now.
With the establishment’s growth, it becomes difficult to understand how its divisions now serve customers. That has also contributed to investing much effort in the wrong customers or not in the right consumers.
Now Retain.ai focuses on automating its process. What they intend to do is to offer a customer data breakdown. This platform works with browser-based apps to create better customer engagement. It also intends to offer customer-facing teams & managers measurements of the internal process efficacy.
The former employee of LiveRamp stated that Retain could deliver a flexible and trustworthy system. It helps identify and share habits, driving customer retention & revenue.
How it unifies customer data?
At the setup, admins who use Retain can create an “allow list” of web pages, apps, and attributes to get data and process effective workflows. Customers download the browser extension & then Retain simply computes and collects session data.
That includes page URLs, start & end times, process categories, page attributes, etc. The platform can convert the data into actionable information through summarizations and visualizations, offering the source of truth for the team, app interactions, and customers around the company.
As per Chernoff, Retain answers all questions pertaining to the RoI relative to customer spending. That might get used for creating newer revenue centers for customer success. Since Retain captures engagement time on accounts, organizations can leverage it to upsell service contracts.
Retain offers visibility into customer relationships and acts as the early warning sign for churn. Companies that use it for creating relationship scorecards can get multiple benefits. They enable them to monitor communications & course-correct when and if required.
Chernoff also added that Retain assists different companies in comprehending their overall cost-to-serve customers via insights on efforts as well as activities. Maximum leaders struggle to focus on high-value processes & customers. They do not understand how to remedy the scenarios.
Professionals working on data connectivity can grab a wonderful opportunity and apply the techniques associated with adtech. It helps organizations understand whether their investment in customer success is beneficial to the bottom line or not.
Retain now aims to be the next generation of user experience data, thereby replacing the spliced-together self-reporting data & lengthy consulting services. Let’s see what the future holds for Retain.