Monetate was founded in 2008 and is based in Philadelphia, with offices in London and Palo Alto, California. The company started as an offer management system focused on presenting the right offer at the right time to customers. This gave rise to the personalization engine and testing solutions that Monetate offers today. The company generally caters to enterprise customers, but recently introduced products focused on the SMB. Most of their customer base is in the United States, but they are rapidly growing in Europe. They have raised $46 million in funding since inception.
|Pricing||From $1k to $2k per month, up to ~$1m per year for large enterprises using professional services*|
|Rating Attribute||Monetate||# of Reviewers Contributing to Rating Average||A/B Testing Category Average|
|Likelihood to recommend||9||20||8.4|
|Likelihood to renew||8.9||20||8|
|Monetate Strengths||Monetate Areas for Improvement|
|Ease of use
Interface is easy to learn and use for non-technical people. In addition to testing and personalization, many users say they use the tool to make quick website changes without going through their IT department.
Users would like to see enhanced reporting and more detailed analytics.
Note: the company recently launched a more robust reporting module that may address this issue.
Monetate's support team is knowledgeable, quick to respond, and very “solution-oriented,” as one user put it.
|Speed of new feature releases
Two users mentioned that new product releases are often not launched on schedule. However, users like that the company is innovative in creating new features.
|Personalization and targeting
Users like the ability to personalize content and target specific visitors for promotions based on a number of variables, and a few specifically mentioned the geo- and weather-targeting capabilities.
Because Monetate uses an asynchronous method (meaning everything loads at the same time, to avoid a website delay), there can be a flicker effect if Monetate's code loads after the website's code.
Note: this can be resolved if the client uses Monetate's synchronous tag.
“Monetate was founded by people who took a scientific approach to marketing,” says Bruce Ernst, Vice President of Product Management at Monetate. “We were in the optimization and testing and personalization business before we knew what the name of that game was.” The tool started as an offer management system focused on presenting the right offer at the right time to customers, which then gave rise to powerful personalization capabilities.
The company incorporated testing in response to customer requests, since at the time testing tools were difficult to use, he says. “We invested very heavily in making it easy and simple for regular marketers to set up sophisticated A/B and multivariate tests.”
Ernst says the company is focused on removing obstacles to testing and personalization. “In the real world, in 25% of tests, the new treatment outperforms the original; in 25% the new treatment underperforms, and the rest of the time, the test is a wash,” he says. “Winning tests are like hitting a homerun: the more times you are at bat, the more homeruns you'll hit. We make it really easy to set up and run lots and lots of tests.”
That's why the company charges a flat fee for their tool, rather than volume-based charging, he says. “We do not charge by the number of tests or level of effort. You should run a lot of tests to get good results, and we don't want to build in a disincentive.”
Ernst also says personalization and testing are closely related. “Often the 50% of tests that don't produce a significant result—often it's because you didn't look deep enough,” he says. “Maybe new versus returning visitors reacted differently. When you test for everybody, the results tend to cancel each other out and the test is inconclusive.”
The tool integrates with third-party data systems, CRMs, and all of the major web analytics vendors, he says.
The company is focused heavily on enterprise customers, many with more than 1,000 employees, Ernst says. However, they have recently launched a new product that caters to the SMB. “Organizations of all sizes can benefit from testing and personalization,” he says.
Key verticals served include retail, travel and financial services. Most customers are located in the United States, but the customer base has grown 300% in Europe in the last year, he says.
“We have a relentless drive to make things simpler and easier,” Ernst says. For example, the company just released a product that will identify a user's top five most important customer segments. They are also planning on introducing mobile app testing, he says.
Response to Feedback from Monetate Reviews
“Our roadmap is driven by customer feedback,” Ernst says. “In terms of the flicker issue, our first goal was to never, ever hold up your site, so we ran completely asynchronously.” This meant that it was possible for regular content to beat Monetate content to the site, thus producing a flicker. Based on customer feedback, the company introduced an option for a synchronous tag, thus removing the flicker issue, he says.
“We also just released a more robust analytics component,” he says, also based on client feedback. “It's much more detailed in terms of being able to segment inside an experiment and drill down and discover specific groups of visitors, after a test has run.”