Seattle-based IDInteract today launched Demand Exchange, a software-as-a-service (SaaS) product for sales and marketing organizations.
IDInteract leverages Big Data analytics to pluck demand signals from a sea of social, mobile and customer relationship management (CRM) data sources and deliver real-time, context-aware insights for targeted customer engagement.
The news comes a day after the firm emerged from stealth mode after a year of product development. IDInteract founder and CEO Matthew Standish says that Demand Exchange came about to address the blind spots and complexity that persist in the CRM and business intelligence markets.
Despite heading CRM projects where money was no object, Standish, a veteran executive for big firms like Motorola, AT&T and T-Mobile, says he often encountered nebulous insights into customer behavior, rigid reporting schemes and lackluster social media tools.
Big Data did little help matters, claims Standish. In a company blog post, he states, "After years developing IT platforms that solve business problems, I consistently heard about the wonders of 'Big Data' yet struggled to find any value in it using the tools that were available to me."
Demand Exchange remedies that by aggregating and analyzing data and presenting a demand-focused view of consumer insights. "Demand-based customer engagements are non-intrusive and ensure that consumer privacy is respected, while creating a mutually beneficial relationship for both parties. That's really the soul of IDInteract – changing the direction of supply based marketing to demand based interaction," adds DInteract's head of Marketing and Operations, Scott Frank.
The cloud-based Demand Exchange platform is comprised of the following:
• IDIntent - Draws data from social media, client mobile applications and CRM systems for real-time information on consumer interactions and purchasing intent.
• IDPersona - Generates contextual consumer views called "personas" for individuals, groups, events and communities. Proprietary algorithms evaluate real-time intent and help marketers gauge demand.
• IDAnalytics - Leverages predictive analytics and propensity to buy algorithms to identify big value prospects and presents findings in a graphical manner.
• IDOffer - Provides offers and promotions management with automated recommendations.
• Measurement and ROI - Measures, tracks and provides reporting on campaign effectiveness and return on investment.
Demand Exchange is available now via an annual subscription.
Pedro Hernandez is a contributing editor at InternetNews.com, the news service of the IT Business Edge Network. Follow him on Twitter @ecoINSITE.