Customer experience research firm Global Reviews has scored $600,000 in a capital raising, with the company saying it will use the money to continue funding and expanding its current data storage operations.
The equity raising comes as more businesses are exploring opportunities with data collection and storage, as companies unlock the potential of targeting consumers based on their previous behaviour and purchasing habits.
Global Reviews chief executive Greg Muller says the money will fund new strategies that include “storing huge collections of data” – with a goal to become over five times as large within just two years.
“Our new strategy is about using that data, so organisations can make pretty critical decisions about how they executive their online marketing strategies.”
“There are very few players in the market which can understand why consumers behave the way they do.”
The money is being put up by a number of investors, although the bulk has come from Aura Capital. Aura Capital director Calvin Ng said the company was able to distinguish itself due to its customer base – which includes big companies like Google, ING, ANZ, Expedia and NAB.
SmartCompany reported on Aura Capital in April, when it purchased the homeloan.com.au and homeloancalculator.com.au URLs for $133,000.
“We’re an international player as well,” Muller says, “and there’s a significant amount of data out that that can be captured and analysed.”
Many online businesses are collecting a huge amount of data based on visitors and customers – often so much that they don’t know what to do with it. Companies such as Global Reviews capture that data, analyse it, and then help businesses improve ROI.
And Muller says there are plenty of businesses which still aren’t taking advantage of that data capture – an opportunity that has led to the new investment.
“We’ve been in the market for 10 years now, and the ease at which a customer can navigate through an online process and buy from you continues to grow.”
“What’s important for markets and online channels to understand is that with all the noise they get, it can be hard to see if they are winning or losing customers. You need to examine all the data and see what you can get out of it.”
Muller says a member of Aura Capital will join the board, with the business also considering adding new non-executive members soon.