At Delta-v, we have been tracking how the evolution of technology has forced companies to reassess the way they attract, interact with, and support customers. The “front office” business leaders (CMOs, CROs, Chief Customer Officers, and Chief Digital Officers) for both B2B and B2C brands have been forced to adapt to their customer’s journeys being digitized and expanding across multiple channels. It requires harnessing their zero- and first-party data into actionable insights to build better customer experiences, from marketing through customer support. We believe that these modern customer experiences are becoming “table stakes,” which is why we invested in Iterable, the market leading cross-channel marketing platform that is ushering in an adoption wave of more modern, flexible, and user-friendly marketing automation software.
Specifically, the scope of a CMO has expanded to include putting “customer experience” at the center of an organization’s marketing strategy. Customers today expect tailored communications that are relevant and personalized to them throughout their customer journey. Modern marketers have become aware of this reality in recent years, only to find that legacy messaging platforms, like Salesforce’s ExactTarget and Oracle’s Responsys, are too cumbersome, slow, and inflexible to meet their needs.
These heightened expectations for personalized communications are driving a technology refresh cycle within marketing automation. Personalization at scale requiresa unifited view of the customer and a flexible, agile platform for orchestrating customer communication that is as intuitive as it is powerful. The winners of this technology refresh cycle will be the platforms that have the following characteristics:
- Low code or no code "central command center" for all customer communications that integrates data from all parts of the organization and creates a unified view of the customer
- Intuitive functionality that allows marketing teams to leverage real-time customer data and quickly iterate on campaigns
- AI-enabled software that dynamically segments customers and orchestrates individualized customer experience at scale - recommending the right product at the right time across the entire customer base
- Next generation cross-channel platform that eases easily tracks interactions across multiple communication channels (e.g. SMS, in-app, and email) to create a cohesive customer experience
This should lead to better customer experiences, higher sales conversions, and ultimately higher revenue.
From our work tracking the space, we were seeing the shift towards Marketing Automation 2.0, as these next-generation platforms in aggregate took share from legacy platforms. We’d also watched as Iterable emerged as a leader in the space and the best-in-class solution it is today.
This is why we invested in Iterable in September 2021. Iterable is a modern customer engagement platform designed to power unified customer experiences. Iterable empowers marketing teams to create, optimize, and measure every interaction across the customer journey. It is recognized as a leader in cross-channel marketing automation by marketing teams for its superior UI, flexible database, and product functionality, which allow for greater speed and scale than legacy solutions in the market.
Since our investment, Iterable has only continued to emerge as a leader in the space. The Company has received several accolades including being named a Strong Performer in 2022 by The Forrester Wave and a Top Startup Employer in 2022. Iterable is also a top ranked product for Marketing Automation on G2 and made Bessemer Venture Partner’s Centaur list as one of the Cloud 100 companies that crossed the $100M ARR milestone last year. Having now surpassed 1000 customers, it is clear that customers love Iterable, and this loyalty has allowed the company to scale rapidly.
Iterable is well positioned for additional growth. The Company continues to deliver on its product roadmap with the launch of their new AI Optimization Suite. We believe this predictive AI functionality is a key development towards helping brands take the right actions on customer data and achieving greater outcomes. Even as the macro environment changes, we believe that customer retention only becomes a more important focal point for brands.
At Delta-v Capital, we strive to partner with innovative management teams that drive real outcomes and returns for their customers. We believe that CEO Andrew Boni and his team at Iterable are doing just that. The next generation of marking automation software is here and is becoming a critical part of a marketing team’s infrastructure. We are excited to be partnered with the team at Iterable and supporting their mission to empower marketing teams to create better customer experiences.