Sramana: You have identified a sweet spot of $10 million-plus e-commerce companies. How many of those are there in London?
Graham Cooke: In the UK, we think there are a couple of thousand of these businesses. The UK Internet market is around $80 billion.
Sramana: You only have 85 customers, so it sounds like there is a lot of room left for growth.
Graham Cooke: There is a lot of potential. We are continuing to expand our sales team and grow our market in the UK. We think there are a lot of businesses that can benefit from Qubit’s technology.
We think that this category we are in, where we combine tag management with visitor analytics and A/B testing personalization, is a customer experience management or CXM category. We see CXM becoming the combination of CRM and content management on a website. You know who your customer is, and you will serve them the relevant experience. I think this is a $20 billion industry, and we are trying to lead the way there. We are creating standardization in data.
When you look at the W3C, you will see that they have standardized HTML and programming languages for the web. We have been working with IBM and Adobe on creating a standardization for web data. We are leading this as a small company, and we are proud that we are working with companies like IBM and Adobe.
Sramana: I have done three startups and 10 years of strategy consulting. I want to give you one piece of feedback. If I were a customer listening to your pitch, I would not want a customer management pitch. Conversion optimization is what hits me in the eye.
Graham Cooke: That is great feedback. I was discussing this with our board. It is all about conversion optimization. Everything else is in a sub-bullet.
Sramana: Conversion optimization immediately tells me what you are about. I would not deviate from that positioning.
Graham Cooke: Our slogan is “drive conversions fast.” Lots of companies out there claim to drive conversions, but we do it fast. We have stuck with conversion optimization over the years.
Sramana: What is your message to British entrepreneurs?
Graham Cooke: We are the third city, after San Francisco and New York. We are just a bit behind New York. We are seeing exciting technologies emerging. If you have the bug to leave big corporate, there has never been a better time. There is a lot of seed capital and engineers who want to do something different. The caution is to make sure it really is a business. Focus on revenue, not something that grows users.
Sramana: This has been a fantastic story. Thank you for taking the time to share it. I look forward to following your success.