Marketics, a provider of domain-specific actionable analysis interpreting customer data, is a three-year old Bangalore-based firm catering to clients in the US, addressing global audiences. The company is now looking to expand to the UK soon, and is optimistic of the possibilities in the Indian market as well.
The nature of business was very different from outsourcing, Marketics Technologies CEO, S Ramakrishnan, explained. “It’s about leveraging global resources, and importing skill sets. The way it is defined, the KPO industry globally is estimated to be around $15 billion, but it is very difficult to define the size of the market analytics market, it could well be in the region of $40-50 billion.”
Identifying the US as “the largest opportunity for Marketics to chase”, the company claims to have doubled its revenues y-o-y since its launch in 2002.
“Several companies have approached us for work in the Indian market. These include a couple of credit card companies, a telecom company, and an insurance player, and these are all people who understand the power of market analytics. Replicating what we do, in India, is not going to be very difficult, and we are confident of the market maturing from a consumer data stand point,” Ramakrishnan said.
The company has ventured into a lot of adjacent areas, which do not fall strictly under the ‘analytics’ domain. These include logistics, inventory management and also the supply chain. The basis of this expansion is synergy with client requirements, but the company plans to stick to its core of marketing analytics.
The challenge, according to Ramakrishnan, was non-consumption, even in a ‘mature’ market like the US. On the competition, he said, “There are boutique analytics firms in the US who have not yet identified a global delivery model. We are certainly the pioneers in the area, and the route is to start small, give clients a low-investment option, demonstrate an ROI in five to six weeks or so, and when they taste blood, there’s no stopping them.”
Marketics also plays a role in recommending data collection strategies, besides pointing out what the variables should be, or even recommending the number of variables that would be needed for analytics to be effective. It has recently signed on a deal, which it claims would rank among the biggest in the area of market analytics.
The company is in the process of setting up an analytics base in Coimbatore, and this is expected to be fully operational in a few weeks. Additions will be made to its team of over 140 spread across the US (12) and in Bangalore. The existing team had over 50 MBAs, while another 50 of them held doctoral degrees, Ramakrishnan informed.
In the Indian market, the priority sectors by opportunity as identified by Marketics include consumer packaged goods, financial services, and telecom. The company is looking to double its undisclosed revenues this year too, and is hoping for an event better run in the next fiscal.