Likes, comments, followers, shares are no longer the outcomes of marketing that e-commerce businesses value the most. Today, businesses want to understand which of the marketing channels they use work the best. Ukrainians Yevhen Shevchenko and Oleksandr Bryukhovetskyi have solved this problem by joining ads, product sales, and product usage. Continue reading about Neyra.ai and how it helps businesses save a significant portion of their advertisement budget.
Location: Kyiv, Ukraine
Established in: 2019
Oleksandr and Yevhen, the founders of Neyra.ai, met at a bootcamp for entrepreneurs, where they quickly learned that they both share an interest in marketing and technology. Yevhen soon had a startup idea, and Oleksandr could not say no to becoming a partner. The startup concept was based on end-to-end analytics of marketing KPIs, helping marketers to understand the real payback of online ads.
Initially, the founders visited their potential customers and researched what KPIs they used and what challenges they faced. 99% of marketing teams were in a state of confusion: no one understood the ad performance numbers, what they meant and where they came from. They were often miscalculated and too much time was spent on marketing reports.
The problem was that the data necessary for determining ad effectiveness was in three databases:
- Customer and Sales information was located in CRM systems
- Ad performance data was in Ads Tools databases
- Site and product usage was in tools like Google Analytics.
There were no connections between the data in these databases. Marketers couldn’t determine how many users came to the site from which ads. Advertising campaigns were run and users would visit the website, but this did not mean they would spend on the site.
The Neyra team solved this problem by developing a unique Neyra.ai ID. Now, when someone goes to a website, they will be assigned a unique number by which they will be tracked in their journey on the website. The service also has a Geo Dashboard that shows where sales are made and where the leads came from. In this way, SMB owners can determine which regions are the most profitable ones and target their advertising that way.
How Neyra works
- After linking information about users, ads, sales and product usage, Neyra calculates eleven basic ad performance KPIs.
- The metrics are then displayed on a dashboard, where business owners can follow ad performance in real-time.
- Next, it's time to decide which ad creatives work best.
Currently, most advertising tools are only able to show the total number of visitors to the site. For marketers and business owners it is much more important to know how many of them made a purchase. Neyra analyzes and presents this information, which allows users to determine which ads are better to invest in to accelerate sales.
Neyra now supports 7 CRM systems that cover 90% of the market.
One of the biggest clients of the startup is Wallarm, an American cybersecurity company. After only two months of using Neyra, they improved their conversions because they were able to learn which ads were the most effective.
Early on, the Neyra team went through a startup acceleration program, deciding afterwards to open an office in Europe or the United States. As Europe was closer in terms of distance and mentality, the founders decided to relocate to Helsinki, Finland: "At the time, it seemed to us that Finland had the most favorable ecosystem for a startup, so that's where we registered the company."
The first investment came from the local Finnish Icebreaker fund. Thanks to them, the founders managed to grow the team to seven people in three months. Neyra is currently raising a Seed round, and then plans to relocate to the United States and hire a local sales team.
New Neyra.ai features
The Neyra team plans to integrate with website building tools in the near future. With such integration, the linking of ads, sales, and usage will occur automatically. There are also plans to develop a feature that, thanks to AI, will generate tips for business owners to make decision-making easier. However, this feature will take some time to build as the startups needs to collect data first and teach the system to provide recommendations.
Neyra is also planning to add alerting.. For example, after the user sets up an ad for the weekend, Neyra will send a notification in case of a sharp increase in ad spend, so that the marketer can make a timely decision and avoid exceeding the budget.
Finally, a benchmark comparison is planned for the product to allow businesses to understand how their ad performance compares with other companies.