We talked to Norbert Bodog of CEO Conversific Ltd on how they help businesses grow their Shopify business with data-science Superpowers and he had the following to say about it.
First of all, how are you and your family doing in these COVID-19 times?
Norbert Bodog: Thankfully, everything is fine. Everyone works or learns online from home. The children have been going to high school online since November. We at Conversific switched to home-office in one day in March and have been working ever since.
Tell us about you, your career, how you joined Conversific.
Norbert Bodog: I have twenty years of experience building and managing high-growth, sales – and marketing-oriented market-leading IT companies. Ten years of experience in acquiring and sharing international leadership and organizational development know-how and best practices as a partner of one of the world’s largest NYSE-listed organizational development company.
My personal leadership mission to build an agile people-centered digital organization age that attracts, retains, and unleashes talent to provide the most they can. Where outstanding efficiency and dynamic performance is based on continuous research and fast, innovative service of customer needs.
I joined the company last year as a co-founder. We did business with one of the founders in the past. I have previously built a successful IT company that has made it into the Microsoft Dynamics President’s Club, bringing together the top 5% of Microsoft Partners worldwide. Then we achieved this on the Hungarian market.
Now, with my Conversific team, I want to achieve similar success internationally with our SaaS-based monthly subscription service.
How does Conversific innovate?
Norbert Bodog: Conversific started in 2017 with the idea of providing a large number of micro and small businesses with state-of-the-art analytics and data-driven decision support.
Conversific helps webshop owners with free eCommerce benchmark data that other services, such as Google Analytics, a world leader in the analytics market, do not provide.
How the coronavirus pandemic affects your business, and how are you coping?
Norbert Bodog: Our revenues turned out nicely. As e-commerce expanded significantly due to the pandemic, so the demand for e-commerce analytics apps. So we benefited from this.
SaaS business services – that support e-commerce with a monthly subscription system – are one of the fastest-growing areas of investment worldwide.
So in the fall, we implemented a capital increase of nearly $ 2.3 million, providing stable growth opportunities in these difficult times.
Did you have to make difficult choices, and what are the lessons learned?
Norbert Bodog: Our capital-raising process took longer than we thought due to the pandemic, even though we started on time. We were lucky that our revenues were good and we also formed enough reserves. Next time, we will start preparing for the next round of investment even earlier.
How do you deal with stress and anxiety? How do you project yourself and Conversific in the future?
Norbert Bodog: I exercise and meditate regularly. Balanced, peaceful family background is also very important, where it is good to return home after busy working days.
Thankfully the company is on a nice growth path. We are also dynamically expanding the team. This year, six new people joined the team, bringing very serious senior knowledge to the company. The increase in fresh capital and revenue growth is the foundation for us to further strengthen our market position.
Who are your competitors? And how do you plan to stay in the game?
Norbert Bodog: Conversific entered the international market three years ago, by presenting themselves on the app store of the world’s largest e-commerce platform, Shopify. A great breakthrough happened when we transitioned to the Freemium business model, making the basic service free of charge, and users only pay for advanced features. This made it possible for Shopify and, WooCommerce webshop platform users to compare their performance with their industry competitors.
While most analytical tools primarily provide reports on business-related metrics and technical information, the Hungarian solution helps turn this data into easy-to-interpret sales-driving information and actionable steps to significantly increase their customers’ revenue.
We have a serious growth opportunity. Shopify platform alone has more than 1 million customers worldwide, and their number is growing by 30% annually.
Your final thoughts?
Norbert Bodog: Although we receive inquiries about an acquisition every month, we decided to further develop the app. We are using our current investment to expand our product with new innovations, increasing our share on this platform to 3-5%, where we are already one of the most sought after analytics apps.