A RISING Geelong analytics company will develop a sales presence around Australia after a planned $6 million capital injection.
Insite Logic has started talking to investors as it sets about selling about 40 per cent of the company to fund the expansion.
The company’s analytics program is used by property developers to extract information from website interactions to generate sales leads, tailor marketing and improve sales rates.
Founder David Stewart said about half of the capital raised would go to establishing sales and accounts offices with the investment also supporting the launch of a new product later in the year.
Insite Logic’s programming functions will be kept at its North Geelong base with jobs in that area expected to be created as sales grow.
Mr Stewart said Insite’s initial product, launched 2½ years ago, had captured 40 per cent of the Victorian market for land developments and it had followed up with another product for apartment developments, which had been used on 24 sites.
But the application has far wider potential than the property industry.
Mr Stewart, who recently sold out of his previous business which specialised in property advertising, said Insite Logic had proven its concept worked.
“We are using it in property at the moment, because that’s where we have come from,” he said.
But any business with an interactive website could use the system, which could be bolted on to any customer relation management system.
“We want to branch out to other investors — technology investors, investors that might come from a retail background — because the product will work there as well,” he said.
It was important for companies to build databases to communicate with customers, particularly millennials who researched most of their major purchases online, Mr Stewart said.
“The interesting thing with millennials, they are great researchers but they are bad verbal communicators, they don’t like talking to sales people,” he said. “They know what they want, they just want to be able to go and buy it.”
He said Insite’s program, which worked with company databases, helped identity when people were ready to buy.
Insite Logic employs nine people but has space for 30 staff. It intends to have completed its investment process this month or next and would welcome interest from Geelong investors.
[Source: Insite Logic to develop sales presence around Australia : By Dave Cairns for http://www.geelongadvertiser.com.au/]