Last week, we announced a reorganization of the company that will enable us to innovate with greater speed, efficiency and capability. This move will enable us to execute even better on our strategy to deliver the world’s best Dynamic Offer Optimization Platform and make it possible for brands to connect with each of their customers beyond the transaction.
Formation has always had a big vision — to help brands build and deepen customer relationships at the individual level and do so at enterprise scale. In the earliest days, it was by developing 1:1 gamified offers in email and mobile for Starbucks. The impact we have collectively made on our customers’ businesses is astounding with more than $1B of attributable revenue.
Why We Reorganized
Our mission has always been to create a SaaS product that enables brands to optimize their customer engagement and their offer spend. The strides that we made over the last few quarters with our completely re-architected product have put us in a position to advance our strategy but we needed to make changes that would enable us to move more quickly, more efficiently, and with greater excellence. It is clear to me and our leadership team that we must do an extraordinary job to succeed in this competitive space. That means increasing our pace of learning and improving execution from product development and innovation all the way through to sales and marketing.
Organizing for Speed and Strategic Alignment
Reorganizations are never easy. There were a number of teammates who are not continuing on the next leg of our journey. They are all amazing people and great professionals. They include a number of folks I’ve become friends with, sharing the challenges of the pandemic, building a startup, having kids run into our zoom chats, and finding moments that I will remember for a long time to come. A startup is always an intense environment and through it we all have built relationships that certainly will continue. For all of their contributions and for their passion for Formation, thank you.
We must not waver from our commitment to experimentation, feedback, and thus change. And yet, we must recognize that change takes courage and effort. It’s amazing what we have been able to accomplish thus far, and yet I still believe we are in the very early days of what we can all achieve together. And I’m freaking excited about the adventure ahead of us.