[Written in partnership with MaGIC, but the editorial team had full control over the content.]
FusionQB is a Customer Data Platform (CDP) solutions provider launched in 2016 by a founding team made up of members of NEXPlatform, a proptech solutions company.
Beyond that, each of them comes from a solid experience in technical consulting and worked in the implementation in company, with a cumulative experience of 18 years.
During this time, some of the persistent issues they identified that retail businesses face today include:
- A siled customer database, where data is stuck in a single system, so businesses can’t view customer profiles and their overall shopping journey;
- Overloaded touchpoints, where customers are on different platforms, making customer marketing strategies difficult to execute;
- A disengaged experience, whereby if there are no events or physical activities, the customer engagement of a brand stops;
- Lack of real-time data analysis, leading to a slow or delayed management decision-making process due to lack of transparency in the business.
CDP vs. CRM
If you’re wondering what’s the difference between a CDP and a Customer Relationship Management (CRM) platform, we’ve done that too.
And what we found out is that, in short, a CRM is a system that supports sales, while a CDP provides a more complete (360 degree, if you will) view of the customer at- beyond the sales cycle.
The conventional practice for businesses is to have a sales and marketing team that stores customer data in a CRM system, and once the sale is complete, a customer’s profile is no longer updated.
CDPs are able to remove this inefficient, manual process by automatically and actively collecting customer data.
It then helps companies make sense of the data to build effective customer outreach and engagement strategies.
The results speak for themselves
FusionQB is not the only CDP provider in Malaysia. Other companies like Avanade Malaysia do the same.
However, FusionQB co-founder Stephen Lim told Vulcan Post that there are several differences between them, such as how FusionQB serves different industries, is more cost effective, has a shorter time to market and longer. fast, and more.
Their target market includes businesses and corporations with a large volume of customer data. Currently, they serve clients such as real estate developers, retailers, mall operators, manufacturers, education providers, and will soon expand into the health and wellness industry.
“The value of customer data will impact ecosystem players as companies today want to activate their data and extend it with other profiling data such as behavioral, geographic, net worth, l ‘mobile use, etc., ”Stephen explained.
Some of their key customers include big names like Gamuda Land, Paradigm Mall, Pavilion, Sunway Property, KSK Group, and SkyWorld.
FusionQB follows 2 key metrics when it comes to validating the effectiveness of its CDP solution: sales conversion rates and customer engagement.
Based on existing data, Stephen confidently told us that their customers saw a 22% growth in sales conversions within 4 months of implementing the FusionQB solution, while their customer engagement rate increased by 38% in 3 months after implementation.
It’s a continuous learning process
But market validation remains one of FusionQB’s biggest challenges.
Not all solutions are salable and reproducible in the market today. Market trends and business needs are changing faster than we think. Thus, we continue to validate the market even after the launch of the solution to improve its value in the customer’s business.
Stephen Lim, Co-Founder and Chief Strategy Officer of FusionQB.
The team achieves this in part through a 90-day customer support program so that FusionQB can understand their needs at a deeper level to create high impact value.
The pandemic also slowed down the company’s regional expansion plans, but FusionQB was able to overcome this by launching a resale partnership model that leverages local partners to expand and replicate its business beyond Malaysia. .
On the positive side, the company increased its workforce by 30% during the pandemic by working with external agencies to attract targeted talent and by implementing internal referrals.
Stephen explained that FusionQB is also pursuing a pre-Series A fundraising activity, and they are currently talking to a few institutional investors and VCs interested in raising $ 1-2 million.
With new funds, the team will further expand its talent pool and penetrate the larger Southeast Asian market over the next 3 years.
“We have actively participated in SEA events and programs to gain visibility and discuss the market with local players, and this year we have formed a team focused on Indonesia,” said Stephen.
To ensure the team is equipped for these growth opportunities, FusionQB joined the Malaysian Global Innovation & Creativity Center (MaGIC) Global Accelerator Program (GAP) where it was able to benefit from mentors, coaches and VCs within the network.
Specifically, it has helped the team improve their understanding and positioning of their fundraising opportunity, which will pave the way for following their expansion plans.
- Learn more about FusionQB here.
- Check out other Malaysian startups we’ve featured here.
Featured Image Credit: FusionQB
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