How monday.com Leverages Data-Driven Insights to Fuel Rapid Growth

In today‘s hyper-competitive SaaS market, data-driven marketing has become table stakes for success. The ability to effectively collect, analyze and act on customer insights separates the leaders from the laggards. And one company that has made data a core pillar of their growth strategy is monday.com.

The project management platform has seen explosive growth, surpassing 150,000 customers and achieving a $7.8 billion valuation just 10 years after launch. A key factor has been their commitment to making decisions based on data.

As Rotem Shay, Head of User Acquisition and SEO puts it: "We strongly believe in data-driven decisions for everything we do, from the day-to-day to planning future campaigns."

So how exactly does monday.com put data at the center of their marketing efforts? I spoke with Shay and other leaders to learn the frameworks, tactics and tools they use to turn information into action. Let‘s dive in.

Building the Data Engine

Having quality data is the foundation for making smart marketing decisions. But with information coming from so many different sources, getting a unified view isn‘t always easy.

To solve this, monday.com built their own internal analytics dashboard called BigBrain that integrates data from across the organization. "With BigBrain, we‘re able to track and centralize all the data in one place so we have a single source of truth," says Shay. "We complement it with other tools like Looker, Google Analytics 360, and HubSpot to make sure we don‘t miss anything."

Here‘s a look at BigBrain‘s user-friendly interface for data visualization and exploration:

monday.com BigBrain Analytics Dashboard

Having a central data platform gives the marketing team a comprehensive, up-to-date picture of performance. It enables them to spot trends, track key metrics, and quickly identify opportunities or issues.

Some of the core marketing data points they monitor include:

Metric Definition Purpose
Unique Visitors Total number of new users visiting the website Top-of-funnel traffic and brand awareness
Leads Number of prospects who take a target action like signing up for a free trial Measures initial interest and engagement
Marketing Qualified Leads (MQLs) Leads that meet certain scoring criteria for likelihood to convert Assesses lead quality and fit
Opportunities Number of MQLs that get passed to the sales team Shows volume entering the sales pipeline
Conversion Rate % of visitors/users who take a desired action like subscribing or purchasing Indicates marketing and sales effectiveness
Customer Acquisition Cost (CAC) The average cost to acquire a new paying customer Helps optimize spend and measure ROI

"In order to make the right decisions, you have to see the whole picture," explains Shay. "Sometimes people think too many metrics create ‘noise‘, but I believe a marketer should get all the information and then clear the ‘noise‘ after digesting the data."

By tracking the full funnel from first touch to closed-won, the team can identify what‘s working and where there‘s room for improvement.

Data-Driven Experimentation

Having access to data is just the starting point. Where monday.com excels is in leveraging it for continuous testing and learning.

"During any brainstorm for future campaigns, we deeply analyze past results together with insights from customer feedback and user testing," says Shay. "We combine both quantitative data and qualitative inputs to form hypotheses on what will improve performance."

One example he shared was wanting to test if website visitors perceived monday.com primarily as a project management tool and weren‘t aware of its flexibility for any workflow. To validate this hypothesis, they ran an A/B test:

  • Control: Existing homepage design and messaging
  • Variation: Added different use case examples in a rotating carousel to showcase versatility

After running the test for 2 weeks with 50/50 traffic allocation, here were the results:

Metric Control Variation Lift
Unique Visitors 100,000 100,000
Clicks to Pricing 3,500 3,600 +2.8%
Free Trial Starts 2,000 1,950 -2.5%

Comparing conversion rates for the two versions showed the variation didn‘t perform significantly better on core success metrics. So rather than invest further in the carousel concept, they maintained the original, simpler homepage design.

"Data enables us to make decisions based on evidence rather than opinions. If we didn‘t have clear metrics to evaluate tests against, we‘d waste cycles arguing over subjective preferences instead of focusing on what actually moves the needle," Shay explained.

Constantly running experiments like this empowers the team to focus on the highest-impact opportunities. Over the past year, monday.com has run over 500 A/B tests touching every part of the user journey and continues to ramp up testing velocity.

Mapping (and Optimizing) the Customer Journey

Understanding the paths buyers take to discover, evaluate and purchase is key to delivering effective marketing. monday.com prioritizes collecting data across the full funnel to identify opportunities to better support customers.

At the top of the funnel, they closely track how users first find and engage with the brand. Reviewing data on traffic sources and on-site behavior by channel provides insights into what content and messaging resonates.

Some of the questions they look to answer include:

  • Which channels drive the highest volume of quality traffic?
  • What keywords and ads generate the most engagement?
  • Which blog posts and webpages earn the most organic search traffic?
  • How do email nurture sequences impact marketing-qualified leads (MQLs)?

Answering these helps optimize marketing mix and informs content strategy. For example, after seeing certain product comparisons pages convert at high rates, the SEO team expanded them to cover more alternatives.

In the consideration phase, product usage data offers a goldmine of insights. The team at monday.com watches how free trial signups and freemium users interact with the platform.

"Analyzing product data is hugely valuable for identifying the ‘aha moments‘ that lead to customer activation," says Shay. "By finding the features and usage patterns that correlate with conversion, we can double down on promoting them."

Some specific product metrics they track include:

  • Number of Boards created
  • Integrations installed
  • Teammates invited
  • Files uploaded
  • Actions taken

Visualizing this data in cohort analyses and lifecycle funnels makes it easy to spot drop-off points. The team uses these insights to optimize the onboarding flow and trigger personalized nurture campaigns.

monday.com Product Usage Funnel

In the decision stage, prospect interactions with sales reps yields useful information for closing deals. Reviewing CRM data on lead-to-opportunity conversion rates, average sales cycle and common objections by segment allows for more effective outreach.

Shay shared an example of how diving into the data uncovered a pattern of leads saying the platform was too expensive. "We analyzed our pricing page and saw how few visitors scrolled down to see the plans. So we made the cheaper tiers more prominent and saw a XX% lift in clicks to start a trial."

Post-purchase, the team stays data-driven by monitoring product adoption, NPS scores, support tickets and churn indicators. Proactively reaching out to at-risk accounts has helped increase retention and expansion revenue.

By capturing data throughout the entire journey, monday.com can deliver a cohesive experience from end-to-end. Having a holistic view across touchpoints is essential for driving sustainable growth.

A Culture of Democratized Data

Achieving data-driven marketing at scale requires more than just the right tools and processes. It also depends on broad organizational alignment around using insights to guide decisions.

At monday.com, this mindset of data democratization extends well beyond the marketing team:

  • Sales and customer success use product usage data to inform account outreach
  • Product managers analyze user behavior and feedback to shape the roadmap
  • Executives monitor operational and financial KPIs to track company health

"Data is deeply embedded into our culture," says Shay. "Our leadership has made it a top priority to equip every team with the resources and skills to leverage data in their roles."

To reinforce this commitment, monday.com has invested heavily in the tools and talent to democratize data, including:

  • Robust data infrastructure to collect and organize information at scale
  • Self-serve analytics dashboards for different business functions
  • Automated alerts and Slack integrations to notify stakeholders of key changes
  • Open office hours with the BI team to answer ad-hoc data requests
  • Company-wide OKRs and KPIs focused on data-driven results

By making data accessible and actionable for all employees, dataflows freely across the organization. People feel empowered to explore the numbers. And there‘s more transparency and accountability.

"Driving with data leads to better collaboration and outcomes," says Shay. "Rather than silos and speculation, teams align around a shared view of reality to make smarter decisions together."

The Business Impact of Data-Driven Marketing

Tracking the right metrics is valuable. But as with any business initiative, the ultimate barometer of success is revenue growth. On that measure, monday.com‘s data-driven approach is clearly paying off.

The company has posted impressive performance in the 10 years since launch:

  • Consistent triple-digit year-over-year revenue growth
  • Expansion to 14 global offices and over 800 employees
  • Used by 130,000+ organizations including many Fortune 500s
  • Net revenue retention of over 120%

While many factors have contributed to monday.com‘s rapid rise, Shay attributes much of it to their strategic use of data.

"Leveraging data has been critical to our success. It‘s enabled us to stay laser-focused on the highest impact work, move fast, and deliver more value to customers at every touchpoint."

Critically, adopting data-driven marketing has also helped prove the function‘s impact to the rest of the organization. By tying programs to revenue and other company-wide KPIs, the team has earned trust and buy-in to take risks.

"In the early days, it was hard to get resources to scale marketing. But by leading with data, we showed the ROI of our work and now play a key role in strategic planning with other departments," reflects Shay.

As competition in the SaaS space heats up, expect to see more high-growth companies bet big on data to drive efficient growth. Those who do it well will have a significant edge.

Lessons from monday.com‘s Data-Driven Approach

Every company‘s data maturity and needs are different. But the principles monday.com has used to build a world-class data-driven marketing engine offer a blueprint others can follow.

Based on their journey, here are some key takeaways for implementing data in your marketing:

  1. Invest in a central source of truth. Establish a data infrastructure and common dashboards to unify fragmented information for easier analysis and collaboration.

  2. Test and learn continuously. Embrace an agile, experimentation mindset to unlock incremental gains. Let data, not opinions, guide decisions.

  3. Measure the full funnel. Instrument the end-to-end customer journey, from awareness to retention, to identify new growth opportunities and pain points.

  4. Make insight accessible. Democratize data and empower cross-functional teams with self-serve tools. Foster a culture of curiosity.

  5. Focus on impact. Don‘t just track vanity metrics. Align data collection and reporting around core business goals. Prove marketing ROI.

Putting data at the center of marketing is no small feat. But as monday.com and other top SaaS companies demonstrate, it‘s worth the effort.

In a world of rapid change, real-time insights are increasingly essential for staying ahead of evolving customer needs. By using data to continuously adapt and personalize experiences, marketers can drive efficient, long-term growth.

The data-driven future is here. Is your marketing ready?