Execs Turned Consultants Sell Clients, Agencies on ROI Tool
BOSTON–Already embraced by some clients and funded in part by Grey Advertising, Veridiem last week launched its first product–software that ambitiously promises to identify what’s working and what’s not in the marketing mix.
The software, Veridiem MPi, is a customized advertising performance service that its developers say shows the cause and effect between marketing investment and result. Optimizing results of marketing programs is the objective.
Veridiem, founded by Dan Cerutti in 1998, has attracted top talent from advertising’s agency ranks, including Don White, the former managing partner of Hill, Holliday Direct, who is Veridiem’s chief marketing officer and head of client services.
The privately held Maynard, Mass., company has in recent months attracted other executives from ad agencies, including Jim Bacharach, former head of client services at CGN Marketing and Creative Services, and Alison Cross, a one-time media buyer at Hill, Holliday.
The launch of the product signifies an important first step for its marketers, who have been working with dot-com companies such as AnyDay and Monster that have beta tested the service.
Now, with an eye toward staffing the sales department, White says Veridiem’s objective is, within the next 12 months, to sell the product and support service to 200 mostly Web merchants in addition to its current roster of 25 clients.
Earlier this year, Grey Direct, New York, was among a group to provide a second round of financing to the company totaling $25 million. Those funds, White said, are being used both to develop a sales force and market the product. Ads produced by Grey, Veridiem’s agency of record, broke last week in magazines.
“The actual software allows marketers to track all investments across all media,” said White, who predicts the desktop-styled tool will change how clients and advertisers approach media buying and planning. “This tool will allow clients to do more testing to see how things are working and be more flexible to reallocate spending” based on the results of that spending.
Veridiem’s main competitors include Coremetrics and Primary Knowledge Both of which offer similar services with off-the-shelf products. What sets Veridiem MPi apart, its developers assert, is its ability to quickly analyze how advertising is affecting sales for Web merchants. K