Crowdtwist is a social loyalty and rewards platform that uses game mechanics and virtual currency to activate the user base and makes it fun and engaging for users to engage with a brand.
Close on the heels of the Y Combinator Demo Day in Mountain View, California, the TechStars Network held their first New York City Demo Day on April 14. This is the first in a series of stories on four of the eleven startups that we considered especially interesting.
A challenge for loyalty marketers today is the inability to get an aggregate view of their base across all digital assets – and hence a myopic reward system that offers discounts or rewards for behavior on specific channels only and not across the entire digital eco-system – until now.
Crowdtwist is a social loyalty and rewards platform, launched by founders Irving Fain, Josh Bowen and Michael Montero in 2009. The platform uses game mechanics and virtual currency to activate the user base and makes it fun and engaging for users to engage with a brand. For example, each time a user deepens their engagement with a brand by “liking” the Facebook page, subscribing to the YouTube channel or subscribing to email on the website, they earn rewards points that can be redeemed to buy product later. They can also purchase virtual currency to earn rewards at a more accelerated pace. This drives a more meaningful understanding of the customer base by brands and also drives deeper, fun-filled engagement by users over time.
What makes Crowdtwist compelling for investors and brands goes beyond just the product. The startup also has a strong founding team that brings years of working at Clear Channels and MTV Networks to the table. What they have to say is clearly resonating with companies – Crowdtwist already boasts an impressive roster of clients like Live Nation, Sony Music and Zumiez.