Every Team At Monday.Com Uses Insights From Their Internally-Developed Business Intelligence Tool To Create And Sell Their Product
monday.com (formerly known as dapulse) 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 18,000 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. Here’s how they did it:
“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
INTERNAL BI TOOL: 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.
But it wasn’t all BigBrain. Each team at monday.com took what they learned from the tool and found meaningful ways to use this information. Creating the monday.com platform was a culmination of insight and coordinated mindful actions.
Here’s the team talking about what they did when creating the monday.com platform.
CREATIVE MARKETING: Find and target the decision maker directly: ‘land and expand’
Joel Goldstein, Product Marketing, monday.com labs
We build, market, and sell monday.com as a B2C (Business to Consumer) and have done so from Day 1. We target the decision maker directly.monday.com
Our marketing outreach strategy revolves around going after the end user. We designed our business model so that obtaining our solution simply requires the swipe of a credit card at an accessible price point. We remove all friction in the decision making process. By giving a full free trial with access to all features for 2 weeks, the tool sells itself.
The accessible price point automatically makes our solution viable for a team of 5 or 10 people via monthly or yearly plans. We do not ask for immediate company-wide implementation. We market to where people actually are. Facebook, Instagram, Google. We communicate clearly the specific pain that we’re going to solve.
Let customers customize
monday.com was built to be intuitive and customisable to any workplace or business vertical. The platform is beautiful, easy to use, fast, and even fun. Users do not need IT support to learn how to use it or implement it.
Over the last few years I’ve witnessed a wave of change in the business tools people use. The consumer products that we have are unbelievable: iPhones, drones, smart vacuum cleaners, to name a few, all amazing. They’re easy to use, affordable, and you don’t need to invest in learning how to use them. The older enterprise work tools, however, are painful. They are typically clunky with a steep learning curve. We built monday.com to be the opposite; to just work. If it’s beautiful, intuitive, and available at an accessible price point. This is how it sells itself.
ONLINE MARKETING: Audience Targeting
Rotem Shay, Online marketing, monday.com and Seffy Kotz, Online Marketing Expert, monday.com
The monday.com marketing tools refined our strategies to hyper-target potential customers. Two key areas we have found success in are targeting by operating system (examples include Mac users, Windows users, iPhone users, Android users) and by creating ‘look-a-like’ groups on Facebook.monday.comWith the operating systems approach, we create specific ads for each group and then set a maximum acquisition price based on geographical location. This allows us to filter for traffic that we predetermine to be more valuable for us. The ‘look-a-like’ groups are based on an algorithm developed by Facebook. We are able to submit profiles (called a pixel) of successful customer acquisitions we have made in the past and Facebook then analyzes them to create a new group of potential customers with similar profiles. This is very helpful in maximizing our effectiveness.
Utilizing the data
monday.com is also very successful in utilizing the data that BigBrain gives us to always be refining our customer acquisition process. We built an internal intent model (based on data from BigBrain) which predicts the likelihood of monday.com free trials to convert to paying accounts at the end of their 14-day trial. Our intent model is essential to our analysis and optimization. This enables us to immediately know the quality of the traffic we target with our various campaigns. Through this intent model, we are always learning what kind of characteristics we want from our signups.
Here, the key learning came from how potential customers used their Gmail account vs. business account email to sign-up. When a user signs up with a business account email, we know the intent is higher. This means he or she is likely to become a paying customer than if a generic address was used. To ensure we are always achieving maximum success, we work with Facebook to reset out ‘ad set’ (reach within the group of profiles) as needed.
Mac users are more likely to convert to paying customers so we bid higher on these and have specifically crafted messaging to target them.
CONTENT WRITING: Let content appeal to emotions
Laura Binder, Content Writer, monday.com
Our tool is so special because it really focuses on people — what makes them tick, what motivates them, what frustrates them, and what they need to be successful. My job as a writer is to communicate that outwards.
While our product is unique, it isn’t ‘earth shattering’. Ultimately, we suggest a new way for teams to manage their work. From a copywriting perspective, it’s really easy to fall into boring catchphrases like ‘Increase your productivity’ or ‘Accomplish more,’ which aren’t inherently emotional or compelling calls-to-action. However, people’s work lives are interesting and important. The average person spends 8 to 10 hours at work a day. Most of us spend more time with our coworkers than we do with our families or friends. These relationships matter, and what happens at work has a significant impact on your happiness and overall well-being.
Here’s a relevant case study to show you what we mean: A recent marketing initiative that exemplifies this is together with our brilliant design team, we created a Facebook and Instagram banner targeting web designers who need a better and easier way to work with clients. Our designers understood industry-specific challenges on a very personal level, so in a quick brainstorm session, we came up with a funny banner that we hoped other designers could relate to.
We were surprised by just how well it was received. The banner got incredible engagement, with tons of comments and shares. People responded with things like, ‘This speaks to my soul,’ which is a pretty incredible thing to say about an advertisement. Our account representatives at Facebook said that they hadn’t seen anything like it, which was a true compliment.
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