Total Economic Impact Study Reveals monday.com Partners Saw 100% YoY Growth in Service Revenues
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The commissioned Total Economic Impact™ (TEI) study by Forrester Consulting highlights significant financial benefits for partners of monday.com. With reported 100% year-over-year growth in service revenues and a 65% ROI over three years, these figures are indicative of strong performance within the partner ecosystem. The seven-month investment payback period is particularly noteworthy, suggesting a swift return on investment for partners, which is a compelling metric for potential and existing investors.
The study also underscores the strategic importance of partnerships in SaaS (Software as a Service) business models. The fact that 80% of the partners' overall revenue is attributed to their monday.com practice emphasizes the platform's influence and the potential for cross-selling and upselling opportunities. The creation of a dedicated team to support sales and professional services is a testament to the scalability and integration capabilities of monday.com's Work OS.
For stakeholders, the reported three-year benefits of $7.98M from reselling and developing on the platform highlight the monetization potential of monday.com's app marketplace. As the number of channel and referral partners, marketplace apps and paid apps continues to grow, this ecosystem expansion can be expected to contribute positively to monday.com's revenue and market presence.
The partner network's role in the growth of monday.com's ecosystem is a reflection of broader trends in the SaaS industry, where ecosystems and marketplaces are becoming increasingly critical. The presence of 210 active channel partners and approximately 2,000 referral partners demonstrates a healthy and diversified partner base, which can enhance market penetration and facilitate entry into new market segments.
The 393 marketplace apps and 218 apps collecting payments as of Q3 2023 suggest a vibrant and growing developer community around monday.com's platform. This not only enhances the value proposition for end-users by providing a wide array of integrations and solutions but also creates a network effect that can further attract new users and developers, thereby reinforcing the platform's market position.
From an economic perspective, the growth in service revenues and ROI reported by monday.com partners can have a multiplier effect on the broader economy. The expansion of monday.com's partner ecosystem contributes to economic activity by fostering innovation, job creation and competition within the SaaS sector. The investment in product suite growth, including monday sales CRM and monday dev, indicates a forward-looking approach to product development and diversification, which is essential for sustaining long-term competitiveness and adapting to changing market demands.
The financial impact opportunities highlighted in the TEI study suggest a robust business model for monday.com, with the potential to drive further investment and growth in the sector. However, it is important to consider the scalability of such growth and the competitive landscape, as the success of the partner ecosystem is contingent upon the continued relevance and innovation of the monday.com platform.
“The Partner Opportunity for monday.com Work OS” uncovers the financial impact opportunities for monday.com’s global partners
The TEI study of monday.com's partner ecosystem examines the potential return on investment (ROI) enterprises can obtain by deploying monday.com and is based on several monday.com partner interviews across
“We’re thrilled to learn of and share the findings from this study, as we continue to further empower our global partners to seamlessly integrate into our ecosystem, unlock their growth potential, and increase profitability with diversified revenue streams,” says Ophir Penso, VP of Partnerships at monday.com. “In the year ahead, we’ll further invest in our partners while growing our product suite, including monday sales CRM and monday dev, to provide them with even greater offerings for our diversified user base.”
Additional survey results show that
“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.
monday.com’s expansive partner network and robust app marketplace play a pivotal role in driving the growth of the monday.com ecosystem, increasing the ability to serve all types of organizations across virtually any industry with 210 active channel partners, approximately 2,000 referral partners, 393 marketplace apps, and 218 apps collecting payments, as of Q3 2023.
You can learn more about monday.com’s partner ecosystem here and download the complimentary Forrester TEI study here.
About monday.com
The monday.com Work OS is a low code-no code platform that democratizes the power of software so organizations can easily build work management tools and software applications to fit their every need. The platform intuitively connects people to processes and systems, empowering teams to excel in every aspect of their work while creating an environment of transparency in business. monday.com has offices in
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View source version on businesswire.com: https://www.businesswire.com/news/home/20231220493945/en/
Media Relations Contact:
Ilit Gluska
ilitgl@monday.com
Source: monday.com
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