Transforming Team Collaboration: The Story of monday.com and Its Founders' Vision
Company profile
Company business details
Motivation to build the product
The founders were motivated by the need for a more adaptable project management solution that could cater to the diverse needs of various businesses. They recognized that traditional project management tools were often too rigid and did not allow for customization, which sparked the idea for monday.com.Problem that their product solves
monday.com solves the problem of inflexible project management software that does not meet the unique needs of different organizations. The end users are teams across various industries who require a customizable platform to manage their workflows effectively. Solving this problem is important as it enhances productivity and collaboration, allowing teams to work more efficiently.Their unfair advantage
monday.com’s unfair advantage lies in its highly customizable platform that allows users to tailor workflows to their specific needs, unlike many competitors that offer rigid solutions.Strategies
Pre-Launch (Product Development & MVP)
Embracing Failure as a Learning Tool
The founder learned from his first startup failure that avoiding negative feedback from customers led to wasted resources and time. He vowed to embrace failure in his next venture, Monday, encouraging a culture where feedback is welcomed and failures are seen as opportunities for learning. This mindset was instilled in the company's DNA, promoting rapid iteration and customer involvement from the outset.
Launch Stage
Daily Investor Updates via SMS
In the early days of monday.com, the founders implemented a strategy of sending daily SMS updates to all employees and investors. This included detailed information about the company's performance and activities from the previous day. This practice fostered transparency and ensured that everyone was aligned with the company's progress, reducing surprises during quarterly reviews. The founders believed that this level of communication helped build trust and accountability within the organization, making it one of the best practices they adopted early on.
Identifying Market Gaps
During the initial stages of Monday, the founders recognized a significant gap in the work management market. They noted that while there were many tools available, none dominated the space. This insight led them to create a customizable platform that allowed users to tailor the tool to their specific needs, setting Monday apart from competitors.
Data Ownership and Measurement
From the very beginning, the founders of monday.com emphasized the importance of measuring everything. They built a simple dashboard to track their first six customers and gradually evolved it into a comprehensive system they called 'Big Brain'. This system allowed them to own their data, enabling them to track metrics directly from their own database rather than relying on external tools like Google Analytics. This approach ensured that they had immediate access to real-time data, which was crucial for making informed decisions and scaling the business effectively.
Growth Stage
Building Big Brain for Performance Marketing
As monday.com grew, the founders developed an internal analytics platform called Big Brain to track every aspect of their marketing efforts. This system was built from scratch to monitor campaign performance, user engagement, and conversion rates. By having complete control over their data, they could optimize their marketing strategies effectively. This allowed them to identify which campaigns were successful and which were not, leading to a highly efficient performance marketing engine that significantly contributed to their growth.
Learn more about monday.com
monday.com Co-CEO Reveals the System That Scaled Them to $14B
Eran Zinman, Co-Founder & Co-CEO @Monday.com: Going Upmarket, International and Multi-Product |E1247
AI at Scale: 8 Learnings from monday.com Co-Founder and Co-Ceo Eran Zinman
