Matt Doka, co-founder and CTO of Five Stars, shares the story of how Five Stars started and the importance of loyalty programs for small businesses. He discusses the shift from just having a loyalty program to creating a comprehensive life cycle communication platform that turns transactions into relationships. Matt emphasizes the effectiveness of text and mobile push notifications compared to email and the importance of choosing the right partners in the industry. He also provides advice for small restaurant owners and encourages them to leverage their partners to grow their businesses.

Keywords
loyalty programs, small businesses, life cycle communication, text notifications, mobile push notifications, email marketing, customer engagement, partnerships

Takeaways
Loyalty programs are important for small businesses as they help turn transactions into relationships and increase revenue.
A comprehensive life cycle communication platform that includes text and mobile push notifications is more effective than just having a loyalty program.
Choosing the right partners, such as payment processors and marketing providers, is crucial for the success of a small business.
Text and mobile push notifications have higher conversion rates compared to email.
Small restaurant owners should ask questions and leverage their partners to get the most value out of their marketing efforts.


Chapters
00:00 - Introduction and Background of Five Stars
05:13 - Observing Problems with Small Businesses
08:34 - The Importance of Loyalty Programs and Life Cycle Communication
10:34 - The Effectiveness of Text and Mobile Push Notifications
13:25 - Testing and Learnings in Communication Strategies
21:30 - Advice for Small Restaurant Owners