If you’ve ever shopped at a major online retailer but not bought something then there’s a good chance you’ll have noticed retargeting ads flash up during subsequent browsing sessions.
It’s a good way of driving sales by encouraging undecided consumers to go back and make make the purchase they were previously considering.
A new tech company, Admazely, has launched a new self-service platform that aims to make the process of retargeting simpler and more cost-effective for small retailers.
I spoke to founder and CEO Peter Vilsholm Therkildsen Schlegel to find out more…
In one sentence, what is Admazely?
Admazely is the simplest, most easy-to-use platform for only retargeting the world has yet seen – allowing even smaller online retailers to launch a full-fledged, pay-per-click retargeting campaign in less than 24 hours.
What problems does Admazely solve?
Many of the retargeting solutions out there – some of whom have been featured here on Econsultancy – are great.
But they were built from the ground up to cater to the needs of the largest and most sophisticated online retailers in the world. And those companies have very different needs and requirements than the rest.
We built a platform that delivers all of the performance but redefines the work process for an online marketing manager looking to do retargeting.
We have built a self-service platform that requires no external consultants, no training or education, no systems integration, no patience, no setup fees.
Any online retailer can launch a fully-featured retargeting campaign in less than 24 hours and spend no more than one hour of his or her own time on it. And of course it builds on an entirely performance-based pricing model.
When and why did you launch it?
We began working last summer because we thought that the current solutions were essentially broken. We tried to re-invent the work process looking at it from an outside-in perspective and have developed a number of proprietary machine learning algorithms to enable the fully automated user experience that our customers are seeing.
How are you funding the company?
We raised a seed round this spring and are looking to raise an A round of financing sometime in 2013.
Who is your target audience?
Online retailers who believe that actually getting something done at sufficient quality (in this case retargeting) is better than just thinking about doing something perfectly and never getting around to it.
Typically these type of companies would fall into a “small-and-medium-sized” segment.
What are your immediate goals?
We have customers in six European countries so far. We want to build our customer base in continental Europe and in the UK and become the default choice in this region of the world.
What were the biggest challenges involved in building Admazely?
Our no-compromise attitude on the user experience has meant we had to tackle some serious challenges in building artificial intelligence.
Getting mathematicians at the phd-level onboard a startup can be difficult in Europe where they tend to be doing research at universities or working in large enterprises. So getting the unique talent that is within our team has definitely been the largest challenge.
How will the company make money?
We are working on a CPC model with all of our customers. We buy on a CPM basis through ad exchanges and optimize using a combination of trading algorithms and experience.
Who is in the team and what does it look like?
In addition to myself, the team is all computer scientists and mathematicians. Before this I headed up the internationalisation of a marketing automation company for three years and before that I spent almost 10 years in advertising and management consulting.
I have two cofounders – Søren Holbech holds a PHD in machine learning and David Björklund is a node.js prodigy.
Where would you like to be in one, three and five year’s time?
In a year we will have reached a few hundred customers in Europe and UK and have established a significant US footprint.
In three years’ time our platform will be much broader than retargeting and will have a positioning for online retailers looking to do online advertising similar to what SEOmoz has to SEOs.
Five years is a long time to look ahead. If done right, I believe we could have a good profile for an IPO – but success will be measured in terms of a large, happy customer base.