SMEs are considered to be the backbone of an economy. These companies represent an essential source of economic growth, dynamic and flexibility of U.S. The main argument for this is that SMEs are the dominant form of business organization, representing roughly 95 – 99% of all companies. Small enterprises are very important in promoting competitiveness and to bring new products or Technics to the market. Source: https://www.commerce.gov/news/blog/2015/01/data-snapshot-how-much-do-small-and-medium-sized-businesses-contribute-us-exports
A Facebook case study shows that adding user-generated content to Facebook Ads increases click-through rate by 300%, and cuts both cost-per-click and cost-per-acquisition costs by 50%. (http://www.cpcstrategy.com/blog/2016/09/user-generated-content-campaigns/). Such SMEs and even the large retailers understand the power of customer feedback and are leveraging user-generated content to drive engagement and increase conversions. Consumers today are completely ignoring the staged ads. This is causing businesses to depend on their happy customers to market their brands. User-generated contents like reviews and feedback also provide social proof to businesses which lead to more clicks and increase the value of the brands. Considering the values of consumer data, businesses are more likely to take a chance on a start-up that promotes data collection, user engagement, and incentive programs.
Ravent’s platform aligns businesses with consumers, allowing businesses to direct their products and services to a particular demographic reaching their desired consumer base that would positively impact their businesses.