The digital marketing industry grew from INR 47 billion in 2015 to INR 199 billion in 2020 and is expected to reach around INR 539 billion by fiscal year 2024. I.
1. Tell us about your business model, how the idea came about and how it works (step-by-step procedure).
Vaibhav and I have worked together in the digital marketing industry for almost two decades. We spent hours researching, reading and implementing new technologies and ideas for our then customers, and realized that marketing technology products were required. RankWatch (2013) was the result of the need for scalable and accurate cloud-based software for ranking and website analysis. This enabled us to obtain usable data about our customers’ rankings, backlinks and SERP competitors in order to increase their organic traffic. Web Signals, our latest product, was designed to solve our own challenge of monitoring what people were saying about us and our competitors on the various media channels.
2. What are the unique key points of your company?
In addition to developing cutting-edge cloud software, Web IQ has brought unparalleled organic marketing software such as RankWatch and Web Signals to the digital marketing industry.
3. How do you differ from the existing competitors?
Our competitors are mostly focused on the end user market while we have a firm grip on the agency and the big brands as we have a deep understanding of the search marketing niche.
When setting up WebIQ, Sahil and I decided to support marketing agencies in an ever-changing digital environment with all resources under one roof. Our products have a competitive advantage with a one-stop solution for all of the agency’s digital marketing needs.
We also provide a ton of free, high quality resources to help us with our marketing efforts.
We also track over 500 million keywords (industry maximum in a single search engine) to get their top websites so we have almost details on every single website / business on the web and their up / down trending data.
4. What is the funding status and the monetization model?
Web IQ is a profitable bootstrap company funded by their happy customers who pay monthly / annually to access and use the platforms.
5. What challenges do you face in running your company?
The marketing world and technology is changing fast, so we always need to be one step ahead of the game by making sure we have the best product and solution for our customers. At the same time, some of our competitors recently went public and have deep pockets as a result, although it’s a great thing, but we need to put even more pressure on to make sure we don’t fall behind.
6. How has the customer or people reacted so far?
Our customers like to use our tools. We have some of the biggest brands and agencies in India and abroad using our software.
7. What are the traction details (like users, app downloads, and other company achievements)?
We have over 2500 active paying customers and over 50,000 users of the software.
We get over 100,000 visitors every month who search organically from Google for our services and content.
8. How do you see the expansion?
We’ve spent the last year creating breakthrough technology to improve our platform and we expect people to love it.
We are also working on having several new acquisition channels in use (paid marketing and partnerships).
9. What are your marketing plans?
We’re getting a lot of traffic from search engines, we’re working on improving our conversion funnels and paid user acquisition channels, and we’re also trying to create a new industry dedicated to user partnerships.
10. What has been the greatest learning so far?
Says Sahil: “We offered our end users a solution to a problem we faced firsthand and I think that really helped our business grow geographically and financially as we weren’t concerned with it, our end users to satisfy.”
11. What is the market size and opportunity?
The digital marketing industry grew from INR 47 billion in 2015 to INR 199 billion in 2020 and is expected to reach around INR 539 billion by fiscal year 2024. This is a huge leap in the industry considering that there is a huge demand for digital marketing software tools along with web analytics, customer relationship management (CRM) and market automation software in the marketplace. Right now, the opportunities are great as more brands and retailers use digital advertising as a means of communicating with their target audience.