By Shafiq Mazlan, CMO
Wake Me Up When September Ends.
The song to sing every September, (in case you’re living under a rock, it’s a song by American rock band Green Day) especially now when times have been really busy for us. We only wish we could have more sleep! A lot has happened since our last newsletter and while it’s been tiring, we’re having a ball. Here’s what we’ve been up to!
5 for 52
We had our first-ever giveaway draw for the public in celebration of the country’s 52nd birthday, where every week we gave out $52 to one lucky participant. It was really fun to have been able to engage with so many new people, and meet all our winners who came down to the office. It definitely won’t be our last giveaway campaign, stay tuned for the next one!
We’ve had some pretty exciting collaborations with other startups lately, with 2 of the most recent ones being The Wellness Insider and Sluggr. We worked closely in coming up with enticing promotions for the people, and the Sluggr one is still ongoing as you read this! If you don’t already know, Sluggr is a subscription service where you get to have one free drink every day from a great selection of bars, for one whole month, at the price of just one drink! Create a Regit account and become a user, and we’ll give you a promo code that gives you a free one-month Sluggr subscription! Ask us to find out more.
Lee Kuan Yew Global Business Plan Competition 2017
The LKYGBPC was a monumental yet humbling experience for us, being shortlisted among 36 finalists from over 550 entries globally to attend an accelerator program and compete in this prestigious event. We’ve learned so much from this one-week affair that despite all the late nights we’ve had prior to and during this competition, it was worth all the experience, knowledge and insights we’ve gained. We hope to be a finalist again next year!
SLUSH Singapore 2017
We exhibited and pitched at the recent SLUSH Singapore 2017. The exhibition layout and space was really cool, and crowd traffic there was one of the highest we’ve ever had for an exhibition! What’s better was that we managed to make our way to be in the top 35 pitches too! Great event, hats off to SLUSH for organizing this.
Women In Tech Conference (Asia) 2017
Women In Tech took place on the next day right after SLUSH Singapore. Again this was another cool exhibition, and we’re all for celebrating the power of women! It was a pleasure to exhibit among the many other different startups and seeing all these brilliant and innovative ideas, knowing that behind all the greatness were women. Onward to seeing more women in the tech world!
What’s To Come…
We’ll keep it on the hush for now, but there will be an exciting contest coming up soon with a really attractive prize. Also, we’ll be doing more educational posts on our Facebook page and blog to guide users on how to use certain features in the Regit platform. As for new developments, keep your eyes peeled on our FB page ad blog for more news!
If It's Not Regit, It's Not Legit!
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By Cindy Nguyen, CEO, and Shafiq Mazlan, CMO, Regit
Many aspiring entrepreneurs ask us, “Should I exhibit?” or “What’s the point about exhibiting?” Last week we participated in Slush and Women in Tech, and we’d like to sum up our answer in 4 words to explain why.
Practice, exposure, networking, and luck.
Practice. Not sure if 8 hours of constantly trying different elevator pitches is your idea of practice, but it’s more boring when you say the same thing over and over again. You are meeting an array of people from VCs, to angels, to potential clients - why use the same script? When exhibiting and someone comes to ask you, “what do you do?”, it’s your time to shine. Make yourself prepared and practice 100 versions of what your business does and know how to cater it to your target audience.
Exposure. Whether you like it or not, you will get noticed. Exhibitions are a great way to spread the word of what you are up to, it’s great PR. In the sea of thousands of attendees, you never know who is listening. Bring on your best game and embrace it!
Networking. Talk to everyone, make friends or foe - either way you are at this place to create buzz and generate new business leads. Depending on objective, make every minute count and talk away.
Luck. If all the above aligns and with a mix of luck, you may find the right investor that will open his/her pocket. It’s not every day you will have all VCs 100 metres away from or right beside you.
As the saying goes, you miss 100% of the shots you don’t take. Go out there, put in some grind and hustle, and you might just find the answer yourself.
Here are some snaps we took from Slush and Women In Tech:
By Shafiq Mazlan, CMO
“Lee Kuan Yew Global Business Plan Competition” – A competition bearing the name of Singapore’s founding father; sounds like a pretty big deal huh? That was the exact first thought I had upon finding out about this competition, and soon enough I found out how big of a deal it really was. With over 1 million dollars’ worth of cash and investment prizes to be won, big name investment firms as major sponsors, and all foreign finalists flown here on an all-expenses paid trip; this competition was nothing short of big. Of course we applied for it immediately.
A few weeks went by, and we were thrilled to have been notified as a shortlisted finalist among the top 36 teams from over 550 applicants worldwide. Wow. Being selected as a finalist in this competition and acceleration programme itself was a great honour for us. Upon the news, over the next few weeks we started working on creating and perfecting a 10-minute pitch for this competition, with little knowledge of what to expect. The day finally came, and what went on for the whole week from 11th to 15th September was a truly humbling and insightful experience for us.
The first few days of the acceleration programme prior to the day of the pitch was a fresh breath of enlightenment. We attended talks from various visionary and experienced individuals, ranging from the founders of highly successful companies to industry leaders who gave us masterclasses on vital entrepreneurial skills. Besides the highly enriching talks, each team was paired with an industry-related mentor, and we were lucky to be paired with Sandip Gupta, vice president of cloud business in SingTel. With his incredible experience and knowledge, Sandip was a brilliant mentor, giving us invaluable advice not just for the pitch competition but also for our startup journey as well. He was truly a knowledgeable yet humble man, giving us critical input and motivation to do well, guiding us wholeheartedly as if he has been our long-time mentor since our inception. He paved the way for substantial improvements in our pitch, and even helped us make a critical decision of cutting down to 2 presenters for our pitch, as opposed to our original plan of 3.
On the day of the pitch itself, everyone in the team was highly nervous, hoping that the late nights we’ve put in prior to this day would pay off in the form of the cash prizes that were up for grabs. It was funny how even though I wasn’t presenting, I was still nervous and kept pacing back and forth outside the room full of judges and investors. After a nerve-wrecking wait, it was finally our turn. All the days of preparation and practice boiled down to that very brief 10 minutes. Looking at my fellow teammates pitch to the audience made me feel so proud of everything we’ve done that has led up to this. As usual, questions and answers followed, and we gave the judges our best replies. All in all, we left the room feeling really proud of ourselves knowing we did well.
Alas, the very next day was the day of results and everyone was eager to hear the good news. Unfortunately, our team was not mentioned and we did not win. Despite the slight disappointment, we were not thwarted. At that point in time, we knew we had already done our best, and while we may not have won the cash prizes that we set out to win, we have gained so much more. It was the invaluable advices, lessons, and motivation we’ve gained that have made this a holistic yet humbling experience for us as a finalist in this prestigious competition. We definitely did not leave this event empty handed. We’ve earned some truly incredible takeaways, and were lucky to have forged friendships with some really brilliant minds from all over the world. The Lee Kuan Yew Global Business Plan Competition is surely something that we are all grateful for being a part of, and we would love to take part again next year should we be given the chance.
"Ambition is the path to success. Persistence is the vehicle you arrive in.” ~ Bill Bradley
This quote sums it up. Looking forward to our next journey!
By Shafiq Mazlan, CMO, and Cindy Nguyen, CEO, Regit
To acquire new customers or to retain existing customers – the “to be or not to be” question in business sales. While it may be an obvious answer for new businesses that have yet to establish a substantial customer base, this dilemma has been the topic of argument for businesses that have already grown their customer base significantly, but are seeking further growth in sales.
A quick look at statistics and studies will show that the cost of customer acquisition for businesses has been skyrocketing as time goes. The expense of acquiring new customers is 5 to 7 times costlier than retaining existing customers. While costly, customer acquisition is necessary for small and new businesses seeking growth.
The cost of a new customer is the cost incurred to acquire a new customer through marketing strategies such as advertising. These are customers that have not used the company’s products before; thus, increased efforts should be made to encourage them to purchase company’s products. One way of acquiring customers through advertising is by using Google AdWords.
There has been a trend of Google keywords increasing in prices from 2005 to present. The graph made below is derived from a data set of average PPC costs from 2005 to 2016.
How does Google estimate the minimum bids for keywords?
A keyword's minimum bid is determined by its Quality Score. The more relevant your keyword is to your landing page and to the ads in its ad group, the higher the keyword's Quality Score will be. This translates into a lower minimum bid for that keyword and lower costs for you.
Google uses the concept of QS to rate each campaign and those with higher Quality Scores get served more and pay less. Among the factors Google uses to compute this score are; a keyword's click-thru rate (CTR), the relevance of the keyword and ad text to its ad group, your landing page quality and other relevance factors.
Most Expensive Keywords in Google
The Cost per clicks of the abovementioned keywords range from $20 to $60, the top being Insurance at nearly $55 per click.
The Increase in Customer Acquisition Costs
With the increase of new entrants to various markets, both new and existing SMEs have been increasing marketing and advertising activity to stay ahead of the competition and to get noticed. Marketing and advertising being the main components of calculating the cost of acquiring customers, every year the cost of acquiring new customers have been seen to increase, on an average of 34% per year. This have been affecting SMEs as they are losing market share to their competitors as well as having to dealing with increased marketing and advertising cost.
Average Customer Acquisition Cost by Industry
Conclusion: Customer Acquisition or Customer Retention?
As mentioned before, with CAC increasing across all industries and it costs significantly more to acquire new customers compared to retaining existing ones, it is critical that companies place equal if not more emphasis on retaining existing customer than acquiring news ones.
Looking at customer retention, studies show that 4 to 5 times when a customer leaves, they will not return. Even if they return, 59% of them will be less loyal. This highlights the importance of customer retention, as the potential loss of sales from existing customers can be highly substantial.
Comparing the 2 choices, statistics show that the probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is 5-20%.
Weighing the results above, it makes sense for businesses (with an established customer base) to focus and invest more on customer retention, which is not only more economical, but statistically proven to work better in generating sales. It all boils down to two simple reasons why businesses should focus on retaining existing customers first. Firstly, retention is cheaper. Getting loyal customers to return and winning back lost customers costs lesser than acquiring new customers. Secondly, customer acquisition only works effectively after first having secured a solid retention of existing customers.
So how do you focus on solid retention then, you might ask? By creating trust – making relationships with customers more personal, establishing a brand community, and most importantly, generating repeat business with every customer interaction.
How then? The solution is Regit, your “forever customer” enabler. Regit enables the forever customer by promoting clean customer data. We do this by simplifying how customers exchange and update information with your business at inception and ongoing. We created a suite of common communication tools for businesses to interact with customers. These are called interactions and reflects how businesses currently collect and maintain information from customers. The platform will be simple to use with an intuitive interface, highly secure, and comply with personal data protection rules (i.e. PDPA and privacy rules).
At the core of Regit is the Regit handshake, which once approved, automatically notifies the business when the customer makes a change to a relevant piece of information. The handshake is bilateral and is only active once the customer agrees to the handshake. Regit places the ownership of customer’s information back in customer’s hands. They customers use it however they like.
With good customer data, businesses can better service their customers, create trust and increase customer retention. Customers on the other hand are happy because they get the service and convenience they want; a win-win for both! Hence, the question of “to be or not to be” to acquire new customers remains to be to spend or to retain, I’ll choose the latter which is Regit.
By Shafiq Mazlan, CMO
5 for 52 was a success! It’s been a good month-long campaign. We really enjoyed interacting with many different people over the past 5 weeks, from replying keen queries on knowing more about what Regit does to guiding new users on how to navigate around the platform, and the response received in number of entries for the draw was splendid.
Holding this draw provided us with some valuable lessons and insights. Firstly, the increase in new users allowed us to better monitor the use of our platform and learn more about which features were more commonly used. Secondly, the questions we received gave us a better insight into what people who weren’t familiar to Regit had queries about. Thirdly, from speaking to all the 5 winners who came down to our office to collect their prize money, it allowed us to find out more about our interested end users.
The support and engagement we’ve received from this draw made it an exciting experience for us, and we’re sure to conduct more engaging and attractive contests in the near future. It was our pleasure to celebrate Singapore’s birthday with you, and thank you for keeping it legit with Regit!
New feature alert!
Searched for your favourite business or organisation on www.regit.today but they're not there yet? Now you can add businesses on Regit! This creates a temporary profile for them which they can then claim to make it official. It's super simple, see for yourself in the video below!
Get your favourite doctor, gym, or any other business on board www.regit.today now!