Ask nearly any business what their most profitable source of customer acquisition is and chances are most will say referrals from their existing customer base. When you ask how many referrals they get or how they administer their referral program, most will say that they don’t really know and they either don’t have a formal referral program in place or they’ve patched something together in house, but don’t trust the accuracy. For all of the marketing innovation to-date in search, email and automation, referral marketing software is still in its earliest days. Given the value referral programs have for businesses and the historic lack of adequate software available to optimize the process, we at Arthur Ventures think it is really hard to look out ten years from now and not see this as a highly valuable category.
Enter our investment in Ambassador. Ambassador’s referral automation platform gives any company the tools to turbo-charge their referral program, turning their customers into powerful online brand Ambassadors. The platform enables its customers to easily build campaigns, integrate with their favorite third party applications, promote campaigns, manage their brand ambassadors and automate any payouts due.
Where many startups have tried to attack this market selling lightweight referral widgets to other startups, Ambassador has built a comprehensive and flexible platform that is powering large-scale referral marketing campaigns for some of the biggest brands in the world.
Ambassador is led by founder Jeff Epstein and is based out of Detroit. Jeff is exactly the type of entrepreneur we love to back. He is completely obsessed with having the best product in market and had surrounded himself with a great team. Jeff’s thoughtful approach to building the business has positioned the company with the right product in the right market with the right team at what we believe is the right time.
We also strongly believe there is no better place to build Ambassador than Detroit. Its an impressive tech scene that is filled with a ton of smart, hard working people that feel like they have something to prove.
Welcome aboard Jeff & team!