How An Internally-Developed Business Intelligence Tool Helped Monday.Com Grow To Over 18,000 Paying Customers
In 2014, the Monday.com team (formerly known as dapulse) launched a tool that helps teams work better together, and smarter. CEO Roy Mann spearheaded product development which began in 2012, with his co-founder Eran Zinman. The idea stemmed from a problem that nagged Mann while working at another startup.
The company experienced massive growing pains in managing internal communications. So, Roy built monday.com to fix this problem. After hundreds of interviews with managers to understand their pain points and two years perfecting the product-market fit with his now CTO Eran Zinman – monday.com was ready for the world.
Smart Workforce is a Happy Workforce
monday.com is a tool that transforms the way teams work together. The company’s mission is to help teams build a culture of transparency, empowering everyone to achieve more and be happier at work. Their user base is made up of 30% of tech companies, while 70% are non-tech companies. Active customers include Adidas, AT&T, Discovery Channel, Samsung, Uber, WeWork, and Wix among over 12,000 others. Business is doing well for the team at monday.com.
They grew 350% in 2016 and their client base doubles approximately every 5 months. Their ARR grew by a similar margin the year prior and they anticipate similar growth this year.
What makes them so sure about their ambitious targets? BigBrain told them.
“BigBrain is our internal Business Intelligence tool which manages data on every element of our company including: marketing, customer success, product, sales, email marketing, finance, analytics, funnel alerts and more,” explains Eran Amiel, Full Stack Developer, monday.com.
Here’s how it works; BigBrain utilizes proprietary algorithms to sync all marketing campaign data with their internal data. It tracks signups via their website, engagement within the monday.com platform, and all financial collection so they have the ability to create custom reports to set goals and refine their marketing strategies.
The business intelligence tool uses machine learning, allowing the monday.com team to affect campaigns with one click, directly from the tool. BigBrain even calculates a quality score for each signup, based on a variety of factors including how long a user spends on the site and user demographics, to immediately indicate the quality of the lead. This saves a tremendous amount of time and helps the marketing team manage their budget. They no longer need to wait until a customer pays to have an understanding on whether the customer will ‘convert’.
Also read: How monday.com Grew 350% in 2016
“BigBrain monitors all landing pages and parts of the signup funnel to determine any change in conversion. The tool raises an immediate alert when something goes wrong at any stage. The tool has the ability to run a/b tests on our homepage, signup funnel, product features, and any new element so we can always obtain data and improve our product,” adds Amiel.
Much like the way monday.com’s platform works to let users track progress visually, BigBrain has a dashboard for each department that displays live updates on relevant KPIs which motivates the team and gives every member of monday.com a high-level of the all relevant metrics.