1/20/2024 0 Comments Mutiny ai 50m series tiger globalIn marketing parlance, “convert” refers to a visitor completing a desired goal, whether that’s purchasing a product or simply volunteering their contact information. It might suggest to an enterprise company, for example, that small startups don’t convert well on their website, and then show them how rivals personalized their homepages. Specifically, Mutiny recommends segments for personalization and shows companies how others personalized for that segment. The idea behind Mutiny was to develop an AI system that can learn from a company’s online data to provide guidance on underperforming customer segments, Rezaei says. (Rezaei and Matthew worked together while at Gusto.)Īn example of website copy generated by Mutiny. He then went on to become a head software engineer at Gusto, where he managed and lead the developer infrastructure team. Mutiny’s other cofounder, Nikhil Matthew, helped to launch LiveGit, an online tool for real-time music collaboration. She went onto join the marketing team at Gusto, a payroll management platform, before serving in advisory roles at Y Combinator and Google. Prior to cofounding San Francisco-based, Y Combinator-backed Mutiny, Rezaei was the director of product marketing at VMware. “However, now that spending money online has become table stakes, the puck has shifted to focusing on reducing marketing waste and turning those dollars into revenue.” AI-powered website engine Over the past decade, companies like Google, Facebook and LinkedIn, along with an ecosystem of adtech and SEO tooling, have made it easy for companies to get in front of their target buyers online,” Rezaei continued. “Growing revenue is the number one priority of every CEO and C-level executive. That, Rezaei says, is why she cofounded Mutiny, which today announced that it raised $50 million in a Series B round co-led by Tiger Global and Insight Partners at a $600 million valuation. Mutiny’s platform is designed to plug into a company’s data and website, using AI to serve thousands of versions of the site to different users. But most companies don’t have the engineers or know-how to do all that.” We solved this problem by creating a growth engineering team that wrote a lot of custom code to drive customers to buy - from optimizing our website and signup form to driving upsell and referrals in-app. “We were successfully driving top-of-funnel growth through ads and other channels, but it wasn’t converting into revenue. “I faced the ‘conversion problem’ firsthand when I ran marketing at Gusto,” Rezaei told TechCrunch via email. When buyers follow on an ad online, they often land on a generic website without a targeted call to action, and soon leave not understanding why they should buy. Rather, she pegs it on static, templated websites that don’t match the personalization delivered by ads. Jaleh Rezaei, the CEO of Mutiny, believes that the problem doesn’t lie with the ads themselves. A 2018 survey of marketers by Rakuten Marketing found that companies waste an estimated 26% of their budgets on inefficient ad channels and strategies. But the picture doesn’t brighten even after broadening out to all categories of advertising. Obviously, that’s just one segment - retail. A report from ecommerce analytics platform Glew drives the point home: In 2015, 75% of retailers that spent at least $5,000 on Facebook ads ended up losing money on those ads, with the average return on investment landing around -66.7%. Advertising, particularly online advertising, isn’t a surefire way to bolster business.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |