🤝 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
