Malaysian Customer Data Platform (CDP) solution provider – Wired PR Lifestyle Story
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[Written in partnership with MaGIC, but the editorial team had full control over the content.]
FusionQB NEXPlatform is a customer data platform (CDP) solution provider launched in 2016 by a creative team of members of a proptech solution company.
Beyond that, however, each of them has strong technical advice and has been in the business setting up with 18 years of accumulated experience.
At the time, the ongoing problems facing retail businesses today include:
- Silated customer database, where data is stored in a single system, so companies can’t see customer profiles and overall shopping journey;
- Overloaded touch points, where customers are on different platforms, making it difficult to execute customer marketing strategies;
- The disconnection of experience, where there is no event or physical activity, stops the commitment of the customers of a brand;
- Lack of real-time data analysis leads to a slow or delayed process of making management decisions due to lack of business transparency.
CDP versus CRM
If you’re wondering what the difference is between a CDP and a customer relationship management (CRM) platform, we did too.
And what we did know was, in short, that a CRM is a sales support system, while a CDP provides a more complete (360-degree, if you will) customer view beyond the sales cycle.
The usual practice for companies is to have a sales and marketing team that stores customer data in a CRM system, and once the sale is complete, the customer profile is not updated.
CDPs are able to delete this manual in an inefficient process, automatically and actively collecting customer data.
It then helps companies make sense of the data to create effective customer accessibility and engagement strategies.
The result speaks for itself
FusionQB is not the only CDP provider in Malaysia; there are other companies like Avanade Malaysia doing the same.
However, FusionQB co-founder Stephen Lim told Vulcan Post that there are several differences between them, such as the fact that FusionQB serves different industries, is more profitable, has a shorter and faster time to market and more.
Their target market includes companies and corporations with a high volume of customer data. At the moment, they are serving customers such as real estate developers, retailers, shopping center operators, manufacturers, education providers, and will soon expand into the health and wellness industry.
“The value of customer data will be effective with players in ecosystems as today’s corporations want to activate their data and expand their profile with other data such as behavior, geography, net worth, mobile usage, etc.,” Stephen explained.
Some of their major clients include big names like Gamuda Land, Paradigm Mall, Pavilion, Sunway Property, KSK Group and SkyWorld.
When FusionQB evaluates how effective its CDP solution is, FusionQB follows 2 key metrics: sales conversion and customer engagement rates.
Based on existing data, Stephen assured us that their customers had a 22% increase in sales conversions within 4 months of the implementation of the FusionQB solution, and that the customer engagement rate had increased by 38% within 3 months of implementation.
It is a lifelong learning process
But market validation remains one of FusionQB’s biggest challenges.
Not all solutions are for sale and repeatable in the market today. Market trends and business needs are changing faster than we know. So we continue to validate in the market even after the launch of the solution to improve its value in the customer’s business.
Stephen Lim, co-founder of FusionQB and CEO of Strategy.
One way for the team to do this is through a 90-day hands-on program for customers to create a high-impact value that allows FusionQB to understand their needs at a deeper level.
The pandemic has also slowed the company’s regional expansion plans, but FusionQB has been able to overcome this by launching a resale partnership model that uses local partners to expand and replicate its business beyond Malaysia.
On the brightest side, the company increased its number of employees by 30% working with outside agencies during the pandemic to bring in talent and establish internal referrals.
Stephen shared that FusionQB is conducting an activity to raise funds prior to Series A, and is currently in talks with some interested corporate investors and VCs to raise $ 1-2 million.
With the new funds, the team will further expand its talent repository as well as enter the larger Southeast Asian market over the next 3 years.
“We have been actively involved in SEA events and programs to get exhibitions and market discussions with local actors, and this year we have formed a team focused on Indonesia,” Stephen said.
To ensure that the group is equipped for these growth opportunities, FusionQB was introduced Malaysia Global Center for Innovation and Creativity (MaGIC) Global Accelerator Program (GAP) where it has been able to benefit from network tutors, coaches and VCs.
More specifically, it has helped the team improve its understanding and positioning of its ability to raise funds, which will pave the way for its remaining expansion plans.
Featured Image Credit: FusionQB
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