Periodic Reporting for period 1 - XEERPA (The Nº1 Social Media Profiling Solution: understanding customer preferences through their activity in social media)
Período documentado: 2019-12-01 hasta 2020-04-30
• What is the problem/issue being addressed?
Companies are fully conscious that the more consumer data they have, the more efficient strategies, personalization and brand experiences they will be able to offer to gain customers and increase brand awareness and loyalty. Nowadays, the opportunity is such that companies have no choice in whether they leverage social media: they only have the choice of how well they do it. Social network strategy has become a key element of brands’ marketing strategy and companies are striving to obtain and understand Social Big Data.
In consequence, brands allocate huge amount of resources to have a lot of fans on social networks, they have very little information about these consumers. 97% of businesses use social media to attract new customers, but 85% of business owners aren’t sure what social media tools to use.
• Why is it important for society?
In the modern environment of growing information overload, 57% of consumers agree that they are willing to share personal data in return of improved customer centric experiences. Companies that fail to invest in personalized marketing run the risk of losing customers and falling behind the competition. However, only about 15% have adopted the new tools and ways of working required to deliver personalization at scale. Fewer than half have even begun personalization initiatives8. XEERPA’s technology can be applied in a horizontal way to most of companies in the global market: fast moving consumer goods, financial services, hospitality, automotive industry, sports clubs, energy, travel, insurance, media etc.
• What are the overall objectives?
Our objective is to launch a social media profiling solution specialising on gathering and analysing personal data from social networks, allowing companies to obtain one-to-one information, under user consent and following GDPR guidelines, via social logins (Facebook, Twitter, LinkedIn, Instagram, etc.) on the companies' websites, mobile apps, Wi-Fi hotspots or promotions.
Companies are fully conscious that the more consumer data they have, the more efficient strategies, personalization and brand experiences they will be able to offer to gain customers and increase brand awareness and loyalty. Nowadays, the opportunity is such that companies have no choice in whether they leverage social media: they only have the choice of how well they do it. Social network strategy has become a key element of brands’ marketing strategy and companies are striving to obtain and understand Social Big Data.
In consequence, brands allocate huge amount of resources to have a lot of fans on social networks, they have very little information about these consumers. 97% of businesses use social media to attract new customers, but 85% of business owners aren’t sure what social media tools to use.
• Why is it important for society?
In the modern environment of growing information overload, 57% of consumers agree that they are willing to share personal data in return of improved customer centric experiences. Companies that fail to invest in personalized marketing run the risk of losing customers and falling behind the competition. However, only about 15% have adopted the new tools and ways of working required to deliver personalization at scale. Fewer than half have even begun personalization initiatives8. XEERPA’s technology can be applied in a horizontal way to most of companies in the global market: fast moving consumer goods, financial services, hospitality, automotive industry, sports clubs, energy, travel, insurance, media etc.
• What are the overall objectives?
Our objective is to launch a social media profiling solution specialising on gathering and analysing personal data from social networks, allowing companies to obtain one-to-one information, under user consent and following GDPR guidelines, via social logins (Facebook, Twitter, LinkedIn, Instagram, etc.) on the companies' websites, mobile apps, Wi-Fi hotspots or promotions.
During the Phase I different activities have been developed. First of all, a technical feasibility study which help us to determine how disruptive the evolutionary roadmap for the Xeerpa solution would be. But since this new evolution would be developed from the foundation of the existing current functionality of social media profiling, it was also important to assess through the research how unique and differential Xeerpa’s current proposition is.
Furthermore, Phase 1 served us to analyse the international market in detail and design the most suitable strategy to get fully ready for scaling up the business: we have performed revenue model refinement, acquiring specific territorial knowledge to be able to fine tune our business model and future road map.
To develop a business plan for our international expansion: This will include several activities: (1) Comprehensive analysis of business risks and challenges. (2) Better understanding of market and competitors, gaining more insights to strengthen Xeerpa market position and (3) the description of the commercial environment and opportunities with an up to date business plan.
IPR strategy: In order to protect our product at international level, we have presented a new IPR strategy including different alternatives to protect our product.
Finally, we review our Forecast investment, pricing strategy, profit, and impact. We have updated our financial expectation taking into account last estimations due to COVID-19. This study has concluded that it is necessary to secure additional funding and investment in order to develop this ambitious plan.
Furthermore, Phase 1 served us to analyse the international market in detail and design the most suitable strategy to get fully ready for scaling up the business: we have performed revenue model refinement, acquiring specific territorial knowledge to be able to fine tune our business model and future road map.
To develop a business plan for our international expansion: This will include several activities: (1) Comprehensive analysis of business risks and challenges. (2) Better understanding of market and competitors, gaining more insights to strengthen Xeerpa market position and (3) the description of the commercial environment and opportunities with an up to date business plan.
IPR strategy: In order to protect our product at international level, we have presented a new IPR strategy including different alternatives to protect our product.
Finally, we review our Forecast investment, pricing strategy, profit, and impact. We have updated our financial expectation taking into account last estimations due to COVID-19. This study has concluded that it is necessary to secure additional funding and investment in order to develop this ambitious plan.
Profiling is an opportunity to add value to companies within a variety of industries. According to the Forrester’s analysts Xeerpa has worked with in this research, Xeerpa’s technology is “particularly unique and interesting in delivering. It is rare to find social-tech vendors that take data to an individual level, as Xeerpa does, and the Social login user data [that Xeerpa provides] is pretty unique, it is gold”.
Xeerpa’s plans are to evolve our current social media profiling solution including the data sources we are currently capable of analysing beyond social media, so we can ingest and analyse other channels such as website or mobile interactions from users, dialogues with chatbots and voice assistants, or purchasing activity in the e-commerce
The evolution planned for the solution aims at expanding Xeerpa’s mid and long-term growth potential:
- Xeerpa will be able to create user profiles based on the interactions of these users with the brand’s website or ecommerce; Therefore, Xeerpa will be able to process not only data for users that use social login in the website, but all users, whether they register or not. Going from 40-60% of users that register to all users, whether they register or not, scales our solution within the client to become much more meaningful and core.
- Extending the scope of Xeerpa’s analysis to other sources of data beyond social media will minimise the risk of usage or trust in social media diminishing in the future or changes in social network policies; Xeerpa will still provide great value since we will be processing all types of users, not just those that use social login.
Xeerpa’s plans are to evolve our current social media profiling solution including the data sources we are currently capable of analysing beyond social media, so we can ingest and analyse other channels such as website or mobile interactions from users, dialogues with chatbots and voice assistants, or purchasing activity in the e-commerce
The evolution planned for the solution aims at expanding Xeerpa’s mid and long-term growth potential:
- Xeerpa will be able to create user profiles based on the interactions of these users with the brand’s website or ecommerce; Therefore, Xeerpa will be able to process not only data for users that use social login in the website, but all users, whether they register or not. Going from 40-60% of users that register to all users, whether they register or not, scales our solution within the client to become much more meaningful and core.
- Extending the scope of Xeerpa’s analysis to other sources of data beyond social media will minimise the risk of usage or trust in social media diminishing in the future or changes in social network policies; Xeerpa will still provide great value since we will be processing all types of users, not just those that use social login.