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From Starting to Selling: Why Integration Is the Next Exciting Part of a Founder’s Journey

From Starting to Selling: Why Integration Is the Next Exciting Part of a Founder’s Journey

CRM CRM, Digital transformation, Measurement 4 min read
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Written by
Michael Cross
EVP, Measurement

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As we recently passed three years since the digital-first powerhouse Media.Monks welcomed our Brightblue Consulting team into their global home, there’s no better time than the present to reflect on how we got to where we are today.

From founding a specialist marketing evaluation and modeling agency to co-founding the Measure.Monks—our data-driven team that builds marketing effectiveness models to help brands deliver more profit—my professional journey can be divided into four milestones: starting, scaling, merging and integrating a business. In this piece, I aim to share my experience (instead of unsolicited advice) with the hope that established and aspiring founders can draw inspiration from it.   

Starting a business 

Looking back, this might have actually been the hardest part of it all. Let’s just say it takes a pretty large leap of faith to go from the comfort of having a salary and holidays to being completely responsible and accountable for your income. People’s common perspective is that you can work when and how you like, but my reality looked quite different. No, I didn’t have a direct boss—but I did have to constantly be on hand for clients to get the business off the ground. In my mind, any day off was a day lost in growth. 

Those early days were testing times, but resilience and hard work got me through them. While resilience is required in taking the bad breaks at the start (which I believe happens to test your mettle), hard work is needed to create more leads to increase your chances of bringing in bigger projects. In hindsight, having a co-founder would’ve helped enormously, but I’ve always been lucky that my wife knows the industry and is incredibly supportive. 

Scaling a business

With more work came more income, and as the team grew, the pressure eased. Upon reflection, I realize how reliant you can be on one client in the early days, which is a very precarious position to be in. If they drop you, your business drops—and this means making tough calls about the team. Fortunately, I could always lean on my advisor and chairman Paul Edwards, who was an invaluable coach, highlighted things I’d overlooked, and helped me manage and expand the team. I’ve found that having an external advisor is not only what kept me sane, but what kept our company’s standards high. In turn, these standards drove our mission, vision and values, which proved key to attracting and retaining talent. 

Merging a business

After years of great growth, we reached the point where we had nurtured an incredible team and built amazing market-leading products. But to truly accelerate our growth, we had to go global—and needed a partner to do so. Avoiding private equity as cash wasn’t the issue, our focus was on access to clients and facilitating global growth. After a lengthy scouting process, we were introduced to Media.Monks. We were immediately blown away by their agility, sheer focus on groundbreaking innovation, and culture of entrepreneurship. Making the merger decision may have been nerve-racking, but we knew we had the support of our people, whom we kept informed along every step of the process.

And what a great decision it was! Our merger was handled superbly by SI Partners, who managed our pitch process and the offers that led to the Letter of Intent, all the way through due diligence, legal and finally signing all the agreements. Having heard horror stories about this process taking up all of the leadership’s time—with a suffering business as the result—I was not looking forward to it, but our M&A partners made it easy to navigate. 

Integrating a business

Wasting no time, Media.Monks quickly initiated integration. Turns out, they are pros at this. As a dedicated Post Merger Integration (PMI) team made everything run smoothly, we immediately felt part of the team. They provided a detailed plan of everything we needed to fall in on, like accounting practices, legal, HR, CRM software, audits and more. However, allowing us to move at our own pace was the real value of the PMI team, which made us feel comfortable in the nearly 12 months it took to fully merge.

On the business side of things, we jumped straight into the global network, sharing our story with any team that would listen, which was met with sincere interest and support. These last few years have led to significant global growth, as we’ve not only gained clients in new markets, but also expanded our Measure.Monks team. At the moment, we have talent located in New York, Toronto, the UK, Buenos Aires, Melbourne and Singapore, and this list will only keep growing. 

While our team folds into the data pillar, we seamlessly work across our media, content and technology pillars. As a result, we regularly venture into new territory, from supporting our agility-focused media teams to running creative measurement and optimization with our content teams to developing new products with our data teams. There’s so much more to be explored, created and delivered—especially given the recent uptake in usage of AI and automation—and that’s why my excitement about this journey never wavers.

Learn from Michael's journey from founding a specialist marketing evaluation and modeling agency to co-founding our data-driven Measurement team. channel marketing data-driven marketing CRM strategy AI automation Measurement CRM Digital transformation

Marketing Measurement

Maximize ROI with predictive insights and budget optimization.

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30% ROI from our measurement services
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Delivering more profit from marketing.

By building marketing effectiveness models, we help our partners understand what drives sales with the aim to increase profit. This gives us the ability to answer a range of crucial client questions.

  • What is the incremental impact of our media?
  • What is the ROI of our media activity?
  • How can we optimize our media budget for more sales and profit?
  • Which campaigns perform the best and why?

Typically, we deliver between $2m and $20m profit per project, and on average improve a brand’s ROI by approximately 30%.

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Optimize your marketing strategy with Market Mix Modelling.

Gain insights on growth drivers and enhance decision-making for maximum profitability.

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Monk Thoughts In all, we deliver results 95% faster than our competitors—within only four days, rather than up to six months—and find that our partners, on average, experience a 30% improvement in ROI. The numbers don’t lie, that’s a serious profit gain.
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Using the principles of Market Mix Modeling across the marketing funnel, we help brands create a level measurement playing field by taking everything that affects campaign performance into account—from media activities to internal operations decisions and even external factors such as seasonality and competitor activity.

Doing things differently.

De-silo media measurement

  • We connect measurement capabilities to de-silo digital and offline media measurement and deliver one unified ROI.

Speeding up MMM

  • We fast-track Market Mix Modeling to deliver model updates in only four days, rather than two to six months, by combining automatic data feeds, machine learning MMM and digital reporting.

Privacy compliant and future-proof

  • We help our partners build measurement capabilities in-house so that they are in control of the models, all the while taking a cookie-less approach to measurement to future-proof against deprecation of the 3rd party cookie.

Providing clarity

  • We translate complex data into really clear insights, helping our partners realize significant profit gains—typically between $2m and $20m profit gain per project—which has resulted in a 92% client approval rating, with brands citing clarity as our key attribute.

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A measured approach tallies over one million in savings

  1. Work

    Retail Media Measurement • For a major retail brand looking to measure media spend, we built models across store and e-commerce traffic and sales while isolating the incremental uplift of each media channel, which helped the brand save millions of dollars.

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    How do we know £43m is the right media budget between digital and brand spends? By measuring the incremental and long-term effect of all media channels to set up our client for success.

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  4. Reforecasting spend in media analytics
  5. By measuring long-term effects from each media channel and brand health data, we discovered that the client was overspending. 

    We maximized profit and reduced budget by taking money away from oversaturated TV and Paid Search. There was a net profit gain of £8.7m.

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Monk Thoughts Our holistic, unified approach provides all marketeers with the evidence to act confidently in driving the greatest return on investment possible for each dollar spent, which is especially important when navigating more economically challenging times.
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More on Measurement

Enhance Creative by Turning Data into Insights

Enhance Creative by Turning Data into Insights

4 min read
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Written by
Monks

Mejora la Creatividad Convirtiendo Datos en Conocimiento

Today’s CMOs have a lot on their plate: their role is increasingly responsible for overall business growth, managing brand communications, customer experience and in some cases the adoption of new technologies. Each of these responsibilities touch upon the different ways that consumers interact with a brand, making it essential for CMOs—and their teams—to manage a wide-lens view of the consumer journey. But in order to successfully integrate business objectives with data and customer experience, they’ll need to establish marketing strategies in which both work hand-in-hand to support one another.

By achieving this through constant performance measurement and optimization of content, organizations empower themselves to adopt a more agile process of marketing, which enables them to rapidly experiment and optimize campaign content and media spend through engagement. This culture of experimentation—with results to back it up—is key to achieving the always-on stream of content that today’s consumer expects, offering several relevant, personalized permutations of a message rather than the “big idea” campaign that was so popular in the past.

Close the Loop on End-to-End Marketing

Effective marketing today isn’t born just from an initial set of figures, but in fact results in new data that can be used to further optimize that content. This strengthens the creative so that it remains relevant to consumers along the digital journey. Whether an initial set of metrics lives up to expectations or not, data-confident organizations that continually measure performance may use those insights to increase content effectiveness, save in costs over the long-term and maintain trust in their creative partners.

Think about what a campaign that uses data poorly looks like. We’ve all found ourselves haunted by a product we’ve viewed (or even purchased) in our travels across the internet—an experience that can come off as annoying or even downright creepy. That this situation is all too common demonstrates how brands often miss key opportunities for effective retargeting or adapting their message to consumers’ changing priorities or intents. Those who continually optimize content through an agile process rapidly gain and apply new insights to adapt their message to the consumer’s interests or place in the sales funnel, resulting in more relevant and effective targeting.

Monk Thoughts Many brands may rely on automated optimization, but then they miss out on understanding what their audiences are thinking.

We took this end-to-end approach in a recent awareness campaign for Gladskin, the Dutch skincare brand, and their award-winning acne treatment. The processes described below enabled the brand to five-times lower CPM (cost per 1,000 impressions) and higher-than-forecasted reach. To achieve this, we measured what content brought audiences past initial engagement, then applied those insights to continually change the positioning, messaging and creative for greater results.

Optimizing Content for Increased Relevance

As with any campaign, this one began with an initial set of research on a hypothesized audience. Through preliminary engagements from consumers, we were able to quickly zero in on key insights that informed the next phase of production and user targeting. For example, we noticed that Instagram Story content focusing on models’ faces performed especially well in the awareness stage; this content achieved a 37% higher CTR than story content that focused on the product’s effect on the skin.

This aligned well with what you would expect from a platform like Instagram, as the face-focused content was akin to your standard beauty deliverable. But we found that the opposite was true in the consideration phase: Instagram Story content that performed better at this stage fixated on the skin and science behind the product.

Similarly, content that drove more users to convert focused on the research behind the product’s award-winning formula and customer testimonials, depending on the format used. The former was most effective with carousels that let users dive deeper into the product benefits in detail, while the latter performed best in single-image link ads.

Which type of message performs best per platform or format isn’t set in stone; it’s different per campaign, driving home the importance of closely measuring performance across the course of any campaign. But what both winning formats in the consideration and purchase phases had in common was that they provided consumers with justification to buy after their interest had initially been piqued, a key insight for subsequent retargeting efforts.

Screen Shot 2019-07-31 at 3.23.38 PM

Stitched together from a selection of pre-existing assets, we applied performance metrics to identify the most effective designs per segment and channel.

One can imagine how sticking to a single type of content throughout the consumer journey is comparatively ineffective in pushing consumers through the funnel; think back on that example of a product listing stalking a customer who happened upon it once. By highlighting new insights through frequent A/B testing, we could rapidly remix transformable assets into more and more attractive deliverables—and even support new creative formats, like Instant Experiences on Facebook.

Boost ROI with Optimized Spend

Cracking the code to the most thumb-stopping, relevant messages to consumers is one thing, but it doesn’t do anyone good when those messages fall on deaf ears. In addition to optimizing content, agile marketing processes let you plug data in to deeply target new groups (or continue to retarget engaged ones) for continued success.

For Gladskin, we worked with Brainlabs (an award-winning digital marketing agency) on a new approach to organizing target interests. Rather than sort them by theme—in this case, things like “teenage skincare” or “acne treatment”—we identified how well each individual interest performed. From there, we divided the top-performing ones from the bottom.

Weekly reporting enabled us to continually replace the lowest-performing interests with new ones. Over time, this process will result in ever-higher engagement rates and reach into new, increasingly relevant audiences over the course of the campaign. Tied with the process of optimizing insights-driven content as detailed above, this end-to-end approach is truly reactive to audience engagements and intents.

As measurement becomes increasingly essential for CMOs to improve customer experience, increase communication effectiveness and drive overall business goals, brands must embrace agile processes that allow for the continuous optimization of campaigns. This repeated experimentation through closed-loop, end-to-end systems provides brands with the insights they need to achieve specific business outcomes for long-term success.

Measuring campaign performance not only helps brands make creative decisions. It also grants them a clearer look at what different segments think at different stage of the customer journey. Enhance Creative by Turning Data into Insights Measuring performance to attain a clear, unblemished view of the consumer.
programmatic media buy performance marketing campaign performance assets at scale creative technology consumer data first-party data social media marketing channel marketing

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