Pass Privilege, a Charlotte-based software company, says that in some ways the down economy has helped its business selling applications that help keep current customers loyal.
“In this economic environment, it’s less expensive and more efficient to capture more revenue out of your existing customer base than acquire new ones,” says Brian Marvin, Pass Privilege president and chief executive officer.
“We’re doing well and have rather sizable deals in our pipeline that will set us apart.”
Pass Privilege helps companies keep customers by offering them loyalty points, dollars off, or rebates, “any type of currency that keeps consumers loyal to the brand,” Marvin says.
The company’s annual revenue is in the $2.5 million to $5 million range. It employs five people and out-sources tech work to about 12 more. The company has 2,000 square foot offices in Davidson.
Pass Privilege, founded in Chicago in 1993, moved its headquarters to Charlotte six years ago. Three years ago, it acquired another technology company, AwardTrack, from 24/7 Media of New York.
Marvin says the applications they acquired from AwardTrack were limited because they only tracked online consumer behavior. “We took the technology off the market and reengineered it to track both brand and product level consumer behavior both on and off line,” he adds.
The company sells a suite of three software packages priced from $25,000 to $250,000, aimed progressively at larger, more sophisticated users. Its clients include Pepsi, AT&T Wireless, Western Union and a large credit card company that serves seven Central and South American countries.
Marvin says he expects to see technology capital spending increase on by the second or third quarter next year. “People have to upgrade hardware, software, and systems in general.”
Marvin hints he thinks it could be a flood once it starts. “People have been putting off spending and there’s a lot of repressed marketing out there.”
Pass Privilege www.passprivilege.com