Have you heard of Monday.com? (And, no, it’s not just an antidote to Sunday scaries.)
If you missed all the subway ads, billboards and YouTube ads over the last couple of years, let us fill you in: Monday.com is a SaaS product that lets teams and companies create their own workflows and applications. Teams use it for everything from task management to product roadmaps to a simplified CRM.
Originally launched in 2014, Monday.com didn’t make much of a splash in the US until the middle of 2019, right after it raised $150 million. Less than two years later, the company went public in June 2021 after raising another $574 million.
Suffice it to say: the work management platform has had a lot of advertising budget to throw around in the past two years. While it’s not yet profitable, the branding, demand gen and awareness plays they’ve made since 2019 has garnered strong revenue growth and a good amount of interest from investors.
The company’s Q3 earnings report goes live today, which will be the first real “temperature check” for how Monday.com is performing since going public four months ago.
Unlike many vertical-specific solutions, Monday.com has the opportunity to span industries, from technology to healthcare to construction (as the social creative below shows).
Monday.com is “an open platform that democratizes the power of software so organizations can easily build work management tools and software applications to fit their every need,” according to a press release. “The platform intuitively connects people to processes and systems, empowering teams to excel in every aspect of their work while creating an environment of transparency in business.”
The platform is used by over 127,000 customers across over 200 industries in 190 countries—making it a clear challenger to established players like Asana and Atlassian.
Their story is clear—but how has Monday.com been advertising since going public in June?
MediaRadar Data on Monday.com
At face value, it looks like Monday.com invested more of its first $150 million round of funding into advertising than the half billion or so that they raised immediately before the public offering.
Since June, Monday.com has invested over $12 million into print and digital advertising. That’s down from $17.5 million from January to April of this year (a similar four month span). In both cases, the platform is focusing most of its spend on digital advertising—print ads account for just 4% of overall ad spend.
In terms of its digital advertising presence, Monday.com is mainly on YouTube, FaceBook and podcast placements (on shows from Studio 71, NPR and Wondery). On YouTube, most of their placements are concentrated in Music, Culture and Education—somewhat surprisingly, their programmatic targets are not necessarily B2B specific.
At the same time, all of their creative (copy and visuals) focuses on a B2B audience. Taken together, this indicates that Monday.com is pushing towards targeting small businesses while experimenting with new formats for a B2B audience.
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