Help MTOs deliver offers to clients efficiently
Applicant name: RemitRadar Limited
Innovation Name: RemitRadar Marketing Service
Innovation Type: Service
Mission: Help MTOs deliver offers to clients efficiently
Innovation Description: RemitRadar delivers marketing messages to remittance customers through Google Adwords, Facebook Ads, ads on our own website and partner websites equipped with our widgets, and through other channels. This can be done in a more targeted way and at a cheaper cost than alternative methods because we own the data of millions of remittance customers who have previously used our comparison website.
Other unique features of our marketing service include:
– Retention of customers who are about to leave without transaction through an “auction” of special offers (a special offer can be delivered to customers selected by certain criteria if the standard offer was not good enough for this customer)
– Monitoring of competitors’ offers
– Customer experience surveys
– Loyalty programs management
– Increasing the customer’s LTV through participation in our marketplace of digital products
We put this service together on the basis of several years of experience in providing free and unbiased comparison service to remittance customers.
Innovation Inspiration: As margins shrink, marketing and promotion must become more efficient. We offer an efficient targeted customer acquisition service to MTOs and other companies that offer goods or services to migrant workers, e.g. insurance, mobile phone top-up, discounted travel, job search, cross-border payment solutions, etc. We launched it after accumulating enough data on remittance customers who have used our comparison services. The advantages are: lower Customer Acquisition Cost (CAC); faster and more efficient promotion; no more need to bid for the most popular keywords (therefore simpler and more transparent budgeting of advertising campaigns); integration between the marketing/promotion campaigns and customer development because we can monitor the customer behaviour on our comparison website; auctions where the MTO can make a special offer to a client who is about to leave without transaction.
Who benefits from the innovation most? The MTOs as well as other companies that offer various products or services to migrant workers will benefit from our services. Having cost-effective digital marketing channels is an advantage in highly competitive remittance market.
The remitters and senders will also benefit by having the best offers delivered to them. At the same time, they will be able to compare these offers with the terms and conditions of other service providers on our comparison website
Our audience consists of millions of users of RemitRadar.com. Our partners are all the MTOs as well as other companies that offer various products or services to migrant workers. Websites used by migrant workers can also be our partners when they host our widgets or scripts allowing us to boost traffic on priority corridors and with priority target groups.
The service is global and does not prioritize any region in particular.
What are you most proud of about your innovation? This innovation builds on the foundation of 5 years of data aggregation from 361 money transfer operators in over 100 countries and a data base of 12 mln users of our remittance comparison service.
This service is free to remittance users, therefore the main challenge has been (and continues to be) related to funding. Monetization cannot start before the technology, the client base and the partner relationships are in place, and this takes time and capital.
We are proud to have been given the attention of UN agencies as a socially important service.
We are different because we use advanced tools: API to connect with MTOs, AI to drive our chatbot integrated in social media (Skype, Facebook), proprietary algorithms that brought us impressive organic traffic (we have never paid for traffic). Our ecosystem approach is also different as our value proposition is aimed simultaneously at the remittance users, MTOs and a range of other companies that offer various products or services to migrant workers.
Status of Innovation: In-market
Innovation Active Since: 05/15/2019
Applicant Type: Private Company
Headquarter City: London
Headquarter Country: UK
Year Founded: 2014
Main Category Choice: B2B Solution
Why do you think you should win this category?:
Our offer enables MTOs and other companies that offer goods or services to migrant workers to reduce Client Acquisition Cost. It solves the problem of quick and efficient delivery of marketing messages to target audience of remittance users. The market size is potentially 250 mln migrant workers and their families with buying power of > $1.5 trillion. Currently we have 1% penetration of this market. The impact will be more efficient marketing for our clients and improved financial inclusion for the end customers (buyers of goods and services, especially digital). Our team combines expertise and experience in IT, retail marketing and GR (see Team section). A pilot performed in 2019 with a digital product of our own showed 40% conversion (impact to click). Our service is difference from the usual digital marketing channels in: specialization in the remittance users; quality of segmentation of data in this category of prospective customers; more affordable cost and transparency of pricing (no need to bid for popular keywords).
Secondary Category Choice: End-user Experience
Why do you think you should win this category?
Our offer allows migrant workers and their families to receive special offers of goods or services customized for their needs. It solves the problem of finding the best deal; if this is an offer from an MTO, they can also compare it instantly with other available options. The market size is potentially 250 mln migrant workers and their families with buying power of > $1.5 trillion. Currently we have 1% penetration of this market. The impact will be improved financial inclusion for this category of people. Our team combines expertise and experience in IT, retail marketing and GR (see Team section). A pilot performed in 2019 with a digital product of our own showed 40% conversion (impact to click), therefore high level of interest from end users. Our service is difference from the usual digital marketing channels because we specialize in remittance users and deliver offers of goods or services customized for their needs.
Full Name: Sergey Markov
Full Name: Denis Kochubey
Full Name: Dmitriy Grishin
Full Name: HRH Prince Michael of Kent
Role: Global Ambassador
Pitch deck on RemitRadar Re-Marketing Services: https://www.dropbox.com/s/
RemitRadar General Deck: https://www.dropbox.com/s/
Full Name: Sergey Markov