Archive for March 2007

We’re not pre-revenue anymore!!!

We received a check in the mail today for $15.50 from one of our merchant partners for a couple purchases one of our beta testers made through our iBakeSale program last month. The good news is that we now have a top line (i.e. revenues). The bad part is that it takes about 30 days to receive payment for our ad services. I only hope that the check clears when I deposit it into tour bank account. In other good news, this modest payment proves that our technology actually works and that we can track consumer purchases at our merchants and credit their reward accounts with the cash-back rebates. A definite plus, since we’ve been telling people about this program for about two months now. JT

Building our network with LinkedIn…

When we started OnCard Marketing a few months ago, Seth and I were fresh out of Citigroup with a list of contacts that consisted mostly of friends and fellow financial services professionals. We absolutely had scarce few people we knew in media, advertising, non-profits, publishing, PR, law, accounting, etc. However, we realized very quickly how important networking was to reach the right people we would need to help grow our business. One of my friends suggested LinkedIn to me back in July. I had never heard of it but quickly found out that it was a rapidly growing professional social network or people in business spanning lots of different industries. It was free to sign up, so Seth and I joined the network. We started building our network with friends who were already using LinkedIn and gradually expanded it to business contacts and then even to prospective business partners, new recruits, vendors, etc. It has absolutely been an invaluable tool for us as we constantly look to expand our network and bring the best talent to our company that can help us grow. I have to believe most entrepreneurs would have to agree.Bottom Line: If you’re just starting out as an entrepreneur, joining LinkedIn is a must. It’s free and will help you get in touch with many people who can help your business. You can sign-up at http://www.linkedin.com JT

Selling merchant clients…

So Seth and I are starting to sell merchants on the merits of our first consumer rewards program, iBakeSale, which is currently under development. There are so many. We’ve created lists upon lists of merchants that we want in the program. Given our target demographic is mainly women, many of whom are moms, we focused our attention on female-focused merchants. The good news is that we are starting to get some interest. It will probably be a tough sell, given our program is not functional yet, but we are hopeful that the whole pay-per-sale thing will entice merchants to participate given it is practically risk-free. They only pay us when we generate sales for them. Who wouldn’t like that?!?! Well, Seth will be heading up this initiative because there is technology integration that needs to happen with each merchant and will have an impact on operations. Given Seth has headed up operations and technology, he’s going to head this up to make sure that the processes we develop right now will be sufficient to scale with the business as we get more consumers spending through our site. In business, as in cooking, too many cooks in the kitchen spoil the broth… I will continue to reach out to media companies and charity organizations to pitch our white-labeled rewards programs to them. More updates later… JT