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October 23, 2013 07:30 pm GMT
The story of nearly every business, great or small, begins with a problem. For Omri Morgenshtern, Ittai Chorev and Idan Zalzberg, it was the realization that many large organizations are spending millions of dollars on marketing campaigns, be they on search engines, social or display networks, that look the same in California as they do in New York — or Berlin, for that matter. In other words, the problem comes down to inefficiency. Ideally, with conversion rates varying from location to location and market to market, the way companies tailor their messages, target certain customer demographics and how much they bid on particular keywords, for example, should vary accordingly. But, usually, they don’t. “We sat down and asked CMOs what their goals were for conversion and ROI in particular local markets,” Morgenshtern tells us, “and many would eventually admit that they didn’t have any.” Once the problem had become clear, the three former Israeli Army Intelligence Corps veterans began developing a solution, drawing on years of experience in machine learning, statistics and Big Data. The result is Qlika, a startup based on patent-pending technology that enables advertisers to manage and optimize their campaigns for each local market, segment and media channel — and the nearly infinite permutations thereof. Since launching in March as part of UpWest’s fourth batch of Israeli-American startups, Qlika has attracted a dozen enterprise customers, including Redbeacon, Thumbtack, Where2GetIt and HomeTalk, and will soon be managing a total of $200 million in aggregate ad spend for those customers. At the outset, the startup has focused on the improvement industry and hospitality industries for the most part, using its Big Data solution to help companies better target their campaigns by identifying subtleties and differences between what it calls “micro-markets.” For example, Qlika was able to find a strong correlation between the average size of houses in particular areas to conversion rates, allowing companies that advertise to carpenters and local home care professionals to set goals and target messaging and bidding price accordingly. With roster of customers growing quickly and with the co-founders expecting to hit $3 million in revenue next year, Qlika announced today that it has raised $1.7 million in seed funding from a handful of Israeli and American investors. Among those placing bets on Qlika are Hillsven Capital, an under-the-radar venture firm which has invested in Bleacher Report, Livefyre and Check, to name a few, as
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/Jr3H-40t4bU/
With A Fresh $1.7M In The Bank, Qlika Wants To Help Online Marketing Campaigns Go Hyperlocal
The story of nearly every business, great or small, begins with a problem. For Omri Morgenshtern, Ittai Chorev and Idan Zalzberg, it was the realization that many large organizations are spending millions of dollars on marketing campaigns, be they on search engines, social or display networks, that look the same in California as they do in New York — or Berlin, for that matter. In other words, the problem comes down to inefficiency. Ideally, with conversion rates varying from location to location and market to market, the way companies tailor their messages, target certain customer demographics and how much they bid on particular keywords, for example, should vary accordingly. But, usually, they don’t. “We sat down and asked CMOs what their goals were for conversion and ROI in particular local markets,” Morgenshtern tells us, “and many would eventually admit that they didn’t have any.” Once the problem had become clear, the three former Israeli Army Intelligence Corps veterans began developing a solution, drawing on years of experience in machine learning, statistics and Big Data. The result is Qlika, a startup based on patent-pending technology that enables advertisers to manage and optimize their campaigns for each local market, segment and media channel — and the nearly infinite permutations thereof. Since launching in March as part of UpWest’s fourth batch of Israeli-American startups, Qlika has attracted a dozen enterprise customers, including Redbeacon, Thumbtack, Where2GetIt and HomeTalk, and will soon be managing a total of $200 million in aggregate ad spend for those customers. At the outset, the startup has focused on the improvement industry and hospitality industries for the most part, using its Big Data solution to help companies better target their campaigns by identifying subtleties and differences between what it calls “micro-markets.” For example, Qlika was able to find a strong correlation between the average size of houses in particular areas to conversion rates, allowing companies that advertise to carpenters and local home care professionals to set goals and target messaging and bidding price accordingly. With roster of customers growing quickly and with the co-founders expecting to hit $3 million in revenue next year, Qlika announced today that it has raised $1.7 million in seed funding from a handful of Israeli and American investors. Among those placing bets on Qlika are Hillsven Capital, an under-the-radar venture firm which has invested in Bleacher Report, Livefyre and Check, to name a few, asOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/Jr3H-40t4bU/
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