Build With Tech
🤝 Join the Build with Tech community to connect with innovators like Michael: https://skool.com/build-with-tech/about Dive deep into the world of loyalty marketing technology with Michael Hemsey, President and CEO of Tricycle Marketing. In this hour-long episode of the Build with Tech podcast, Michael shares his 25-year journey through the loyalty industry, from agency executive to tech entrepreneur, revealing how he's transforming the landscape with innovative solutions. Key highlights: 📈 Career Evolution: Michael's progression through ESC Loyalty, TSYS, Kobie Marketing, and Merkle The transition from running agencies to co-owning Tricycle Marketing 🔄 Tricycle Marketing's Transformation: Acquiring a healthcare-focused agency and pivoting to loyalty tech Developing a cutting-edge loyalty platform from existing assets 💡 Innovative Approach to Loyalty Programs: Design philosophy: "Never need us again" Fixed-fee pricing model regardless of database size Option for clients to purchase source code and self-innovate 📊 Business Strategy: Patient development approach without outside investment Leveraging existing client relationships for new product feedback Balancing profitability of studios division with tech R&D 🏆 Market Differentiation: Contrast with traditional agency models (retainers, change fees, etc.) Focus on empowering clients rather than creating dependence 🔬 Technology Insights: Integration with AI and machine learning for real-time decision-making Use of AI for translation services in multi-language platforms 🎓 Entrepreneurship Lessons: Importance of clear design tenets in guiding business decisions Being "uncomfortably patient" in the sales and development process The "Johnny Appleseed" approach to business growth 🧘♂️ Personal Insights: Michael's writing hobby and use of digital note-taking tools Unwinding techniques: walking his French bulldog, cooking, enjoying wine 📚 Books and media mentioned: Atlas Shrugged by Ayn Rand Jack Reacher series by Lee Child Still Life with Woodpecker by Tom Robbins 🛠️ Tools discussed: Remarkable tablet for digital note-taking GoodNotes app (mentioned by the host) 🔗 Connect with Michael: LinkedIn: / michaelhemsey Tricycle Marketing: https://tricyclemarketing.com Don't miss this in-depth conversation on the future of loyalty tech, innovative business strategies, and the challenges of entrepreneurship. Whether you're a marketing professional, tech entrepreneur, or business leader, this episode offers valuable insights into building and scaling a tech-enabled enterprise. Subscribe to the Build with Tech podcast for more inspiring stories from industry innovators! 🎧💼🚀 00:00 Introduction and Welcome 00:06 Guest Introduction: Michael Hemsey 00:49 Michael's Career Journey 02:57 The Decision to Join Tricycle Marketing 05:42 Partnership and Trust 08:59 Building and Refining the Platform 18:10 Understanding Loyalty Programs 22:10 Leveraging Existing Relationships 26:08 Funding and Resource Allocation 27:02 Splitting P&L and Financial Strategy 27:51 Challenges and Anxiety in Development 29:05 Unique Commercial Approach 32:51 Customer Lifetime Value and Scalability 39:07 Leveraging AI and Machine Learning 41:04 Future Vision and Personal Insights 42:21 Personal Hobbies and Writing 48:39 Advice for Entrepreneurs 50:23 Conclusion and Final Thoughts
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