Market research has been around for the ages and with all of the tools you have from collecting data, you should be able to easily figure out actionable insights to solve your company’s problems. Wrong! With mounds of unstructured data, it’s often overwhelming to sort through and determine what is relevant data, With Datorama, you get all the real actionable insight you need on your data in one place. With a comprehensive view of your data and files you won’t have to wait around in analysis paralysis purgatory to determine what actions to take.
Today we chat with with CEO and cofounder Ran Sarig about the growing data company and its plans for expansion.
Tell us about the product or service.
Datorama is a global marketing analytics company that is solving one of the toughest challenges facing data-driven marketers today, messy data. Our primary goal is to dismantle dated marketing data silos.
Datorama’s Marketing Integration Engine applies artificial intelligence to automate the process by which marketers connect online and offline data sources, in any format at any time, from the bewildering landscape of advertising and marketing technologies that pervade today’s marketing technology stack. The platform provides an end-to-end marketing analytics solution for business users by combining patent-pending dynamic data modeling, productized campaign management tools, intuitive data visualization, and advanced analytics that power unified reporting for real-time data analysis and insights.
How is it different?
Datorama’s core strength and differentiator stem from the application of artificial intelligence. Due to the ever-increasing complexity in today’s marketing technology stack, the average marketing department uses a slew of various technologies and platforms to improve their marketing function. The problem is that this creates a siloed environment with dozens of platforms and reports, which limits a marketer’s understanding of what is exactly going on whether they’re trying to learn more about their customer journey, or their latest campaign performance and advertising spend.
Datorama helps enterprises, agencies, publishers and platforms of all sizes centralize all of their marketing data across channels. As this information is continually integrated and related using Datorama’s proprietary machine learning technology, all of an organization’s marketing data is organized into a single source of truth.
This is the future of marketing analytics and Datorama is positioned to lead the marketing department’s revolution as it continues to evolve in the coming years.
What market are you attacking and how big is it?
As our name implies, Datorama is operating at the intersection of the data and marketing technology revolution. This extremely gnarly space has been tough to size up with estimates ranging from $20B with potential growth up to a staggering $120B market.
Obviously, this is a significant delta; however, from experience and what we see on a daily basis, it is clear to my team and me that the marketing horizontal is one that is still fraught with massive challenges. There’s no question that the marketing data set is the world’s largest and most complicated to work with as companies employ an agile marketing approach.
Today’s professionals are spending most of their time preparing data for analysis — e.g., removing commas — rather than applying their expertise to deliver true, actionable insights that produce tangible business impact. Market research from CrowdFlower, for example, shows that these highly trained professionals are spending nearly 80 percent of their daily routine gathering and preparing data for analysis. We’re looking to flip that traditional 80/20 rule so that time currently being spent on data preparation can be reallocated towards providing strategic recommendations for a business.
What is the business model?
Datorama operates a fully supported, Software-as-a-Service (SaaS) subscription-based business model. In addition, as we understand that today’s businesses are operating at different levels of maturity, we engage with our customers in two ways: 1) Supported self-service and 2) Fully managed service.
What inspired the business?
All of the founders of Datorama had worked in various roles in the marketing technology (MarTech) world. After working for marketers and seeing the challenge they deal with firsthand, it was clear to us that there was a market need. Marketers of all stripes are missing what we call a single source of truth and the reality is that bridging marketing data silos with various technologies is very, very hard. With our combined ~40 years of experience in the industry, we knew that we could come together to address this challenge head on.
You just opened a new headquarters in Flatiron – would you mind telling us about that?
The entire Datorama team is excited to have moved into our new global headquarters located in Manhattan’s Flatiron neighborhood, which has become a hotspot for creative and technology-centric businesses. We chose the 12,000+ square-foot penthouse floor of the Castro Building because we needed to accommodate our fast-growing, New York-based team as well as make room for additional headcount that we’ll be onboarding by the end of 2016. Due to Datorama’s significant customer acquisition and growth, our previous location was not sustainable as a productive environment.
What are the milestones that you plan to achieve within six months?
We’re just a little more than halfway through 2016 and already it has been a tremendous year. Aside from our move into a new global HQ, we’ve been identified as a 2016 Gartner Cool Vendor in Data-Driven Marketing and we were named a 2015 Deloitte Israel Fast 50-Rising Star. In addition, we’ve had some significant customer wins with an example being Yahoo! JAPAN. Overall, we’re been increasing our global headcount to accommodate significant customer demand, which required the addition of a new location in Germany and larger offices for our teams in London and Tokyo.
We’re far from being done, however. There’s more to come from Datorama in 2016 but, as you may expect being that we’re a private company, I can’t go into details just yet. Stay tuned for some interesting news around collaboration and the future of marketing analytics.
What is the one piece of startup advice that you never got?
It’s a marathon, not a sprint. Keep your strength.
Why did you launch in New York?
New York City is a hub for the MarTech space with many of the largest marketers, agencies and publishers having a presence here. In addition, it’s hard to argue that New York is not the best, most diverse and interesting city on the planet — something is always happening around town.
Where is your favorite bar in the city for an after work drink?
Belgium Beer Café. It’s a great spot located near our new HQ.