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Dublin based start-up, Waybiz.com, eliminates fraud & mistrust in B2B e-commerce
Waybiz.com is a unique online business marketplace and LinkedIn-style B2B marketing tool which helps businesses both at home and abroad build trust and trade with potential customers by posting up verified recommendations from existing clients.
Based at Synergy Centre, Waybiz.com started operating in May 2010, after it received seed capital from Enterprise Ireland. It now features overs 20,000 clients recommendations from 50,000 plus businesses in 110 countries. Founder and CEO Abhinav Chugh, who holds an MBA from Smurfit Business School, wanted to remove the stumbling blocks that prevent businesses from buying and selling on the Internet.
“The problem with dealing with unknown businesses online is that there is no information available about their credibility,”
He also describes Waybiz.com as an online referral marketing tool, whereby companies can use their existing clients to win new business. “Testimonials work amazingly because they are not strong sales pitches, but they come across in an unbiased voice and establish trust. On Waybiz.com, you can get your client recommendations posted on your profile to increase your consumer confidence and online visibility” Based on data analysis, Chugh and his team argue that because of its huge impact on the buying decisions, a large percentage of testimonials on company websites are fake or fabricated. With this in mind, Waybiz.com launched its most successful product to date called Verified Testimonial.
Companies can get their testimonials verified and showcase them with a Verified Testimonial seal, which appears both on the company’s website and profile. This significantly improves consumer confidence about company’s offerings and also its online presence on Google, Bing, Yahoo searches. The success of their profiles is determined by the increase in sales leads that result from the verified recommendations posted on their profile. Waybiz has proven analytics which show that product enquiries & sales can increase by up to 30 times using these online referral marketing tools.
At present, the user base primarily comes from Ireland, the UK and Asian countries like India and China. Until the first quarter of 2011, Waybiz will focus on attracting business in Ireland, the UK and continental Europe. It will reach the US market by the end of 2011. The Irish-founded company employs three people in Dublin, while it also has development teams in India and in Malaysia.
Chugh himself has reaped the benefits of referral marketing since he arrived in Ireland five years ago from India to work as a Project Manager with O2. His strategy for successful referral marketing is to help your suppliers and allow them to help you. “Ask, Ask & Ask,” he says. “Never hesitate to ask your clients and other business connections for references or recommendations which can help your business. Also, publish your testimonials at as many places as you can. Many businesses believe their website is the only right place to display testimonials. However, they forget that an unknown buyer first needs to trust them through these clients feedbacks to even comes to their websites”
Irish Businesses have already started experiencing the benefits of referral marketing through Waybiz.com. Seamus Kilmartin of Utility Saver says, “My product enquiries increased many times from the potential buyers who viewed our profiles and our client recommendations on the Utility Saver Waybiz profile. It didn’t cost us anything and was ultimately a great way of finding new customers”.
Visit http://www.waybiz.com to know more about Waybiz and its unique referral marketing tools.
Page Updated Last on: Dec 28, 2010