Our investment in ProductLead
From left to right – Alexander Stoica-Marcu and Mihai Bocai, Co-founders of ProductLead.
Published by Hristo Hristov, Venture Partner at Eleven.
Everyday we read stories about AI surpassing yet another human achievement, or a new robot replacing some mundane job that makes our life better. Google, Facebook and Amazon are at the forefront of this trend with algorithms and machine learning basically defining what is shown in their feeds and what not. Yet there is such a big disconnect between the level of automation within these platforms and the content being created on top of them.
For example, take an average fashion ecommerce business that sells several hundred products per month. Sometimes those clothes, shoes and apparel are not very different from that of the competitor. Be it Nike shoes or Calvin Klein t-shirts. So how can they set themselves apart from the rest apart from the price? The answer is through creatives. And this is what they do, they sit down and every other week think of new creatives that will be more appealing to their target audience.
But how do you scale this process, how efficient is it and most importantly how long can you keep coming up with new ideas?
Here is where ProductLead comes along.
ProductLead empowers retailers
to create social media ads at scale by using user generated content together with platform automation and then deploys these newly created ads directly into the social media business manager.
Digital advertising has exploded over the last ten years
and has grown to an extent where bots are bidding against other bots to capture the relevant audience. While some aspects of digital advertising excelled through automation, the process of building creatives hasn’t evolved and remained unchanged.
With the rise of social commerce the demand for creative automation is even stronger
We humans are just not up to speed when it comes to “creating” compared to machines. Our imagination gets depleted fast especially when we have to plan 100 campaigns per month for a mid-size retailer. At the same time you have millions of nano and micro influencers that create content for free on the same platforms. And yet there is a very big disconnect between the two groups: the marketers creating ads and the influencers posting various content.
We particularly like how ProductLead combines the best of both worlds. They have user generated content mixed with ML and creatives automation, which is then automatically plugged into your Instagram campaigns. All of your campaigns are then pulled into a centralized dashboard where you have all the data you need to further make optimisation decisions.
Talking about social commerce
We believe it is just getting started as a part of the bigger ecommerce market. Instagram and Pinterest provide the most relevant social commerce experiences for brands today. But with the rise of TikTok, Snapchat and Facebook the market is poised for much bigger growth. Covid has boosted that trend as well with social commerce growing in the US 37.9% YoY according to eMarketer and expecting above 30% growth this year as well. With the rise of small and mid-size sellers vastly accelerated by the Shopify’s and Amazon’s of the world, every ecommerce store that has more than a million EUR in sales per annum will need a solution like ProductLead to be able to produce eye-catching creatives at scale. Content creation at scale is strongly valued by brands operating in the highly visual field of social commerce – a trend which will be further expanding as companies search for their “edge” in an exceedingly competitive field.
The team behind ProductLead
is led by the founders Mihai and Alexander – serial entrepreneurs with a constructive mindset of “constant improvement” and a heavy background in social commerce. Their previous venture Evonomix is a performance agency with a focus on ecommerce and social media marketing for brands. This background brought their first-hand experience with the problem of managing hundreds of campaigns at scale and having manually to do all the creatives. That’s how they came up with the solution to automate those tasks which led to an increased output of their business.
Mihai and Alexander are part of a trend, which we currently see in Southeast Europe where experts with 10+ years of experience in certain service business fields launch new product companies aiming to tackle a particular problem.
Curious to learn more about ProductLead? Visit their website – https://productlead.me/