CashStar’s David D. Stone Named MaineBiz 2012 Leader of the Year

Last Updated: August 5, 2020By Admin

MaineBiz recognizes David D. Stone, CEO and co-founder of Portland-based CashStar, as a 2012 Leader of the Year for driving innovation in digital gifting, expanding a booming Maine business and fostering local economic growth. The honor of Business Leader of the Year marks Stone as a Maine executive who successfully grew his company, and in this case, an industry, taking Maine’s economy along with him.

“As we continue to lead change in the $110 billion GiftCard industry, CashStar is proud of our team and customers for helping Portland to become the epicenter of digital gifting”

“As we continue to lead change in the $110 billion GiftCard industry, CashStar is proud of our team and customers for helping Portland to become the epicenter of digital gifting,” said David D. Stone. “Maine has been the foundation for us to build a great team. We have relied on the loyal and passionate local talent residing here in the Maine community to grow and plan to continue to do so in the months and years to come.”

From its launch, CashStar has leveraged Portland’s local professionals to help expand the business to more than 75 employees, with plans to further expand this year. Since pioneering the eGift Card industry in 2008, CashStar now serves more than 250 marquee retail brands and grew over 400 percent year-over-year in 2011.

Retail brands leverage CashStar to easily and securely integrate digital gifting strategies into their B2B and B2C marketing and engagement offerings to increase sales and customer loyalty. CashStar offers consumers and business executives unmatched personalized digital gifting experience via e-mail, mobile and social channels.

Source: Business Wire

latest video

news via inbox

Nulla turp dis cursus. Integer liberos euismod pretium faucibua

To achieve better sales and profits, most companies could be doing more to cultivate business from their existing customers. However, enthusiasm for customer-retaining strategies must not endanger sound customer-getting efforts. How companies balance the two is the big question. To intensify reaching old customers while still seeking new ones, for many firms, will mean changes in market analysis, planning systems, management incentives, and marketing and/or operations organization. In the rush toward growth, consumer marketers have tended to regard success as stemming from obtaining new customers while unwittingly minimizing the importance of satisfying old ones. It is time for more companies to distinguish between their getting and retaining functions, to assess the balance between them, and to remedy any deficiencies in customer retention. This process requires management to value the potential of current customers and to treat them in special ways to get them to keep coming back. Several major elements should be part of the new marketing mix for customer retention: Product extras Keeping customers frequently requires giving them more than the basic product that initially attracted them. Product extras for individual customers over time can play a sales-expansive role. Reinforcing promotions Product promotion works better when aimed at existing customers. If a marketer knows who these customers are, benefits can be obtained by giving them reinforcing communications. Sales force connections The sales force can play a decisive role in the customer-retention function. At a retail or service counter the salesperson is the focal point of the company's strategy and is the firm to the customer. Post-purchase communication A company must anticipate that some customers will encounter either minor or serious problems after purchasing. If the firm is not ready to hear and correct these difficulties, the customer may not repurchase or may cancel the the relationship. Whether company or customer is at fault, standby post-purchase activities can be instrumental in saving these customers.

you might also like

lets see