In today’s data-centric world, CEOs hire CMOs who can drive revenue — and prove it. Mutiny announces a $18.5M Series A from Sequoia Capital and a roster of world-class CMOs to help companies convert top-of-funnel demand into revenue.
The job of the CMO is harder than ever. Their mandate has gone from “Drive top-of-funnel and let sales do the rest” to “Drive revenue and show me how every marketing dollar is converting.” Expectations have changed, yet marketing teams don’t have the technology and other technical resources they need to succeed. It’s no wonder that the average CMO tenure is at its lowest point since 2009.
I faced this problem firsthand when I ran marketing at Gusto. We were successfully driving top-of-funnel growth through ads and other channels, but it wasn’t converting into revenue. We solved this problem by creating a growth engineering team that wrote a lot of custom code to drive customers to buy — from optimizing our website and signup form to driving upsell and referrals in-app. But most companies don’t have the engineers or know-how to do all that. That’s why my cofounder Nikhil Mathew and I built Mutiny — a no-code AI platform that helps marketers turn their top-of-funnel demand, such as website visitors, into revenue.
Today we are proud to announce our $18.5 million series A funding round from Sequoia Capital, with participation from our seed investors Cowboy Ventures and Uncork Capital, and CMOs from some of today’s fastest-growing tech companies, including AngelList, Carta, Gong, Hopin, Salesforce and Snowflake.
Today’s best CMOs compete on conversion, not top-of-funnel
Over the past decade, marketers have gotten really good at successfully driving quality traffic from Adwords, Facebook, LinkedIn, SEO and other channels. This is not easy to do well, but it has finally become table stakes for every good CMO. Unfortunately, traffic does not equal revenue. This year companies will spend $455 billion on digital ads, but less than 5% of those prospects will buy. In other words: For every $20 we spend on ads, we’re setting $19 on fire.
The best companies have shifted their focus to conversion. Companies generate and store more customer data than ever, making it possible to speak directly to buyers and convert them. Just like we did at Gusto, big tech companies such as Airbnb and Snowflake are driving faster growth by having large engineering and data science teams build more relevant buyer experiences.
The problem: Most marketing teams don’t have access to engineers. They are sitting on a mountain of unused data with no way to utilize it for driving conversion. And let’s not forget the cost — a tiny growth team with only 10 engineers, data scientists and designers costs $2M each year.
We built Mutiny to democratize access to world-class conversion technology and growth engineering. Instead of requiring expensive, hard-to-get engineers, marketing teams can use Mutiny to convert their top-of-funnel demand into revenue in a self-serve way.
Mutiny: A new way for marketers to drive revenue — without engineers
Mutiny is a no-code platform that automates the art and science of conversion. We’re currently focused on website conversion for both inbound and outbound traffic.
The fastest growing companies such as Brex, Carta, Notion, Segment, and Qualtrics use Mutiny to convert their visitors into customers. On average, Mutiny identifies 73% of visitors through various data sources and drives 108% conversion lift across winning personalized experiences.
Our platform is revolutionizing growth marketing in three ways:
1. Launch your ideas in minutes — without engineers
We provide the technical plumbing needed to drive conversion at scale: data, analytics and experience delivery. All your favorite IP, advertising and CRM data sources are pre-integrated. Conversion tracking and analytics are set up once during onboarding. All you have to do is add a line of code to your website and you’re ready to start converting your visitors.
Our average customer launches 15 experiences within the first month of using Mutiny.
“Mutiny has enabled our team to move much faster by unblocking us operationally and reducing reliance on internal engineering teams. Within just one month of implementing Mutiny, we’ve seen a 60% increase in signups for our highest priority segments.”
– Camille Ricketts, Head of Marketing at Notion
2. No more vanity metrics. Prove your impact with real data.
One of marketers’ biggest frustrations is that they work super hard on a campaign, yet everyone doubts their impact. That’s because most marketing tools spit out BS metrics such as clicks and content views. Marketers then have to tediously piece together attribution models, and even then it’s unclear what actually led to a conversion.
With Mutiny, marketers can launch experiences with automatic hold-out testing. We use control groups to show the incremental effect of different experiences and measure their statistical significance. Alternatively, users can let Mutiny’s machine learning automatically show the right visitors the highest converting content. You’ll finally know what’s working and what needs iteration.
Even CFOs are onboard with Mutiny’s rigorous reporting. Brex’s CFO, Michael Tannenbaum, loves seeing Mutiny’s experiment results:
“If I had to cut all our growth budget, Mutiny would be the first thing I’d keep. Every action we’ve taken in Mutiny has increased leads by 30-200%.”
3. Win faster by tapping into a community of top marketers, supercharged by AI
Personalization and conversion is a new muscle for every company. How do you know which segments or parts of the funnel to start with first? How should you change the experience to drive the greatest number of qualified leads? Is it a good use of your time to create upsell experiences for customers coming to your website?
Mutiny’s AI surfaces your best audience segments and web pages by revenue impact. We observe how different experiences perform across the Mutiny customer community to identify winning playbooks and recommend specific ones based on each customer’s audience data.
Starting today, we are taking guidance to the next level by actually writing high-converting personalized content for websites. Mutiny customers will now see recommended content such as headlines, and we plan to rapidly expand this AI-powered guidance.
We have hundreds of in-app playbooks from the world’s best marketers. These playbooks make it super easy to get started.
“Mutiny tells us the underperforming segments and writes content to improve that segment’s conversion. We can even see how our peers have increased their conversion for those segments. My team can move so much faster because we have access to the best conversion tactics without leaving our desk. It’s the most remarkable combination of machine learning and community I have seen in website optimization and personalization.” – Andrew Gai, Senior Director of Growth Marketing at Dialpad
Join the conversion movement
Mutiny is for marketers who want to be at the forefront of the industry. You can join our community in three ways: