Add another layer to your #Business literacy. We at Serebral360° would love to know if the Forbes – Entrepreneurs article was helpful, leave a comment, like and share. Let’s dive in and discuss the information and put it to use to grow your business. #BusinessStrategy #ContentMarketing #WebDevelopment #BrandStrategy
Info@serebral360.com 762.333.1807 www.serebral360.com
Grap a copy of our NEW Business Stratgety Books #FFSS VOL1 and #FFSS VOL2
A series of interviews with innovators working at the intersection of consumer behavior trends and business transformation: Mario Ciabarra, Founder and CEO, Quantum Metric.
Bruce Rogers: Tell us about Quantum Metric and how the idea came about?
Mario Ciabarra: When I was a teenager I worked in retail. And when someone came into the store I noticed which customers needed help picking a color or a size. Fast forward into a digital era, how do we do this on digital with scale and speed?
I think the answer is many organizations don’t do this today. Imagine if we can get real time insights into where organizations can improve their business, how could they have better experiences delivered to all of their customers. Greater brand loyalty would drive greater revenue, more digital channel adoption and reduce costs into the call center.
I looked at the tools that have been widely adopted like Google Analytics and Adobe Analytics. And while they serve their purpose, I rarely meet someone that walks away from those tools with, “Aha, this is where I can improve my business.”
And that’s where I wanted Quantum Metric to go.
Rogers: Are you referring to business analytics or marketing analytics or both?
Ciabarra: I believe, is that it’s a cross of so many different functional teams. I think the challenge of each one of those domains is that they operate in a silo. If you were in a room with your marketing team, your product team, your engineering team, your customer care team and asked, “What’s the one thing that we need to do that’ll make the biggest impact on our business?” You would get a different answer from each.
We want to provide these teams with true visibility into where customers are frustrated, where the friction points are in their customer journey. Once you get team alignment, everyone starts rolling in the same direction, understanding where the biggest issues are for the company and where the limited amount of resources that they have can be spent to make the biggest impact to their business.
Rogers: Companies have all the data, but are challenged to prioritize what’s important as a business driver. How can you help them prioritize?
Ciabarra: I think at the end of the day where customers will differentiate is in the experience. And it’s easy to point to retail about these experiences, but I think we’re seeing the best banks, the best travel companies, the best hospitality companies, investing on how to allocate for their business in order to deliver the best experience on digital.
Rogers: How do you describe Quantum Metric?
Ciabarra: I would describe Quantum Metric as a SaaS platform that delivers behavioral and predictive analytics by identifying, quantifying, prioritizing and measuring how companies can deliver their best experiences and where are the largest opportunities to make those improvements on the fly.
Rogers: When did you formally start the company?
Ciabarra: We started the company in 2015 and began really bringing it to market in the middle of 2016.
Rogers: Describe the business in terms of where you are, the traction you’ve gained, the momentum you’re creating.
Ciabarra: We’re feeling this tailwind and I’m holding on tight to the side of this rocket ship. But to put that in a more analytical perspective, last year we quadrupled the business; this year we’ll more than double the business. We’ve gone from about this time last year, about 30 employees to 100 employees today. It’ll be about 150 by the end of the year. So it’s really about that hockey stick curve.
Rogers: What kind of funding did you receive at the beginning?
Ciabarra: I think what was maybe a little bit unique about our start was that we didn’t raise any money in the beginning. I had previous successes – this is my fourth startup and obviously with that I have some flexibility about self-investing in the company. But primarily our initial funding really came from our customers.
And our first initial customer felt like the product was so differentiated than anything else on the market that they started making multimillion dollar investments in licensing our technology.
Rogers: Have you taken funding since then?
Ciabarra: We didn’t want to take funding for funding sakes, but it got to the point where we didn’t have enough feet on the ground and were missing opportunities. So we did a $25 million series A with Inside Venture Partners in September 2018. And I couldn’t be happier with this choice. It has been a force multiplier for us.
Rogers: What does the future look like for Quantum Metric?
Ciabarra: We have an incredible amount of leading customers from travel, hospitality, retail, banking, entertainment and others. And the more customers we have, the smarter our data is about understanding where those customer friction points can be. So the more problems that we uncover the smarter our technology gets. Behind all the statistics that we capture, we can see each individual user’s experience as if you were there right next to them. I think if we can continue to do these things extremely well I think that we can become that impetus or that channel for helping organizations deliver on their digital transformation, which should be an ongoing continuous process.
Rogers: Who is your typical customer, then? Who buys Quantum Metric within the organization?
Ciabarra: Perfect question. We used to try to sell into the CMO, CIO, CTO, but in the last three to six months we finally have clarity and it’s the chief data officer.
Rogers: Where did you grow up?
Ciabarra: I grew up just outside Philadelphia. My dad was an immigrant from Italy, so he migrated in his 20s. I was the youngest of six. We grew up in a moderately wealthy neighborhood and I came from a family that didn’t have as much.
I grew up surrounded by very successful people, and I look at the psychology of that and I think if you surround yourself with people that are successful there’s really only one thing that you’re going to be when you grow up. So I decided that I’m going to be successful too.
I’ve been an entrepreneur for as long as I can remember. But my first real business startup was in my early 20s with a company called DevStream. It was an ATM product and a year later I sold it in 2005 to Compuware. For me I’d achieved the American Dream, I created this company and a year later I sold it. Afterward, I traveled to 30 countries with my wife. And when I returned I realized I had to figure out what I wanted to do the rest of my life. And it turns out I was already doing what I love, so I started on my next startup.
I started and then exited two more consumer facing businesses, but I wanted to go back to solving enterprise problems and that’s when Quantum Metric came to be.
What I learned as we probably crossed around 15 employees: this is not going to be a company that’s going to win on product. It’s going to be a company that’s going to win on people. And how important our culture was going to be.
If there’s one thing I could share with budding entrepreneurs or hopefuls or even people that are in the thick of it today it would be how we hire people. We hire people on three attributes: passion, persistence, and integrity.
We have very little office politics because I think some of the roots of that is the lack of trust of people. So it makes for a really enjoyable day, and there’s something special about our team. I treat it more like a family than I do a workplace, and I love every day that I’m here.
Rogers: Thank you.
July 8, 2019 at 12:29PM
Forbes – Entrepreneurs