7 questions for 1 startup: AskCory

Welcome to the '7/1' Monday edition of the Startupt, your go-to source for the latest updates in the startup world, with a focus on Portugal's vibrant ecosystem. I'm Sergei Yakupov, the founder and editor, and today we're diving into Martech sector.

In this edition:

• Market insights: The Martech industry's explosive growth and what it means for startups.
• Spotlight on AskCory: A groundbreaking marketing assistant redefining strategy planning.
• Interview with Vitor Soares: Behind the scenes of AskCory’s journey.
• Music for creative brainstorming: A curated playlist of marketing's greatest hits.

The Martech market is booming, with projections estimating it to reach over $2 trillion by 2032. In this dynamic landscape, staying ahead requires innovative tools that harness the power of AI, like AskCory. Today, we'll take you inside the mind of Vitor Soares, co-founder of this startup, to uncover how they’re reshaping the marketing strategy game for freelancers, agencies, and businesses alike. Ready to delve into the world of marketing tech? Let's go!

📊 Market size. Quick look

The marketing technology (martech) market has experienced significant growth, with its global size reaching a remarkable US$ 413.6 billion in 2023. Analysts predict an even brighter future, projecting the market to soar to US$ 2,130.6 billion by 2032, exhibiting an impressive compound annual growth rate (CAGR) of 19.38% from 2024 to 2032. As to revenue martech worldwide is expected to reach a projected revenue of US$ 1,379,274.3 million by 2030. A compound annual growth rate — 19.8% from 2024 to 2030.

Martech encompasses a vast range of tools and software that marketers employ to enhance campaign effectiveness. These tools include customer relationship management (CRM) systems, content management systems (CMS), social media management tools, and analytics platforms. They enable marketers to streamline processes, personalize customer engagement, and precisely measure campaign impact. This makes martech essential for businesses seeking to stay competitive in a rapidly evolving marketing landscape.

A significant driver of martech adoption is the necessity for businesses to gain a comprehensive view of their marketing efforts. Marketers increasingly require sophisticated tools to analyze campaigns, make data-driven decisions, and continuously improve their strategies. Additionally, as remote work becomes more prevalent, martech tools that facilitate seamless collaboration are in high demand.

Another notable trend is the growing need for personalized marketing. Customer data platforms (CDPs) and artificial intelligence (AI)-powered marketing automation tools are gaining traction, enabling marketers to tailor their campaigns to individual customer preferences. This personalized approach enhances customer experiences and drives better results, further fueling the demand for advanced martech solutions.

The market also sees a surge in the adoption of tools that automate manual processes, freeing up marketers to focus on strategic and creative aspects of their work. The integration of social media management tools with marketing automation platforms is particularly notable, enabling businesses to craft targeted campaigns that resonate with specific audiences.

Moreover, AI-driven chatbots have become a game-changer for customer engagement. Widely used on social media platforms, these chatbots offer personalized customer service, foster audience engagement, and drive conversions. Their growing popularity is a testament to the effectiveness of martech in enhancing customer interactions.

In conclusion, the martech market is poised for tremendous growth, driven by the increasing demand for sophisticated marketing tools and technologies. As businesses seek to adapt to changing consumer expectations and market dynamics, the adoption of martech solutions will remain a critical factor in maintaining competitive advantage. The rapid evolution of marketing technology promises an exciting future for businesses and marketers alike.

💡 AskCory's Pitch deck summary

Name: AskCory

Location: Lisbon

Industry: Marketing Technology (MarTech)

Problems Addressed:

• Inefficient marketing planning processes: Creating data-driven marketing plans is time-consuming and requires expertise.
• Difficulty identifying optimal marketing channels: Businesses struggle to pinpoint the best customer acquisition channels for their specific goals.
• Lack of strategic guidance for startups, small businesses and junior marketers: Limited marketing budgets and resources often make it challenging to develop effective marketing strategies.

Proposed Solutions: AskCory.ai is an AI-powered marketing assistant that helps marketers and businesses of all sizes create winning marketing strategies in minutes.

• Bullseye Framework Integration: Leverages the proven Bullseye Framework to guide users through planning winning marketing strategies.
• AI-powered Strategy Generation: Provides data-driven recommendations for tactics, action plans and KPIs.
• Real-World Examples and Benchmarks: Showcases successful marketing campaigns using similar tactics and provides industry benchmarks for key metrics.

Market and Business Model: The target market includes startups, small and medium-sized businesses (SMBs), and mainly marketing freelancers and agencies. AskCory.ai offers a subscription-based model with tiered pricing plans catering to different business needs, plus a pay-as-you-go option.

Revenue Streams:

• Monthly subscriptions or pay-as-you-go for AskCory.ai SaaS.
• White-label solution for agencies and consultancy companies.

Competitive Advantage:

• Ease of Use: User-friendly interface and clear instructions make AskCory.ai accessible to marketers and entrepreneurs of all experience levels.
• Data-Driven Approach: Leverages the Bullseye Framework and industry benchmarks to ensure strategies are grounded in data.
• Actionable Insights: Goes beyond basic ChatGPTcan you rephrase suggestions, providing concrete steps for implementation and ongoing performance tracking.
• Focus on Efficiency: Saves time and resources by streamlining the marketing planning process.

Team: AskCory.ai is born from the innovative spirit of Build Up Labs, a startup studio that thrives on rapid iteration. This dynamic environment fuels AskCory.ai's development, with a cross-disciplinary team leveraging lean processes to bring disruptive platforms to life. At the helm are Vítor Soares (CEO) and João Pereira (CTO), with extensive business and technical expertise from both Build Up Labs and other former ventures. This powerful combination positions AskCory.ai for industry disruption.

Current Status and Future Outlook: AskCory.ai is currently in the early traction stage, with a focus on user acquisition and product development. The future roadmap includes integrating with marketing tools and platforms, further developing AI-powered campaign analysis features, and penetrating into new international markets.

MESSAGE FROM PARTNER:

🧩 7 Questions with Vitor Soares

Q: Can you describe the journey of AskCory from its initial focus on helping start-up founders to its current broader application for freelancers and agencies?

A: Around Q4 2023, we created the first prototype in one week which was ready for testing during Web Summit. This was great as we had already received feedback from entrepreneurs and marketers in online interviews, but on Web Summit we were able to put it in the hands of about a dozen marketers, which are now our main audience. Comparing the needs of startup founders to marketers, it was clear to us that both the knowledge about marketing and the recurrence of building marketing strategies were way greater for marketing professionals.

Q: What specific AI technologies power AskCory.ai, and how do they enable the generation of strategic tactics and content assets?

A: AskCory.ai is powered by OpenAI-ChatGPT 3.5 and 4, as we mix several prompts in our solution (we have to balance speed, length and costs). It works by answering a few preset questions such as describing your business, what your KPIs are, and what your goals are. Once you have filled them in, you have the choice to generate proven market strategies, a blend of creativity, but while remaining practical, or unleashing creativity.

Q: How did AskCory identify its market opportunity within the crowded field of marketing tools, and what specific gaps in the market is it designed to fill?

A: There was no specific tool using the Bullseye Framework for marketing strategy. AskCory breaks down barriers in marketing strategy creation. The powerful Bullseye Framework, previously only utilized by experienced growth marketers, becomes accessible to everyone. This democratization of strategy empowers businesses of all sizes to develop effective plans. But AskCory doesn't stop there. Even seasoned marketers can benefit from its AI-powered efficiency. The platform streamlines the strategy creation process, saving valuable time. Finally, AskCory goes beyond basic suggestions, acting as a true all-in-one marketing assistant. It guides users through the entire process, from crafting initial strategies to developing targeted tactics.

Q: Could you elaborate on the types of common marketing challenges AskCory.ai is particularly effective at solving, and how it does so more efficiently than traditional methods?

A: Many people get a blank head and don’t know how to tackle the constantly changing marketing environment. With AskCory, this won’t be a problem. There are virtually infinite marketing strategies available that Cory will specifically tailor to your needs (e.g. type of product/service, target audience, budget, timeframe, etc).

Q: What benchmarks and actionable insights does AskCory.ai provide, and how do these help improve marketing strategies?

A: AskCory provides benchmarks based on industry averages for key metrics like conversion rates and customer lifetime value. This allows you to compare your own performance and identify areas where you can shine brighter. AskCory.ai also provides step-by-step implementation plans with resource breakdowns for each action, ensuring you have a clear roadmap to turn strategy into measurable marketing results.

Q: Can you discuss how AskCory.ai complements the creative aspects of marketing that are typically reliant on human intuition and emotion?

A: AskCory.ai isn't here to replace the spark of human creativity in marketing; it's here to amplify it. Think of it as a powerful brainstorming partner. Stuck in a rut? AskCory.ai can present unexpected data-driven opportunities or highlight underutilized channels, igniting fresh ideas for your next campaign. But AskCory.ai understands the irreplaceable role of human intuition and emotion. By handling the heavy lifting of strategy and planning, it frees you up to focus your energy on the most impactful aspects: decision-making, people management, etc.

Q: What is the long-term vision for AskCory.ai in terms of its role within businesses? Do you foresee a point where it could fully automate a marketing department’s strategic planning and execution?

A: AskCory.ai's vision extends far beyond simply streamlining marketing planning. We see it evolving into an indispensable strategic partner within businesses, fundamentally transforming the marketing landscape. Imagine AskCory.ai as a constantly learning companion, adept at absorbing the latest marketing trends, best practices, and industry data. This continuous evolution will empower it to offer increasingly sophisticated guidance. We're not just talking basic planning anymore; AskCory.ai will delve into advanced tactics, campaign optimization, and even assist with creative brainstorming in the future. Think of it as an AI co-pilot, suggesting headlines, generating ad copy variations based on data insights, all to fuel your human creativity and propel even more innovative marketing ideas. Therefore, the future of marketing lies not in replacing human expertise, but in fostering a powerful collaboration. AskCory.ai will handle the heavy lifting of data analysis, strategy, and even some creative assistance.

🎧 Music to go deep

Today's playlist consists of songs that helped brands to reach their marketing goals. Listen on Spotify:

That's all for today! See you next week. And don't forget to check your email on Thursday — you'll find a regular Startupt.co newsletter with the most important news about startup industry in Portugal.

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