In the absence of innovation, these channels have become more important to companies’ customer acquisition success, customer loyalty, and driving revenue growth. To deal with the accelerating change in the landscape and the exponential growth of data, marketers and sales professionals require a marketing platform that helps find future customers. The platform must help build, sustain, and grow relationships with buyers over time while able to cope with the pace and complexity of engaging with customers in real-time across the Internet, email, social media, online and offline events, video, e-commerce storefronts, mobile devices, and a variety of other channels.As importantly, these professionals need coherent and actionable data and analytic insight to understand where to allocate their budgets for maximum return.
Today, marketing has slowly become dynamic as the need to interact seamlessly with customers across multiple fast moving digital channels has increased. Legacy based CRMs traditionally help to digitize marketing and sales professionals’ contacts for traditional marketing practices, which focus on supply advertising products’ or services.’ But they are in the present times unable to keep pace with the needs of marketers, who understand the importance of providing buyers with the right information and the right messages in the right format at the right time.
IDInteract’s SaaS Demand Exchange platform removes the need for marketers to utilize multiple solutions by unifying many functions into one easy to use platform
While companies were looking for such a platform, there emerged a software startup named IDInteract founded in Seattle but developed in Detroit (that's right Detroit) that promised to solve this mammoth problem. Waking up from stealth mode in early 2012 the company set out about its mission and has caught the attention of many. The company has created such a big impact that Gartner has selected it as one of the 2013 Coolest Vendors and the company has also won Red Herring’s 100 Global Big Data and Analytics Award.
It’s Not Just About The Analytics, It’s About What You Do With It The reason for so much success is the disruptive tech platform that the company has engineered called the Demand Exchange™. IDInteract was founded by Matthew Standish who currently serves as its Chairman and CEO. The company has created the Demand Exchange™ platform to go beyond marketing automation.
Digital Body Language. IDInteract’s Personas are continually updated so marketers can reliably identify, segment, and interact with as many qualified prospects based on their propensity to buy, and their revenue potential. Demand Exchange helps users visualize the demand curves of their business while segmenting and recommending qualified prospects for automatic delivery of offers and information through social media direct messages, wall posts, tweets, or existing email systems.
Engaging Potential CustomersIDInteract’s SaaS Demand Exchange™ platform removes the need for marketers to utilize multiple solutions by unifying many functions into one easy to use platform. Demand Exchange is a high velocity, low inertia product requiring little to no IT department involvement for set up or maintenance. The platform contains six proprietary “engines” and a Persona identity database that operates as a fully integrated stack across: Management, IDSearch, IDAnalytics, IDOffer, IDPersona, and IDIntent. Demand Exchange™ incorporates available data about clients’ customers in real time to increase ROI and customer interaction based on by better targeting offers and messages.
Demand Exchange identifies individual, group, event, and community customer demand signals in real time using data from the leading social media channels, client mobile applications, and client CRM systems to create highly contextual consumer profiles called Personas. Data collection is guided by client specified criteria aligned to specific business objectives and is aware of privacy settings, geographic location, brand and product preferences, hot topics, and opinions. Data collection respects consumer privacy preferences at all times through Matt’s background and expertise in Identity Management principles based on his work in Germany. Through proprietary algorithms and machine learning, Demand Exchange™ applies predictive analytics and calculates propensity to buy to derive consumer intent as it pertains to each client’s business objectives.
To assist in closing the sales cycle, Demand Exchange’s user interface allows clients to sort and prioritize Personas and select highly qualified prospects for interaction through social media channels or existing email systems. This process can be manual or automatic to assist in the revenue conversion process. Offer delivery counts and conversions are tracked to enable performance and return on investment measurements. Demand Exchange™ can be used for customer acquisition, up selling or cross selling, customer retention, market intelligence, or brand promotion.
Testament to the Claim The company’s claim to providing results has many witnesses. One of their client from the gaming industry faced a problem where tens of millions of gaming hardware boxes were in circulation but only 60.5 percent of users had elected to sign up for a gaming account. Only 31.5 percent of users had bought an accessory to enhance their already purchased gaming hardware. The problem here was to identify as to how software providers improve engagement and targeting with existing and potential customer bases without ineffective emails and spam.
IDInteract’s expertise helped their client to provide targeted marketing and re-targeting across several social, email and mobile channels. This provided an Omni-channel experience often promised but the Demand Exchange delivered at scale. “The results for our client speak for themselves. We exceeded a conservative target to convert one percent of 46 million users of the gaming system to a higher level of membership subscription.” Says Standish.
The Roots of this Revolutionary Company The idea of IDInteract came when Standish was the Chief Architect for Deutsche Telekom in on the idea of being able to understand the customer’s demands. “Our company grew out of a simple observation – we have the technology to observe the revealed preferences of actual populations through their behavior. The familiar attempt to monetize social media marketing by determining the average value of ‘like’ or ‘tweet’ was fundamentally wrong. It focused on the supply side of the equation: assuming a fixed conversion rate, higher volume of offers meant higher sales.
IDInteract’s insight was to turn the equation on its head. Use contextual data to target specific pockets of demand. Someone, somewhere, already wants your widget, so stop wasting effort trying to convert people who don’t care and focus on having relevant and timely interactions with highly qualified prospects. We have assembled an outstanding leadership and execution team to realize this vision. IDInteract is committed to being a real partner to our clients and helping them achieve their business goals,” says Standish. He goes on to say “We explicitly identify demand, determine the user’s intent, develop their propensity to buy, determine if they are in market to buy today and interact with them across multiple channels of communication. There is not another competitor that manages this consumer value chain at scale,” talking about the differentiator that has given the company so much success.
Just The Beginning Of A Wonderful Journey The company’s prime areas of focus have been retail, gaming and the auto ndustry. Another major source of the company’s revenue comes from the healthcare sector. With that said the privately funded company also s in talks of setting up its offices in Western Europe and the Middle East through partnerships and in 2014 it plans to strengthen its presence in the U.S and outside the country.
Today, IDC predicts that the Marketing Automation market will grow from $3.5 billion in 2011 to four billion dollars in 2015, while the CRM analytics market, which includes marketing and sales analytics, is projected to grow from $2.4 billion in 2011 to $3.4 billion n 2015, respectively. IDInteract has understood this and has attracted a notable customer base, in addition to a robust pipeline of potential future clients.
2013 has demonstrated the sector’s vibrant activity and its contribution to the global economic recovery. IDInteract, Inc. is performing exceptionally in its field and strongly deserves all the accolades.