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The NimbleNetwork, which launched yesterday, is the first ever peer to peer deal sharing network.
I've been asking Prashant Nedungadi, Founder & CEO of NimbleCommerce, about the startup and its plans for the future...
In one sentence, what is the NimbleNetwork?
The NimbleNetwork is a premium transactional offers network which connects local and national advertisers to consumers through a network of publishers.
What problems does the NimbleNetwork solve?
The fundamental problem publishers face as they move from print to digital is monetisation. The traditional models of advertising no longer work. And as things go mobile, traditional monetisation models are even less relevant.
The good news is these publishers already have an engaged audience. You read your local newspaper; you listen to your local radio station, but when you read your local newspaper website, how many times do you click on the ads?
The fire-and-forget model, or irrelevant adverts down the sides of your website are dated, consumers just ignore these. What we are building is an alternative platform that will help publishers to better monetise their content.
The NimbleNetwork achieves this by providing targeted offers, solutions and products that publishers can give their audiences. This way the content is the hook for the publisher and targeted offers are a way for them to monetise; just like the news is targeted, the offers are targeted.
When and why did you launch it?
The NimbleNetwork is up and running, with publishers already sharing deals. The Network exists because we saw the opportunity for publishers to work together.
Some of our publishers have huge audiences, but they don’t have the sales and sourcing expertise. Other publishers have huge sourcing teams but don’t have the consumer presence. We formed the NimbleNetwork to connect these publishers and help them work together.
Who is your target audience?
There are three types of players in the NimbleNetwork ecosystem. The first is publishers who are looking for deals and offers in the Network and selling them to their audience. Second is suppliers who actually have offers and want to be able to put them in the Network for other publishers to sell.
The third is affiliates, who aren’t part of the direct transaction but drive additional traffic to the publishers’ sites.
What are your immediate goals?
Our immediate goals are to ensure that publishers can easily work together without any barriers and to continue to build trust amongst current and future Network users.
We will be monitoring how publishers and suppliers work with each other and will always improve upon the shared process. Innovation, of course, will always be a part of our mission.
What were the biggest challenges involved in building the NimbleNetwork?
Making it frictionless. The NimbleNetwork is a transactional network; there are two parties, one is selling to a buyer and one is accountable to a merchant.
The supplier needs to guarantee the merchant that he will pay the bills. The publisher needs to guarantee the buyer that the merchant will deliver the goods.
Here you have two separate entities, one who is sourcing and one who is selling. The NimbleNetwork is designed to be a frictionless environment, which was a challenge in the creation of the Network, and we will continue to adapt to changing practices as the industry evolves.
How will the company make money?
On a commission basis.
Who is in the team and what does it look like?
As well as me, there's Kevin Wray – Senior Vice President, Global Sales, Managing Director Peter Casey, and Paul Shaw, our New Partnerships Manager.
Where would you like to be in one, three and five years’ time?
- One year. Our immediate goal is to expand the business and get more and more publishers in the UK and US onto the Network and add more suppliers.
- Three years. Our mid-term strategy is to expand the NimbleNetwork across multiple countries.
- Five years. In five years, the NimbleNetwork will be the defacto standard for offers, with the majority of all consumer offers in the UK, EU and US all sold through the NimbleNetwork.