Marko Savic believes he has found a missing component from marketing analysis – the ability to track the client’s relationship with your company.
Savic is a co-founder of FunnelCake, a Kitchener-based startup that helps marketing teams to track their interaction with potential clients with the goal of closing sales.
He and Co-Founder Andrew Lawton have just graduated from the Google for Entrepreneurs program at Communitech and currently have five paying clients in a pilot program.
“FunnelCake arose from a problem I solved for myself,” said Savic in an interview last week. “I was working in marketing at a B2B SaaS company, and to track track how marketing influenced customers. I had to work on an Excel spread sheet and it took about 10 hours a week.”
This time last year, both Savic and Lawton were working for another Kitchener tech company, intranet provider Igloo Software. Last winter they began to work on their idea for a product that would help marketing teams track clients.
They went full time with FunnelCake in March, raised a bit of money from friends and family, and were immediately accepted into Google for Entrepreneurs. To research their market, they interviewed 150 marketing teams. They also created their own advisory board of eight local startups, five of whom are now the paying clients in the pilot project. These include such successful Kitchener-Waterloo companies as Vidyard, Auvik Networks and Axonify. Savic said he is working on converting the other three.
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What FunnelCake does is is show relationships between the online and in-person interactions of a marketing team and potential clients by connecting data from systems like Salesforce, Hubspot, and Google Analytics. As soon as someone becomes a lead for the marketing or sales team, FunnelCake opens a stream for him or her and tracks the relationship through the various phases of the sales cycle. It starts with the lead, then the marketing-qualified lead, the sales-marketing lead – all the way up to closing sale. It automatically charts all online interactions, and the marketing team can input any meetings that took place in person or by phone. It can break down the data for each potential client, and for each sales person.
FunnelCake can plot all these streams on a single page so the team can identify where the leads vanish from the marketing stream. And it can provide a written report on the sequence of events with each client.
“Rather than giving you a bunch of charts and graphs, we give you a report that’s written in plain English,” said Savic, who began his career in design. “It’s like having an analyst in the room explaining it to you.”
He added the software can analyze the success of posts in which the marketing team is broadcasting a message, and the more social interactions, in which there’s a discussion with the client. It can tell you which interactions were successful, and help you bring leads back into the process if you lose contact with them.
The company is also developing a feature that will tell the marketing team the cost of securing each client.