MarTech Podcast ™ // Marketing + Technology = Business Growth

Episode: The Story Behind Semrush’s Acquisition Of Third Door Media

Release Date: February 3, 2025
Host: Benjamin Shapiro
Guest: Mark Serkin, CEO of Third Door Media

Introduction

In this episode of the MarTech Podcast™, host Benjamin Shapiro engages in an insightful conversation with Mark Serkin, the CEO of Third Door Media, about Semrush's recent acquisition of his company. The discussion delves into the journey leading up to the acquisition, the integration process, and the broader implications for the MarTech and media landscapes.

Background of Third Door Media

Mark Serkin provides a comprehensive overview of Third Door Media, highlighting its evolution and foundational roots.

• Origins and Growth:
  "Third Door Media was a longtime B2B media marketing company with roots in search. Founded around 2006 by Chris Elwell and Danny Sullivan, it birthed influential platforms like Search Engine Land, SMX, and martech.org."
  (04:27)

• Shift to Martech:
  The company pivoted from a search-centric revenue model to focus on Martech around 2014, influenced by Scott Brinker's burgeoning Martech landscape. This strategic shift allowed Third Door Media to capitalize on the growing demand for Martech-related content and events.

• Pandemic Impact and Adaptation:
  The COVID-19 pandemic forced Third Door Media to transition from in-person conferences to virtual events.
  "We just put our backs into it and said, you know what, we think we can make this work... that first event registered a ton of people."
  (06:08)

The Acquisition Process

Mark discusses the motivations and dynamics behind the acquisition by Semrush.

• Motivations for Semrush:
  Semrush sought to enhance its media capabilities by acquiring a reputable media brand with a highly aligned audience.
  "They really saw major synergies in the core Semrush product and Search Engine Land and SMX."
  (09:35)

• Why Third Door Media?
  Third Door Media's established brands, like Search Engine Land and martech.org, provided Semrush with immediate access to a substantial and engaged audience, facilitating cross-promotion and revenue generation.
  "Without that, it's probably very hard to get in the door."
  (26:34)

• Personal Reflections:
  Mark shares the emotional and strategic considerations leading up to the sale, emphasizing the long-standing relationship with co-founder Chris Elwell and the challenges of maintaining growth in a tough media market.
  "It's going to be me at some point. And that was scary and exciting all the same time."
  (13:03)

Integration Challenges and Synergies

The integration of Third Door Media into Semrush brought about both opportunities and challenges.

• Cultural Differences:
  Transitioning from a nimble 30-person media company to being part of a larger, publicly traded SaaS company required significant adjustments.
  "SaaS and media companies are not the same... it's very different culturally."
  (18:28)

• Operational Adjustments:
  Mark highlights the complexities of aligning third-door media operations with Semrush's data-driven approaches, especially in areas like CRM and marketing automation.
  "There's still conversations around CRMs and email marketing automation platforms and what should be integrated, what shouldn't be integrated."
  (16:28)

• Maintaining Editorial Independence:
  Despite being under Semrush, Third Door Media strives to retain editorial independence to preserve the credibility and trust of its audience.
  "The newsroom's a newsroom. There's no real input... it really is independent."
  (20:25)

• Content Integration:
  Third Door Media incorporates Semrush's tools and offerings into its content without compromising the quality and objectivity of its publications.
  "It's tried to be written as helpful content, good content, that happens to use SEMrush as a workflow to show, like, that's what it looks like."
  (22:14)

Future of Media and Software Mergers & Acquisitions

The conversation shifts to broader trends and future predictions in the intersection of media and software companies.

• Trend of SaaS Companies Acquiring Media Brands:
  Mark and Benjamin discuss the increasing trend of software companies acquiring established media brands to bolster their content strategies and brand authority.
  "Every brand needs to be a media brand... acquisitions like Semrush and Third Door Media is logical."
  (22:58)

• Challenges with New Media Formats:
  Incorporating podcasts, videos, and influencers poses both opportunities for engagement and challenges in monetization and audience measurement.
  "Podcast, too... it's not gonna a lot of clicks from a TikTok video. It's not gonna happen."
  (29:53)

• Value of Brand in an AI-Driven Future:
  Emphasizing the irreplaceable value of brand and taste, Mark posits that even as AI evolves, the human element in brand building remains crucial.
  "But for now, that's brand... being a tastemaker is hard and unusual."
  (35:24)

• Predictions for M&A Activity:
  Mark anticipates continued M&A activity between media and software companies, driven by the need for robust content strategies and brand building in the digital age.
  "I think brand matters... the path to building an audience is brand and the path to M and A is brand."
  (34:45)

Key Takeaways and Insights

1. Synergy Through Audience Alignment:
   The acquisition underscores the importance of having a highly aligned and engaged audience. Third Door Media's focus on marketers provided Semrush with a valuable platform to extend its reach and influence.

2. Preservation of Editorial Integrity:
   Maintaining journalistic independence is critical for preserving trust and credibility, even post-acquisition. Third Door Media's structure ensures that its newsroom remains autonomous.

3. Adaptability in a Changing Landscape:
   The ability to pivot from in-person to virtual events during the pandemic showcased Third Door Media's resilience and adaptability, qualities that were attractive to Semrush.

4. Balancing Creativity with Data-Driven Approaches:
   Integrating creative media operations with Semrush's data-centric methodologies presents both challenges and opportunities for innovation and enhanced content strategies.

5. Future of Brand-Centric M&A:
   As software companies recognize the value of owning media brands, future acquisitions will likely focus on enhancing content strategies and building robust, authoritative brands.

Notable Quotes

• Mark Serkin on Acquisition Challenges:
  "Dealing with a publicly traded company is not the same as a 30-person company... it's been a really interesting transition for me personally."
  (08:39)

• Mark on Content Independence:
  "From a news standpoint, there really is no input in a programming standpoint... it's independent."
  (20:25)

• Mark on Brand Value:
  "What matters is I'm going to go back to what I said earlier, I think brand matters... the path to building an audience is brand and the path to M and A is brand."
  (34:45)

Conclusion

The acquisition of Third Door Media by Semrush exemplifies the strategic mergers happening at the intersection of marketing technology and media. Mark Serkin's candid reflections provide valuable lessons on navigating acquisitions, maintaining brand integrity, and the evolving landscape of media within the Martech ecosystem. As the industry continues to evolve, such integrations highlight the critical role of content and brand in driving business growth and sustaining market relevance.

Connect with Mark Serkin

• LinkedIn: Mark Serkin
• Twitter/X: @mssirkin
• Company Website: Third Door Media

Subscribe and Follow

• Podcast Website: martechpod.com
• Social Media: Available on YouTube, Instagram, and X
• Host LinkedIn: Benjamin Shapiro

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