Monday.com spent over $200m on video marketing back in 2020/21.
That means its advertising budget represented 95% of the company revenue at the time.
Was it worth it or should the CMO be fired?
While some might argue that’s a steep price to pay for visibility, the results suggest otherwise.
Let’s break down whether Monday.com’s expensive video marketing plan was, in fact, a genius brand move.
For those not in the know, here are the reported figures:
“Advertising costs amounted to $98,423,000 and $129,101,000 in the years ended December 31, 2019 and 2020, respectively.”
1. Bold Brand Positioning
Monday.com’s videos are known for their bold, colorful, and highly engaging style. Their marketing isn’t just about promoting a product; it’s about creating an experience.
The visuals, the quirky storytelling, and the use of humor make their campaigns memorable. Monday.com has positioned itself as a modern, user-friendly tool that makes work more enjoyable.
This kind of brand positioning can be difficult to achieve, and doing so with a video-heavy strategy can help amplify that message far and wide.
2. Targeting a Global Audience
Monday.com’s target market spans a wide range of industries and geographical locations.
To make an impact across such diverse groups, they needed a marketing strategy that transcended language barriers.
Video marketing is one of the most effective ways to capture attention quickly and communicate a message in a universally understandable format.
With their polished, dynamic videos, Monday.com ensures they reach a global audience, showcasing their platform’s capabilities in a visually captivating way.
And, boy, they made sure they were seen.
3. Engagement & Conversion Impact
One of the key metrics in assessing the success of video marketing is user engagement.
Monday.com’s videos are designed to not only capture attention but also drive action—whether it’s signing up for a free trial or requesting a demo.
With a high engagement rate, video content increases the likelihood of conversion, making the expense worthwhile. The brand has been able to create a solid customer base by drawing people in with these eye-catching and informative videos.
😊 Fun fact: As I was searching for a video to embed into this blog post, I was served with a Monday.com! Not only that, you can see the banner ad in the top right-hand corner too. Monday.com is still going all-in on video marketing. Can’t wait for the next public ad spend to be released!
4. Conquering YouTube and Beyond
Monday.com’s video ads are optimized for various platforms, including YouTube, Instagram, and LinkedIn.
By leveraging the power of these platforms, Monday.com has been able to target specific audiences, ensuring that their videos reach the right people at the right time.
The company’s videos are not only well-produced but also designed for maximum shareability, which can lead to organic growth beyond just paid ad campaigns.
5. Data-Driven Approach
Monday.com uses data-driven insights to continually improve their video marketing efforts.
It tracks user behavior and engagement with their video content, making sure it understands what resonates with its audience.
By analyzing metrics like:
- Watch time
- Click-through rates
- Conversions
Monday.com can refine its campaigns to be more effective. This level of measurement ensures that the expensive video production costs are justified by a tangible return on investment.
6. Brand Recognition and Trust
Monday.com’s significant investment in video marketing has undoubtedly contributed to growing its presence and awareness.
The high production value of their videos conveys a sense of professionalism and reliability, which builds trust with potential customers.
Trust is a key factor in driving conversions, and Monday.com’s video content helps establish the brand as an authority in the work management space.
That trust carries through to real user reviews too. Gartner Peer Insights aggregates Monday.coms user review score at an impress 4.5 out of 5.
Conclusion: A Genius Move?
I will happily go on record and state that I was a big doubter in the Monday.com video marketing efforts of 2020/21.
In hindsight, it might simply have been because I saw the adverts so darn often,
But here I am, after this topic being on my “to write a blog post about one day” list for literally years, writing about the impact it’s had on me and Monday.com’s brand awarness.
In short, Monday.com’s investment in video marketing is probably a genius brand move.
Despite the eye-wateringly high cost of production, the return on investment must have been substantial.
In 2018, nobody knew of Monday.com. Today, I have multiple customers and friends who use Monday.com. I wouldn’t say it’s become a household name (though my girlfriend’s company uses it so it’s in my house!) but it doesn’t need to be.
Does that mean your brand should invest hundreds of millions of dollars into video marketing?
Probably not.
But there is no doubt that by creating visually stunning, engaging, and informative video content, Monday.com has enhanced brand recognition, driven engagement, and increased conversions.
