This is a case study of my other post: Digital Marketing Strategy in Account-Based Marketing (ABM).
My goal is to use a case study to illustrate the Digital Marketing Strategy in ABM and I will use monday.com as an example
Just because I have always seen their ads on Youtube and Instagram, and they are pretty good.
Disclaimer: I am not affiliated with monday.com any way, below is purely my outside-in reflections.
Before going deep into the ABM digital strategy, we should establish some shared understanding of monday.com ‘s business.
This could help answering the why bother doing ABM at all.
Monday.com is a software as a series business (SaaS). Their business model operates on a per-seat basis.
That means the larger the company, the more employees they have, the more potential revenue for monday.com.
The world largest organization are likely multi-national corporations with thousands of thousands of employees.
From an investment standpoint, there are two metrics that could potentially tell the story of how well monday.com is selling to the world’s largest organization.
- Number of customers with $100k annualized revenue
- The net dollar retention rate, which tells what percent of revenue from current customers you retained from the prior year, after accounting for upgrades, downgrades, and churn.
These two metrics are powerful because they tell a story that your product can be adopted in large corporations and they will pay you more and more every year.
With that, let’s continue with the case study.
ABM for Monday.com – Land and Expand
The lifecycle of a monday.com customer is likely started with individual users of small teams signing up to collaborate with each other.
Then, with product adoption and growth, it influences other teams within the enterprise to use the same platform to drive better alignment and collaboration.
This is a classic a land and expand playbook that many SaaS companies use, including Slack, Zoom, Dropbox…etc
So the ABM for monday.com could be framed as:
- How can the business land the Fortune 500 accounts?
- After land, how can the business expand within the account?
As an example of potential revenue, one of the brands in the Fortune 500 list is Levi Strauss, that has 15,800 employee.
Assuming 30% of the employees are corporate rather than retail, the potential revenue could be $1M+ for one account. (15k * 30% = 4500 users; 4500 * $20 user/mo* 12mos = $1M+)
There are many other tactics/programs could land and expand within Levi, and the next section will focus on how digital marketing can accelerate that.
Digital Marketing Strategy in ABM for Monday.com
If you have read my blog post, the digital marketing strategy in ABM is primarily around:
- What are the programs/campaigns we would deploy for 1:1, 1:few and 1:many in the Fortune 500 accounts.
- What are the programs/campaigns we would deploy to reach, drive them to website and convert.
If we put these two points together against a list of tactical ideas, you can put them into a 2×2 graph.
Each dot is a tactic / program, and they should be aligned with the ABM strategy.
Having said that, advertising is likely the core channel driving acquisition with a large media budget, thanks to the large consumer or SMB appeal.
And that SMB acquisition motion could potentially result in some good Fortune 500 logos.
Next section is going to illustrate some of the tactics applicable to ABM.
If I was in the marketing team, I would define landing an account to be at least have one paying team.
The rationale behind that is the product purchase flow should be easy enough for small teams to pay with credit card directly without much sales interactions for scalability.
Here are some ideas on 1:1, 1:few and 1:many for land tactics:
- 1:1 – the most strategic account for monday.com are likely to be the likes of FAANG. Because the workers are technology-savvy and can adopt new tool very quickly.
- Create 1:1 advertising creatives and landing page specific for that account. For example, “collaborate with your FB colleagues on XYZ”.
- 1:few – the clusters of large enterprises are likely to be vertical-specific, e.g, large marketing agencies, or travel/hotel vertical.
- Create vertical-specific advertising creatives and cluster landing page for that set of accounts. For example, “launch your next big marketing campaign.”
- 1:many – the large clusters of targeted account could be focused on the product features that add most values to large organization.
- Create air-cover advertising creatives and general landing page. For example, “Bring out the best in your remote teams“
Depending on the maturity of the organization, 1:few and 1:many could be combined to streamline effort.
Remember, the objective here is to generate the first paying team.
On expand, there are more data available for the messaging creation.
It is because there are some workers from the first paying team are already using the product.
If permission allows, internal champion proof should be the most compelling case to drive adoption.
- The biggest opportunity I see in 1:1 ads is to leverage internal champion use case and get centralized functions (e.g, IT and procurement) buy-in.
- The creatives here can be “Work with Sarah from Marketing” or “Learn how Mark from Finance uses Monday.com”
- Note: If there are limited marketing resources, it may be beneficial to prioritize on customer internal events
- Since the advertising campaigns are air-cover, the messaging here is likely to be very similar to overall brand or enterprise marketing.
Although there are several ideas on digital marketing campaigns above on expand.
I believe the most effective lever monday.com can have is an account plan on how revenue teams (Sales, Marketing and Customer Success) could work together to grow the account.
Every account is different on how they look at work collaboration, and has different maturity on cloud adoption/digital transformation/remote work.
It is essential to have a point-of-view (POV) on how to sell and add value to each individual account.
That POV could help forming different digital marketing tactics at each of account lifecycle stages, as shown in the below graph.
- The objective is of digital marketing in ABM is to engage a specific set of account to generate revenue.
- ABM technologies are essential to identify people in that company and orchestrate different campaigns, with 1:1, 1:few and 1:many programs in mind.
- Moving account in different tier could be a manual or automatic effort, depending on the marketing stack.
- Compared to Sales and Customer Success, Marketing is certainly most effective in spreading the brand at scale to drive adoption, particular on specific product launch and education.