By Ophir Penso, VP Partnerships at monday.com
We’re excited to share the results from our Total Economic Impact(™) (TEI) study conducted by Forrester Consulting which was recently published here. The 2023 commissioned study, The Partner Opportunity for monday.com Work OS, is based on interviews with six representatives from four of our partners and shows how monday.com’s partnerships may help enterprises grow their revenue and further support their business goals in 2024.
Let’s dive into some of the key findings of the study:
monday.com partnerships led to partner growth
The results of the study align with what our partnerships team already knows to be true. Our partner network empowers partners to seamlessly integrate into our ecosystem, unlock their growth potential, and assist in increasing profitability with diversified revenue streams.
The Forrester study looked at data from the past three years, which showed that partners saw:
- Packaged and custom services revenue streams grew 100% YoY
- Benefits of $7.98 million and an ROI of 65%
- The payback period for the initial investment was as little as seven months
- 80% of the partners’ overall revenue is attributed to their monday.com practice
Revenue streams amount to 66% of gross profits
The study aggregated partner interviews into a single composite partner organization that had similar characteristics and goals including:
- Grow their business, customer base, and revenue through partnerships
- Diversify their SaaS portfolios and services offered
- Offer strong customer solutions and solve larger business problems
According to the study, after careful consideration, partners selected monday.com based on growth trajectory, the opportunity to generate leads, and access to a wider variety of offered services and consultancy. The results of these partnerships over the years speak for themselves. The composite partner was able to generate recurring annual revenue through reselling monday.com to its customers. Over a three-year analysis of the composite partner’s total gross profits, Forrester found that the combined revenue stream of partnership assets made up 66% of those profits.
“Our growth within our own monday.com practice has absolutely skyrocketed, and our profitability is excellent,” says Jack Taylor, CEO at Upstream, a monday.com partner.
Shared partner success
At monday.com, your success is our success and it’s in our DNA. Our goal is to help our partners integrate into our ecosystem in a way that’s both transparent and supportive throughout their journey. We want to see our partners win, which is why we’ve adopted a partner-centric approach through regular communication with our partner enablement team, including a partner hub, sales boot camps, webinars, interactive learning experiences, and more. We help enable partners to lead impactful training that will empower them to thoroughly understand our platform and deliver innovative solutions to their customers.
What’s next for our partnerships in 2024?
Our partnership ecosystem serves all types of organizations across virtually any industry. As of Q3 2023, we have 210 active channel partners, approximately 2,000 referral partners, 393 marketplace apps, and 218 apps collecting payments. We can expect to expand our partnerships in the new year and optimize our partners’ success by empowering them to be more profitable through diversified revenue streams.
Diversified revenue streams, whether through our app marketplace, packaged and custom services, or other support streams, have the increased potential to become a main source of our partners’ profits in 2024 and beyond. We’ll bolster our partner network and strengthen our offering even further to reinforce our vision of building a leading partner ecosystem, and our partners have the opportunity to grow alongside us.
You can learn more about monday.com’s partner ecosystem here and download the complimentary Forrester TEI study here.
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