Connectivity has recently secured funding to the tune of $6.35 million, led by Greycroft Partners and including various other investors. The technology allows businesses to track various aspects of their business across the web, including their customers, how often they return, what inclines them to purchase, how best to reach them, and more. The combined comments from sites from Facebook, Twitter, and Instagram, to Yelp, Google, Bing, and Citysearch facilitate a better understanding of the end customer and enable businesses to see what consumers find enticing and what draws no or a negative reaction. With CEO Matt Booth at the helm, Connectivity had already been generating returns before the round of financing, with product sales increasing ten-fold year on year from 2012 to 2013.
Responding to questions about the challenges the company faced competing with similar products, Sean Moriarty, board member, responded that the crux of the company is its talent, adding “you’re betting on the approach to market, the quality of the team, and the pace of execution.”
According to a Nielsen report, around half of tablet and smartphone users consult reviews close to the time of purchase, with close to a quarter of the users reacting to their purchases on social media. This indicates the room for expansion in this corner of the market, with Moriarty saying Connectivity now has the “flywheel going and they should not only be able to maintain momentum, but keep it building.” With Connectivity already currently supporting nearly 100,000 paid software as a service (SaaS) accounts and powering over ten percent of the customer monitoring services on the market, they seem placed in a secure place to continue expanding their business.
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(Image Credit: Eric Fischer)