Marketing and growth teams try every day to "guess" what marketing effort or company investment will help improve sales most effectively because they lack information that could allow them to make more informed decisions instead of just guessing. A new Israeli startup has developed a platform that will do just that; it will help clients understand why their customers are moving to competitors.
Tracking buyers' journey online
The Israeli startup Konnecto has developed a platform for marketing teams that locates purchases from brands that work with the company, from competitors of those brands and in online marketplaces. The platform then performs reverse engineering of said information and ranks all significant digital interactions as part of the buying campaign that led consumers to eventually buy from competitors.
Thus, the platform produces a daily snapshot for marketing teams that examines the vulnerabilities in their buying campaign that cause consumers to turn to competitors, alongside recommendations on exactly what they need to do to mitigate said vulnerabilities and improve the effectiveness of their marketing efforts.
In a conversation with Geektime, the company's CEO and one of the founders, Erez Nahom, said that behind the platform are models that enable it to produce targeted analyzes at the level of an individual product level. "This is what allows our customers to get very specific recommendations but does not require them to research or build models themselves," Nahom explains. According to Nahom, Konnecto has saved its customers millions of dollars in the past year, by targeting more profitable and significant investment areas for its marketing strategy.
Konnecto's main competitors are marketing agencies that provide strategic and tactical recommendations to customers, but Nahom says that there are currently no platforms in the market that do what theirs does. He clarified, however, that the product is not a one-stop-shop, and that their customers often use it with complementary tools.
"The market got picky during this round"
Today (Tuesday), Konnecto announced the completion of a $21 million Series A financing round, led by PeakSpan Capital, with participation from existing investors TPY Capital, Mindset Ventures, SeedIL, Magna Capital Partners and Differential Ventures.
We are now in a difficult period of market uncertainty. Did you encounter any problems closing this round?
Nahom: "The market has changed greatly during the recruitment round and has become more selective. Fortunately, some of our clients were happy to help and share with potential investors the results they received from our platform and models and how the product has become an important tool in their daily decision-making."