Some time ago I was trying to define a monoidal structure on a functor category $[\mathcal{C},\mathcal{D}]$ between two monoidal categories $\mathcal{C}$ and $\mathcal{D}$, such that the monoid objects are exactly the monoidal functors (and if $\mathcal{C}$ and $\mathcal{D}$ are symmetric, then $[\mathcal{C},\mathcal{D}]$ becomes symmetric and the commutative monoids are the symmetric monoidal functors).
I came up with the following: assume that $\mathcal{D}$ is monoidally cocomplete (cocomplete with right exact tensor product). Given $x\in \mathcal{X}$, define $\mathcal{F}(x)$ the category of factorizations of $x$, whose objects are triples $(a,b,\varphi: a\otimes b\to x)$ and morphisms are pairs $(f,g):(a,b,\varphi)\to (a',b',\varphi')$ with $f:a\to a'$ and $g: b\to b'$ making the obvious diagram commute. Then if $F,G: \mathcal{C}\to \mathcal{D}$, we define $$(F\otimes G)(x) = \operatorname{colim}_{(a,b,\phi)\in \mathcal{F}(x)}F(a)\otimes F(b).$$
I think I correctly proved that this defined a monoidal structure on the functor category, with unit object $I:x\mapsto colim_{I_{\mathcal{C}}\to x} I_{\mathcal{D}}$, and that the monoid objects were indeed the monoidal functors (maybe I used some stronger hypotheses without realizing but I think it's fine).
Then I learned about Day convolution, which achieves the same goal, except that its definition seems to require that $\mathcal{C}$ is $\mathcal{D}$-enriched. I can't figure out whether those definitions are closely related (they seem to be, but I can't quite convince myself), and in particular whether they coincide when they are both defined.