While working in the core personalization team at Amazon, Saurabh Nangia realised that most online businesses and small businesses lacked user personalization and targeting.
Though the companies were spending much time & resources on acquiring customers online, many of them were unable to retain customers, improve customer loyalty and increase conversion rates.
This thought got Saurabh thinking and Targeting Mantra was developed as a solution for it. The SaaS based service offers analytics to websites based on customer profiling that provides additional insights to businesses and in turn help them offer better product recommendation to customers.
Currently the service offer 15 solutions for personalization such as similar items widget, people who bought also bought, frequently bought together, recommendation emails, banner ads, etc. Customers can also track their performance through the provided analytics dashboard.
The product was launched in Aug 2013, and has managed to get 6 e-commerce companies as customers till date. These customers include ShopClues.com, Yebhi.com, YepMe.com and Juvalia. More companies are in the trial phase and are expected to become customers soon.
“All of these companies have seen an average of 10% increase in the conversion rate and ~20% of site-wide purchases coming through us,” says Saurabh.
The company also plans to take the product international in first quarter of 2014.
By offering personalization, targeting and analytics as a single package, the startup wants to help companies reduce time and cost.
The cost to implement the service depends on feature requirements, traffic on the website, catalogue size and revenues. The company estimates the average to be around $1000/month for smaller firms, $4000/month for medium sized firms and 10,000/month for large clients in the Asian and American Markets. The company provides a 30 day trial period for their customers, and they are charged only once a significant gain through the service is seen.
The bootstrapped startup says that they are currently cash-flow positive, with an expected annual revenue of $300,000, an amount they expect to increase over the course of the year.
In the future iterations of the product, the team will add provisions to take a customer’s social behaviour in account to curate recommendations. The dashboards will also be updated to offer price-analytics and demand forecasting.
With the e-commerce space in the country growing, there are many tools that help websites solve the customer conversion puzzle. NudgeSpot , VisitorEngage, WebEngage, Get Satisfaction and UserVoice are some of the other tools that offer similar services.