Startup interview: Liam Patterson, CEO and founder, Bidnamic
Founded in 2018, Bidnamic is on a mission to help retailers unlock the full potential of Google Shopping. RTIH got the lowdown from head honcho Liam Patterson.
RTIH: Tell us about Bidnamic
Liam Patterson: Bidnamic is a marketing platform which unlocks additional sales and profits for retailers advertising their products on Google Shopping.
RTIH: What was the inspiration behind setting the company up?
LP: The company was born out of our own frustration and challenges we encountered when scaling our own e-commerce marketplace via Google Shopping.
It was difficult to gain the desired visibility and to drive our profit margin, thanks to huge and rising competition from a multitude of retailers advertising on the channel.
RTIH: What has been the industry reaction thus far?
LP: After our success in driving profit and scale through Google Shopping by developing our own technology to navigate its systems, we decided to utilise the technology we developed on portfolio companies.
The results were incredible, with clients delighted by the dramatic increases in their revenues and profits.
Two years later, Bidnamic is a lead marketing platform for Google Shopping. We now support hundreds of fast growth retailers from well known high street brands to VC funded startups and small businesses alike, all looking to supercharge their business.
RTIH: What has been your biggest challenge/setback?
LP: The biggest challenge for us has been the pandemic. Before Covid-19 we were growing rapidly in the US, and we had ambitions to open an office in the States sometime in 2020.
However, we decided to delay the launch until next year, as the pandemic has heavily disrupted the retail sector and has caused uncertainty throughout the wider economy.
Coupled with international and US specific travel restrictions, it was the wrong time to open up a stateside HQ, but watch this space in 2021.
RTIH: What are the biggest challenges facing the online retail sector right now?
LP: The coronavirus has completely turned the retail sector on its head. Bricks and mortar stores have been closed for the majority of the year and consumers have increasingly looked to shop online.
While the massive growth in e-commerce shopping has been in many ways a huge benefit for Bidnamic, the rapid shift to online across the board has created a suddenly very overcrowded market.
As such, the costs associated with Google Shopping and other paid media have increased significantly as competition increases.
RTIH: What's the best question about your company or the market asked of you recently by a.) an investor and b.) a customer?
LP: Investors have been quick to notice our fast growth trajectory and often ask if we can support further investment and drive even further growth.
Of course, the answer to that question is always yes. We have ambitious plans to build upon our position as a leader in Google Shopping and the potential there is huge. We want to capitalise on this growing landscape as quickly as we can.
Client side, we get a lot of potential customers recommended to approach us by our existing client base. Their question is often ‘can you do this for our business too?’ after hearing the results from their fellow marketing professionals.
I’m pleased to say that the answer again is simple: yes.
RTIH: What can we expect to see from Bidnamic over the next 12 months?
LP: Next year is set to be a big year for us. We will finally launch our US office and we will double down on our plans for growth.
Expect to hear more about our clients’ results from working with us, as we are immensely proud of these, and they really speak to how retailers can successfully adapt to the changing retail landscape.
The future is big for retailers who are savvy enough to get ahead on e-commerce - and we can’t wait to work with them to make it possible.
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