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Konnecto uses data science to displace traditional sales funnel

Seismic's depiction of live data updating its cloud-based sales materials.

Seismic’s depiction of live data updating its cloud-based sales materials.

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It might be an understatement to state that consumer attitudes and behaviors have already been forever transformed by COVID-19. An astounding 67% of individuals say their online spending has increased because the start of pandemic. There have been also 900 million more online consumers in 2021 than there have been in 2020, representing a nearly 4.5% year-over-year rise.

But, as marketers look toward a post-pandemic future, one question that remains is how do brands match the ever-changing nature of the customer journey?

Differentiation available on the market

As well as the pandemic driving more customers online which upended the original sales funnel recent changes in privacy regulations in both EU and U.S., have shifted how brands track their online customers. It has created market for companies like Konnecto, a consumer journey analytics platform that uses data science to track customer journeys, instead of via third-party cookies.

From telemedicine to financial services, consumer experiences which used to occur offline are actually occurring online, Konnecto CEO and cofounder, Erez Nahom, told VentureBeat. And because more customers are searching on the internet, on social media marketing and various other areas to obtain answers with their questions, brands dont genuinely have any idea of which point in the journey the client made a decision to leave and choose their competitor.

In order to avoid the guessing game, brands are leveraging customer intelligence answers to understand the marketplace dynamics and take proactive measures. To meet up rising customer expectations and keep maintaining customer loyalty, these tools might help businesses identify probably the most efficient methods to interface and connect to their customers.

But rather of piecing together data and metrics from disparate platforms, Nahom claims Konnecto identifies probably the most impactful vulnerabilities in a brands customer journey and clear, prescriptive recommendations to increase business results.

Brands that use Konnecto wont have to run queries or have a deep dive to their data, said Nahom. Theyll actually get daily recommendations across their different digital marketing investments which will tell them how to proceed and just why, with complete compliance with global privacy regulations.

That is attained by reverse-engineering consumer journeys that finished up converting with a brandname, its competitors or on a marketplace.

We essentially go as soon as of transaction backward completely to the first funnel to the initial interaction that consumers have with the brand, Nahom said.

By equipping businesses with critical behavioral data and offering highly targeted recommendations to improve online sales and optimize marketing ROI, Konnecto has helped several Fortune 500 brands including MassMutual, Coca-Cola, Lego, eToro and Mercedes-Benz.

During the past half a year alone, Konnecto has tripled its clientele and increased revenue by over 500%. The Israel-based company recently secured $21 million in series A funding, led by PeakSpan Capital, with participation from TPY Capital, Mindset Ventures, Differential Ventures, SeedIL Ventures, and Magna Capital Companions. Using its latest funding round, the business plans to keep buying research and development and expand its infrastructure to meet up demand because of its growing platform.

The primary goal for all of us right now would be to enhance the existing models that people have and build additional models that may essentially find more vulnerability points in more datasets and create more accommodations for different teams, Nahom said.

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