Antonio Tomarchio is founder and CEO of Cuebiq, a next-generation business intelligence company that helps businesses understand consumers' offline behavior and purchase intent. Cuebiq is a spin-off of Beintoo, a mobile industry pioneer with a proven track record of identifying emerging technologies to serve the needs of marketers, the media community, and investors. Tomarchio founded Beintoo in 2011 and served as CEO until February 2016. Before Beintoo, he was head of product and research and development of Dada, where he oversaw global strategy and product development for the digital advertising division.
How did you get into the industry?
My background is in applied mathematics and the development of machine learning algorithms. However, I decided to forego a career in the financial industry and take full advantage of the massive opportunities available in the Ad Tech/Mar Tech space. I began by helping brands and marketers understand the value of new emerging technologies in the mobile industry. Specifically, helping them reach their advertising and business goals by developing innovative products that harnesses the power of location.
My passion and desire to start my own company led me to Cuebiq. Before that, I founded Beintoo – a mobile marketing company in Italy that specializes in generating mobile user acquisition and in-store traffic. In 2015, due to the success of the US market data division, I saw there was a real marketplace need for accurate and precise location intelligence. I was lucky enough to have an amazing team that helped me officially launch Cuebiq last year. Since the launch, our mission in the marketplace has been to provide brands and marketers with the right tools they need to achieve their goals – all powered by Cuebiq location intelligence.
Any emerging industry trends?
Building bridges. It is vital for brands and marketers to bridge the gap between the online and offline world. *93% of purchases are still made in-store – until now brands and marketers have been unable to close the loop between both worlds. What they have lacked is visibility. The need for accurate location data at scale is crucial to bridge the gap – that is what we have done at Cuebiq.
*US Census Bureau, 2016.
Any industry opportunities or challenges?
Challenges do exist. The biggest challenge I see for brands and marketers is the abundance of low quality data. The industry is overcrowded with vendors filling the market with data that is simply unable to produce results. The data lacks quality and accuracy. According to a recent MMA report,* only less than 1/3rd of location data collected through ad exchanges is accurate within 328 ft. In order to truly bridge the gap between the offline and online world, brands and marketers need accurate data at scale. Whether measuring offline attribution or targeting a specific audience – brands and marketers need to know if their advertising efforts are actually generating store visits. How can you know for sure if you have no accuracy? If a campaign is driving meaningful visits - do they translate into a transaction? How long do visits last? Where do consumers go once they leave a store? These are just some of the questions that have plagued the industry and this is exactly the problem Cuebiq is addressing. 80% of our data is accurate within 10 meters. Our patent pending SDK has allowed us to create the largest source of accurate location data available in the U.S. A source that powers all of our products.
* MMA “Demystifying Location Data”, 2016.
Inspiration for the business idea, and your vision for the Business?
I see Cuebiq becoming the global leader in location intelligence. My goal is to give brands and marketers the ability to visualize the massive value of location data. Later this year, we will be launching a new SaaS platform powered by our location intelligence. Our platform will allow brands and marketers to monitor verified store visits and trends in real time. From there, they will be able to create mobile audiences, measure offline attribution and leverage visit insights to truly understand consumers’ movements in the offline world. We strive to give our clients actionable insights that include: where consumers are visiting, their cross-shopping activities, brand affinity, brand loyalty and more all in one easy to use SaaS platform.
What's next for the Business in the near future?
Products, people, and real estate. 2017 so far has been very exciting, besides developing our SaaS platform, we are expanding our workforce to address the demand we are seeing from the marketplace. I am very excited to add talented individuals to our team. Not only we are expanding our workforce but we will be growing our U.S. footprint as well. In May, we will be moving into a brand-new space in New York - a 5,400 square foot office located in the flatiron district. Once we are settled into the new space, we plan on throwing a celebratory party for our employees and clients. The new office represents all the hard work the team has put in over the past year and validates Cuebiq’s success in the marketplace. On top of that, we are opening new offices in San Francisco and Chicago.
Your key initiatives for the success of the Business?
I have tasked my team not only to be “location experts” but also industry thought leaders and influencers. We have seen that the industry is flooded with data that is just plain bad. Brands and marketers need to know why data collection is so important. Without the “right data” it is impossible to create products that produce verified results. I want my team to become industry experts and evangelize our mission in the marketplace.
Your most difficult moment at the Business? (and what did you learn?)
Sometimes the most challenging decisions can be the most rewarding. When I decided to spinoff Cuebiq in the U.S. from Beintoo, it came with many sleepless nights. Beintoo is a very successful company in Italy and there were many risks involved with leaving that behind. However I trusted my instincts. I firmly believed that the marketplace needed accurate and precise location data. In my heart, I knew Cuebiq would disrupt the market and be successful quickly. I learned that in order to grow risks must be taken – and I was lucky enough to be surrounded by an amazing team that helped Cuebiq become a truly special company.
Ideal experience for a customer/client?
Seamless and transparent. Our mission is to provide our clients with actionable insights derived from accurate and precise location data. I want our clients to fully understand where their targeted consumers are spending time in the offline world and what’s the driving their visits to store. Giving our partners that kind of visibility into the offline world is crucial to our success. I want our partners to be able to achieve their business and advertising goals all through our location intelligence platform.
How do you motivate others?
Trust, respect, support and transparency. Creating an environment founded on these principles is the best way to motivate and help employees grow professionally. At Cuebiq, we value our transparent and open company culture. I don’t want anyone to feel as if they cannot voice their opinion or feel they aren’t a part of company decisions. I believe that this type of culture allows our employees to grow professionally by taking on new responsibilities and creating their own path for their success.
Career advice to those in your industry?
Be smart and agile. The industry is constantly changing due to new emerging technologies. As the industry adapts we must adapt – it’s very important not to be left behind! Continue to learn and train. There have been phenomenal advancements in AI technology, which are being implemented across every industry. It is crucial to be aware and put in the time to learn how to leverage these types of technologic advancements to your benefit.