Each year, businesses spend tens of billions of dollars on online advertising, attracting plenty of eyeballs to their products and services. But unless you have an effective strategy to capture and convert those eyeballs into something meaningful, such as revenue, that ad spend can be a black hole to the bottom line.
Abhishek Jain, CEO of Fyoosion, LLC, specializes in helping start-ups and small companies maximize their ad dollars effectively. The Fyoosion platform is focused on analyzing data to maximize and optimize the conversion rates for their clients. equities.com spoke with Mr. Jain to learn more about his process and to get his thoughts on the marketplace today.
EQ: To start off, could you provide us with a brief overview of Fyoosion and its operations?
Jain: Fyoosion is really a cross channel marketing platform. At this early point, we are focusing solely on building four channels, and on strength in marketing. We are starting with the web channels, and within the web we are focused on brand websites and building conversion-centric sites, also known as microsites.
With that, we are connecting this channel to get any abandoned traffic or retarget back for reengagement back to the customers. So, we are connecting that left channel with the inbound marketing, outbound marketing through web partials, and the customer service that comes with our platform.
Fyoosion is basically in phase one of a stack platform. It’s built for marketers. It’s built by us who have extensive experience in IT and marketing. Our core focus is to build these web channels to be highly integrated with technologies so we can maximize and optimize conversion on the website, and also provide real-time analytics to marketers.
EQ: You described your model. Can you tell us more about your specific method?
Jain: In one year of our development, we have built a cross channel platform. Our platform in the beginning and our core focus is on cross connecting web with the outbound and inbound marketing. We call our platform a customer acquisition and retention-centric marketing platform. What that means is that once you have done enough of the advertising, and you are generating enough traffic to your website, that’s where Fyoosion comes into play.
Fyoosion is not an advertising platform, it’s a marketing platform. So once those leads come to our website via the traffic you’ve generated, that's where our magic begins, if you will. That “magic” is the integration of over 40 technologies and tools that we've either built in house or integrated with outside vendors. That is going to give you the highest possible customer acquisition and retention with those customers, and then also help you optimize these websites. That’s really how our platform works.
We are not just building the website, we are also connecting that with the outbound and the inbound. We sit down with our clients and then come up with a plan for how they are going to buy the media, what their offer is going to look like for microsites, or the conversion centric sites. How are they going to create brand awareness to certain campaigns? Once traffic is there, what are we going to do to maximize the conversation?
Besides software as a service, we are also marketing as a service. In this space, what we are seeing is that building a cross channel business is not very easy. It’s a quite complex process. Because we have been there for many years, we are also marketing as a service, so we can help our clients by giving them creative marketing consulting, giving them a lot of advice on offers and price points, on A/B testing, landing pages, content design and copywriting as well.
EQ: How would you describe some of the best practices in your approach to this space? How do you ensure that your clients are getting the best quality with this process?
Jain: As far as best practices go, we are a very task-driven and data-driven platform. One thing that I always say when I’m talking to my clients is, “Let's not believe in any gut feeling. Let’s believe in the data.” We are trying to use as much of a data driven approach as we can. That means that our clients run different tests, and they have offers running in production on their website called “control”. We are always testing those controls against certain test offers. That is known as A/B testing, the multivariate testing or the single variable testing.
We are continuously looking at what is working, what is not working, and trying out new things. Once we see that our test can beat the control, we can then take the control out, make that test as the new control, and then start testing again. It is always a continuous testing effort by the marketers. Our platform is great at that. That is the whole genesis behind building this platform.
EQ: How does Fyoosion help your clients to leverage what you offer and to find the audience that they’re trying to target?
Jain: That's a great question. People always ask me, “Why should we use Fyoosion?” The online market is huge, and when people talk about online marketing, it has a really broad sense. Sometimes, there's confusion: Are we talking about marketing or are we talking about advertising? The world has really shifted towards more targeted marketing. It used to be that you would send all sorts of coupons and then hope something is going to convert. From that unsophisticated coupon-based marketing, it has become highly targeted.
How does Fyoosion help them leverage to achieve that goal? One thing that we saw that helped us to come up with the idea of Fyoosion is that, the new space is all about speed – how quickly you can come up with new offers, test them and then see if the offer works or does not work. Testing is the new key, what we call “nimble marketing” or “agile marketing.” It’s all about speed, so the platform, whether it’s Fyoosion or whatever marketers use these days, is like oxygen for marketers. It allows marketers to have analytics in their hands at all times. They should be able to see what works, what does not work and whatever is not working, they can turn off. They come up with a new offer, push it out live and then test again.
It’s okay to fail as long you fail early and you fail cheap when you're testing different things. One thing that our platform offers is very quick results of all sorts of testing that marketers do.
EQ: You mentioned that the Fusion platform integrates over 40 different technologies. How does this present an advantage?
Jain: Our platform is all about conversions, acquisitions and is retention-centric. We are building a very complex platform to make it very simple for marketers. There isn’t any platform out there that can integrate all different technologies to give a marketer software to maximize, optimize and analyze conversion, customer behavior and the overall acquisition all-in-one box.
This is one very big thing that Fyoosion offers to the marketers. With Fyoosion, you don’t have to go anywhere. We are like the HP all-in-one printer. HP does everything – it’s an all-in-one. Fyoosion is an all-in-one marketing platform. Once you work with Fyoosion, you do not need to integrate with yet another technology, or the API or anything else.
EQ: What are standard conversion rates in the industry?
Jain: We offer cross connection with other channels. To put that in context, if you happen to run lots of media and the media is going to drive lots of traffic to your website, your conversion is still only going to be 7%, 10%, 11%. So, what happens to the other prospects or leads who did not convert as customers?
In real time, we immediately provide different ways to retarget or engage with those customers. That’s the other thing, which is our big offering to our marketers – to keep on connecting from left to right. When they don’t want to connect in one channel, we will immediately take that data and connect back with that customer. If that second channel doesn’t work, then you try again and again and try to maximize the media that you spent to maximize that ROI. Our platform is like a marketing grid, every channel is deeply integrated with technology, from top to bottom and then it connects with other channels for re-engagement for more comversions, at the end, marketers enjoy marketing automation in its truest sense.
EQ: It sounds like it’s all a highly involved process. You have to be very nimble, you have to react very quickly, but you're also managing a lot of data and analyzing it all at once, so it could be overwhelming. What are some significant challenges that you see in your current and potential clients?
Jain: The challenge that I generally see working with marketers is they want to be nimble. They see the need to be very quick in today's space. The world has really shifted. Three years ago TV, radio and direct mail used to be big conversion-centric channels, but now they have become more brand aware, more of a branding channel. They don’t give you as much conversion. The latest trend is social media campaigns, especially Facebook campaigns and online marketing with event sites or conversion-centric sties. Although, I don’t really call them sites, I call them channels.
There are two different channels within the online space. The challenge is that one is an ever-changing channel. Sometimes Twitter is not working, sometimes Facebook campaigns are not working, sometimes Google ads are not working, sometimes none of those things are working and email campaigns are having much higher conversion than Facebook. So, you need to be on the top of your game if you are in the online space, and you need to have a platform, which can give you the ability to be nimble.
It’s complicated to deal with so many different moving pieces that you have to work with, and then come up with all of these different offers, and then different parameters of the testing, and then keep engaging the customer. Once you know that you've got a pretty good conversion, you can’t stop. You have to keep on going and then keep testing. What usually happens is a short time after you see a really good conversion, you start to see a fatigue and suddenly your conversion starts to go down and you don’t know why it's happening. People have seen your offer enough, and it isn’t as effective anymore.
EQ: Taking a step back and looking at the actual company, beyond the platform, how would you describe your clientele? Do you focus more on startups, mom and pop type businesses, or larger corporations?
Jain: I would say we are really perfect for startups, especially startups that are in the business of producing consumer products – especially in the skincare industry. I would also say cosmeceuticals, vitamin supplements, software industry, where they have products that they are offering directly to the consumer. We are also into B2B where you would want to have a nice brand awareness, so we are a perfect fit for those startups, because all they need is the product. We can do everything else for them.
We are also a great fit for the small to medium-sized companies because we can give them this platform, which is very cost effective. For enterprise companies we could be a great fit because enterprise companies really don’t move that quickly, because the platform that they need to move quickly is simply not out there.
If I put then into the categories of perfect, excellent and great, I would say startups might be number one, and would benefit the most out of our offering. Then, the small to medium-sized companies, and then enterprise.
EQ: Lastly, are there any recent or upcoming milestones or achievements you can highlight for us?
Jain: As a startup, we raised our funding in March of last year. We developed our phase one platform and launched it by June. We started onboarding for all of our clients and closed 2014 with about $400,000 in gross revenue, and about $550,000 expenses. As a startup, I think we did very well.
So far, my penetration of sales closed is close to 90%. The other 10% who said no to Fyoosion did so because they just do not have enough margins to afford the cost of the platform, but everyone gets it. It's a quite a complex platform, so it takes me time to explain what Fyoosion does. But once they get it, it’s like boom, “My God!” Those people are marketing experts. They know maybe a hundred times more than I do about marketing, and they say, “Yes, absolutely. We totally get it. You are putting us in control.” Once you use Fyoosion, it's the marketing that takes control of the entire business. It’s no longer IT. It’s no longer operations. It’s no longer external consultants. It’s the marketing – which drives the business.
We are getting a lot traction. I am very busy these days, getting two or three sales calls a day. People are very excited to see it. Once I see that “wow” on the client’s face, that tells us that they really get it and what we have done is something that people need. It’s not a problem that we are solving, it’s a need that we are creating.
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