The upshot of all of this? Businesses that use OpenDNA’s artificial intelligence platform can drive higher customer engagement, retention and conversion by showing those customers only digital content that matches their interest profile. This hyper-relevant content targeting is achieved using an algorithm which continuously learns the interests and preferences of each individual user.
Showing different content to different users not only creates a more personalised experience at the individual level, it also enables new customers to be more precisely targeted and existing ones to be more accurately re-targeted.
For example, if somebody has already bought a vacuum cleaner through a website or read certain articles on a news app, they’re unlikely to be interested in seeing those exact things again.
Being able to accurately personalise content to consumers in real-time has enormous implications for businesses, particularly when that content includes tailored advertising.
So how does OpenDNA make money?
“The beauty of our revenue model is that it is directly related to increased business performance for our customers.
We keep it simple by charging a monthly fee based on user count, ranging between US$499 and $US18,000 per month. For those customers that desire value-added services such as the supply of additional content or an integrated ad solution for their digital platforms, we charge an additional flat monthly fee and a revenue-share component, respectively,” Mr Shah said.
“Because OpenDNA models its pricing on our ability to create uplift in their existing businesses, there’s very little downside for customers to use OpenDNA from a cost perspective and the potential for revenue increase is enormous.”
Since listing on ASX in November 2016, OpenDNA has taken a number of important strides towards fully commercialising and deploying its industry-agnostic and infinitely-scalable offering. Already having offices in Perth, Cape Town and the USA, the company is focussed on its pipeline in South East Asia and North America and has established a strong presence in Singapore, New York and San Jose.
Having identified online publishing as a key industry to target to rapidly generate reach and scale, the company has signed-up publisher customers from industries as diverse as sports, travel and luxury goods, as well as inking several channel partner arrangements with strategic counterparties with a view to leveraging their existing networks and business models.
Further, OpenDNA has bolstered the strength of its offering to potential customers, including in the publishing space, by entering into a range of agreements with leading adtech industry players including Facebook and Fyber.
These agreements provide the company with the ability to deploy its proprietary ad platforms through OpenDNA apps and websites in order to enable OpenDNA customers to benefit from extensive advertising inventory, access to cutting-edge advertising technology and market-leading revenue generation capabilities, delivered in a seamlessly integrated manner in conjunction with OpenDNA’s personalisation technology.
Finally, through its software development kits for iOS, Android and web platforms, OpenDNA provides developers with the ability to connect existing digital platforms to OpenDNA’s technology, or to design new Apps and websites so as to be “powered by OpenDNA”.
Like any emerging business, OpenDNA’s focus is on achieving positive cashflow as soon as possible and on promoting awareness and recognition. “We’re growing at a rapid rate and are actively developing an extensive pipeline of customers, channel partners and other strategic relationships,” Mr Shah said.
“We’ve had discussions with multinational companies all over the globe who are excited about the benefits that personalisation can provide. At the same time, it’s been encouraging that prominent organisations like Westpac with its ‘Businesses of Tomorrow’ program have acknowledged the role that artificial intelligence and personalisation will play in tomorrow’s digital marketplace.
OpenDNA was one of only 7 listed companies to be recognised by Westpac amongst the list of 200 businesses featured in the Business of Tomorrow program.”
We’re confident that our artificial intelligence technology is a genuine game-changer for online businesses Mr Shah said.