California and Bangalore-based marketing automation startup Marax AI has launched a goal based user retention and engagement platform which allows brands to retain and engage their users with personalized delightful experiences in real time; driving higher conversions and more meaningful engagements.
The platform is meant for broader set of e-commerce customers as the startup claims to have 9% reduction in churn for one of its customers, DailyNinja.
Marax is incubated at Axilor, a startup accelerator as well as early stage seed fund founded by Infosys co-founders Kris Gopalakrishnan and SD Shibulal.
Marax platform works on making user engagement more relevant and as personalized communications is becoming a key differentiator for making buying decisions, the platform by Marax focus on long-term user happiness, depending on industry.
According the startup, “Currently the market lacks a tool which optimizes for user intent and business goals simultaneously. For example – optimizing for a user’s intent to purchase a particular product with a personalized offer while also satisfying marketing budget constraints at the same time. And this is where Marax AI comes in.”
The Artificial Intelligence (AI) engine at Marax works by monitoring millions of real-time data points of the critical moments in the user’s lifecycle and their interaction with retention and engagement campaigns to build a deep understanding of user behaviours with your product or service and then engage them through a multi-step recommendation process with the most relevant experiences at the right time through the customer’s preferred channels of communication to maximize long-term user satisfaction.
Started by Raman Shrivastava, Sumant US and Prateek Gupta in 2016, Marax is a goal based user retention and engagement platform which takes both – the company’s business objectives and customer motivations into consideration making every interaction with the brand a meaningful one.
Marax has raised an undisclosed pre-seed round from Zeroth, Artesian VC and a series of angel investors. The company is currently in talks to raise another round of funding and they will use the new funds to strengthen their ML and AI offerings, expand their team and expand aggressively across international markets.
To ensure that brands only send the most personally relevant notifications to users, notifications are matched to users using machine learning models in a multi-step process. Traditionally, supervised learning models have been used for predicting click through rate (CTR) and likelihood that the notifications lead to meaningful interactions.
This however, doesn’t capture the long term or incremental value of sending notifications. There can be some signals that appear long after and cannot be attributed directly to the notification.
Supervised learning systems typically generate predictions, but then require data analysts and product managers to make sense of these predictions and craft a strategy to take actions.
Marax’s feedback driven learning systems, on other hand, can create systems that make decisions, take actions and improve based on the feedback they receive. With these implicit feedback driven systems, they have observed a significant improvement in overall long-term reward.
This approach also moves away from the traditional methods of rule based and event based triggered retention marketing campaigns optimized for immediate rewards such as a higher CTR, delivering results visible in the form of reduced churn rates, higher retention and better engagement metrics for brands.
The team currently consists of AI researchers, Data Scientists and software developers working in tandem with marketers and industry veterans, reminiscent of scenes from Mr. Robot.
Raman Shrivastava, CEO of Marax puts it, “We are building our way to the end of segmentation. Every customer is unique and they should be treated that way. We make this possible with automated and optimized actions delivery moving beyond just predictions while also taking into consideration, business constraints”
The company is currently running trials with their existing set of early adopters within the consumer internet space to gather feedback and refine their algorithms while also adding more integrations with the third party tools that their clients work with.
“Thanks to Marax, in just one one month of working together, we boosted user engagement and have been able to reduce our monthly churn rate by 9% ” Sushant- Product Manager at DailyNinja , Sequoia funded startup and one of Marax’s early adopters.
“Raman and the Marax team are one of the top customer and product-focused teams we have seen. Their customers love them because they take feedback well, treat those relationships sacred, and their success shows for it.” – Tak Lo, Partner, Zeroth.AI and one of Marax’s early investors.
“Kudos to Raman and team at Marax at having identified a potent technology in form of deep learning for user analytics, primarily retention. The use of deep learning combined with unique domain driven data strategy gives them better accuracy over conventional models.” – Dr.Srinivas Padmanabhuni, PhD. in Artificial Intelligence from University of Alberta, who advises Marax on their AI strategy and architecture.