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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 2 - AdAI (Revolutionary Artificial Intelligence Solution for Managing and Optimising Google AdWords)

Teaser

Summary

The majority of small and medium sized businesses do not have the resources to hire a marketing consultant to set up digital advertising. As the majority of online advertising is running through Google AdWords we have built an automation engine by using tech and AI to make it available for an underserved market.
By using tech and AI to automatically analyse and set up new Google AdWords campaigns we have been able to create a business model innovation so we can make the service affordable for small and medium sized businesses. The majority of job creation and economical growth comes from the SMB segment of businesses, which â€“ according to the European Commission â€“ is counting for 99% of all companies in EU. Helping these companies grow their business by helping them acquire new customers is important in order for increasing the total GDP for the union and beyond. By serving customers from 189 countries we also create a substantial export for the region as all operations is out of Denmark.
The overall objective of the project is to create economical growth and jobs in EU. We do that by taking the complexity out of setting up and managing Google AdWords by talking to people in laymanâ€™s terms to avoid people from spending valuable time on educating themselves in the AdWords platform. We see other more relevant areas of education that will be more relevant and hence creating more value to society.

EU INDUSTRIAL AND SOCIETAL PROBLEMS:
According to OECD EU is currently in lower quartile of growth and job creation projections, which is a core value of Cobiro to contribute positively to. We believe Google AdWords is a growth factor if used right and we enable small and medium sized businesses to do so without any knowledge of the platform.

OUR SOLUTION:
Our solution is a self serving platform that asks the user a few questions and set all advertising parameters up at the Google AdWords platform so when people are searching for a service we will make sure the customerâ€™s website and contact information is being found. We know that the cornerstone of communication is relevancy and by providing a seamless experience for our customers we are lowering the likelihood of our customers are wasting money on ineffective marketing campaigns. Google AdWords is based on relevance and the primary reason for Googleâ€™s success is to deliver relevant search results. By using Cobiro SMBs can become relevant to their potential customers in 10 minutes and without any education or previous experience with the product. The web app is available from https://cobiro.com and comes in a free and a $49 per month premium version. The premium version is not yet launched and the free is launched in a limited version.

Work performed

We started out by conducting a market research as part of identifying user needs where the main finding was that SMBs is reluctant to shop for artificial intelligence due to lack of understanding and scientism to the cost associated with adopting AI. Communications has been reshaped from talking about AI, NLP and Machine Learning to now only focusing on the benefits you will achieve from using the platform. Business positioning strategy was also a part of this analysis and took input from the user need analysis.
Our Customer Success team has built a support website where customers can serve them self and find answers to the most common questions. The website has more than 200 articles that covers the majority of topics that can be asked. Videos have been produced to explain the concept of Cobiro and the support topics as well.
An automated text-scraper has been built to find a broad range of candidates for keywords and it has the capability to scrape unstructured texts like body texts at a huge scale and depth.
We are also in the process of building an advanced NLP engine that will automatically analyse and generate keywords to your Google AdWords campaigns.
From an IPR perspective we have made an extensive search report (see separate report) for IPR and patents to make sure we have the freedom to operate and to seek inspiration for filing own patents.

Final results

The AdAI project solution will crawl service businessesâ€™ websites to extract keywords, enrich them and thus enable these businesses to use the Cobiro platform and consequently advertise successfully online with minimal costs and high ROI. The AdAI project solution will use these extracted keywords, evaluate quality, predict usage and bidding strategy and together with our main platform enable Cobiro to manage and optimise bidding, purchasing and targets automatically. For all of this we will charge a monthly fee of EUR 39 â€“ value that is guaranteed back through the extra sales we bring in. Here is an overview of the advantages of the Cobiro platform compared to all the current solutions on the market:

â€¢ Cobiro delivers 20 - 180% more conversions for 75% of the budget compared with identical data without Cobiro.
â€¢ Cobiro delivers click-through-rates (CTR) of 2.4% from Search Engine Result Pages (SERPs) and remarketing CTR of 4.29% from SERPs shown across more than 170 million keywords and 24.6 million products tested.
â€¢ Cobiro is 16 times as efficient as an account set up and maintained by humans (platform testing result comparisons throughout 2015 and 2016).
â€¢ Cobiro is perfectly positioned to meet the market demands with attractive and affordable pricing.
â€¢ Google AdWords is the single largest source of e-commerce revenue globally â€“ and the AdAI project will singlehandedly making it even more efficient and useable by European service SMEs.