$205m for 4 years of work - not bad at all for the CitrusAd crew. Here's how they did it.
Background: CitrusAd is an advertising start-up founded by a former AFL player. Back in 2017, the team saw that online shopping was growing - but there was no tech around it.
What happened: Unlike in bricks and mortar supermarkets, brands couldn't pay extra for promotional positions online. In fact, supermarkets would list products online in alphabetical order only.
What else: CitrusAd built an advertising search engine specifically for grocers and their brands. And online retailers like Coles, Woolies and Target came knockin! Not long after, it was acquired by Publicis Groupe for $205 million. Not bad for 4 years of work.
💡The digital world often mirrors (or takes inspo) from the physical world. At least, that’s the philosophy that CitrusAd had when it created this product.
💡At a supermarket, the “eye-level” is the buy level. And brands pay BIG BUCKS to be there (as opposed to the back-breaking bottom row). Interestingly, the eye-level products lead to significantly more sales (us humans, lazy beings).
💡 The same goes for the digital world. For supermarkets.. the vast majority of purchases come from the first two rows on a company’s website. And that's why CitrusAd landed on a goldmine.
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