Today, we’ll be talking to Fredrik Lindros, CEO of Speqta, about his team’s newest product, Bidbrain. A SaaS solution that uses AI to guide online retailers towards spending their ad money smartly, enabling them to start acquiring new customers and profit more efficiently.
Learn more about Fredrik Lindros and Bidbrain in our interview below:
What was your early life like?
Fredrik Lindros: I’ve always been fascinated with technology. I was a bit of a sci-fi nerd as a kid as well. I was obsessed with shows like Star Trek and Battlestar Galactica. And, because of it, I truly believe that technology is what drives us forward as humans and exploring it to its fullest caters to my endless curiosity. I also had a healthy interest in magic and exploring the dynamics there of. Up to the point that I started working professionally as a magician in company events and various stages.
Now, you might be wondering why these seemingly innocuous, and small details are so important to note. And, well, I believe that these facets of my early childhood and adult life helped push me forward into work that involved communication, marketing and presentation. It transformed me from a shy little boy to a teacher of presentation skills, and now, a CEO of a listed company presenting quarterly numbers in a way that’s engaging, dynamic, and endlessly fun.
What do you think it is that makes your team so successful?
Fredrik Lindros: As a company, we don’t shy away from using modern technology like Artificial Intelligence (AI.) We also make sure to completely align ourselves with the demands of our customers — which we like to call the “ecommercers.” I think our experience plays a large role in it as well. We’ve been entrenched in the e-commerce space and other aspects of online business since 2003, and all the challenges we’ve faced since then have allowed us to grow as a team and as a company as a whole.
How would you describe Bidbrain? What kind of value does it provide your customers?
Fredrik Lindros: The more complicated, jargon-heavy way of explaining it is: Bidbrain is a Software as a Service (SaaS) solution that enables retailers to increase their sales at a given CoS (Cost of Sales) or ROAS% (Return on Ad Spend).
But, in simpler terms, it’s a product that optimizes ad investments through advanced bidding. Which is a form of bidding that relies heavily on AI technology to make decisions for you. Bidbrain was designed to learn fast so that you can continue to optimize your bottom-line growth as a retailer. It’s capable of providing all the best bid cluster possibilities out of hundreds of billions of different outcomes. Allowing our clients to focus on other aspects of their business without having to spend days upon days calculating those outcomes themselves.
What kind of results can your customers expect to see after using Bidbrain?
Fredrik Lindros: The results depend on how experienced the customer is at bidding for product list ads. For retailers who were working on a standard setup before using Bidbrain and have little to no experience, we’ve seen some pretty amazing results, with sales multiplying up to x5 (at the same CoS and ROAS percentage.)
As for larger retailers with a bit more experience in bidding, their expected results average at either a 10-20% reduction in CoS percentage or a 10-40% increase of sales (at the same CoS and ROAS percentage.) It should be noted that these results are constant for all sorts of ecommercers. It doesn’t matter whether they deal with white goods and appliances, sporting equipment, furniture, etc. They can expect positive returns with Bidbrain.
How does Bidbrain compare to other products/tools/platforms in the market?
Fredrik Lindros: There are three major differences between Bidbrain and other similar tools in the market that I think makes it stand out:
- Transparency: Bidbrain operates on Google Ads. Therefore, the bidding performed is completely transparent and the retailer can view it in their own Google Ads account.
- Machine Learning: As mentioned above, Bidbrain’s AI thrives on data. The data is like food or fuel for its intelligence. The more data it receives, the better it gets. This allows online retailers to constantly add more data to compete in an ever-evolving environment.
- Insights: Bidbrain is not just a brain for bid placement, it is also quite capable of producing results and data on its own. Insights that will tell the retailer directly what is and isn’t working in their product assortment. Allowing them to figure out which product titles are converting and what brands have been unprofitable at specific times and specific circumstances so that they can create campaigns that would be more successful.
We do our best to make sure that we don’t limit our customers either. Just like Bidbrain continues to grow, so do our customers, and that’s why we don’t enforce things like label limits (which Google has a set 5 limitation of.) We provide our customers with endless custom label possibilities so that whatever data point they feel is relevant can be used as a parameter to derive different bid levels. Allowing for more dynamic and intuitive bidding than their competitors.
Where do you see Bidbrain going in 5 years?
Fredrik Lindros: First and foremost, we see Bidbrain as a favored and loved SaaS platform that is used by as many retailers as possible, no matter how big or small. We truly were very excited to launch this product, and we are confident that with it, many retailers will be able to bid smarter and acquire customers so much easier through Google Shopping Ads.