Survey Monkey was founded in 1999 by Ryan and Chris Finley. For a decade, the company’s majority ownership was in the hands of its founders before big investors took over the company’s control in 2009.
The company’s supreme goal is to help individuals and businesses collect and analyze survey data in real-time, but on a much broader scale.
Many of the company’s basic survey services are available to the users at no cost. However, the company also offers paid services for those wishing to run larger surveys or enjoy premium services such as the the use of the company’s proprietary data analysis tools, sample selection features, unlimited phone support and advanced data presentation tools.
Similarly, businesses can rely on the company to analyse data, manage their brand, and engineer marketing campaigns based on their consumer’s needs.
Latest News and Interesting Facts
Until 2009, Survey Monkey was a relatively small business, despite its notable position in provision of online survey services. However, investments by Spectrum Equity Investors and Bain Capital Ventures resulted in the company growing considerably in size.
As a result the company has increased its workforce from just a dozen people in 2009 to the current figure of about 300.
Survey Monkey’s services are being used by many business heavyweights including Facebook, Samsung, and Virgin America. In fact, the company’s services are used by about 99% of Fortune 500 companies, making it a clear market leader in provision online research services.
Also interesting is the company’s freemium pricing model, despite its large size. This means that the company offers free basic survey services with an option to upgrade to better services at a cost.
Over 20 million online entities opt for Survey Monkey when carrying out their online research. Furthermore, the company handles surveys in a broad range of subjects including basic market research, campaigns, events and even projects. Every day, the company helps its clients collect over 2 million online survey responses.
— SurveyMonkey (@SurveyMonkey) December 23, 2014
The company has grown considerably over the past few years and is currently the largest online survey company in the world. As of the last year (2013), the company had revenues of $113 million and a valuation of $1.35 billion following an $800M debt and equity financing exercise.
Additionally, since its takeover by well-funded investors in 2009, the company has expanded considerably through partnerships and acquisitions. For instance, the company has acquired other survey products such as Precision Polling, Wufoo, and Zoomarang.
Survey Monkey is primarily a services company, with a focus on offering cloud-based software as a service (SaaS) to its clients. However, the company also offers survey-related software products such as SurveyMonkey Enterprise, which can be used by businesses to manage users and payments among other popular online survey tools.
The company also has a range of other products which its clients can use, especially for analyzing survey data after its collection. The company also offers mobile applications to keep its clients updated about their on-going surveys in real-time.
How Survey Monkey’s Services can Help Grow Your Small Business
Boost Research Efficiency
Market research in the digital age has definitely become easier due to the broadened access to potential customers through the Internet. Still, small businesses may lack the digital resources or the expertise to effectively collect survey data from potential clients.
This is where established survey companies such as Survey Monkey come in. The company has had over a decade’s experience in online research, which means that a small business will get a very effective guide on how to conduct a successful online survey, thanks to the company’s resources and online support.
Limited Research Budgets? No Worries
This company operates on an incredibly generous freemium business model. Consequently, even small businesses without resources for extensive market research can still benefit from great online survey services that the company offers. Without having to pay a penny, a small business can structure surveys consisting of a decent 10 questions and get up to 100 responses.
Obviously, the option to get better quality at a cost is still something that most small businesses can afford. The more popular “Gold” option costs only $299 per year and allows for unlimited questions and responses in addition to extra features such as SPSS compatibility for more advanced statistical analysis.
Simple Prep and Admin of Online Surveys
Survey Monkey is very user-friendly. The company makes the process even easier by offering unlimited access to a vast Question Bank, which contains a huge selection of question templates to help researches structure their survey questionnaires appropriately.
Additionally, small businesses can also create their own surveys from scratch through a selection of various question types. Even then, the company’s support is always at hand for any queries the survey creator might have.
Advanced Data Analysis Tools
In addition to its list of survey-related services, Survey Monkey also offers its users access to advanced analytic tools which can help a small business make better sense of the survey results collected.
The platform gives users access to live data about their surveys through the mobile apps available on various platforms. Additionally, they also offer a real-time summary of the survey results though charts and graphs among other easy to use filters.
This means that a business will not have to spend time trying to get meaningful results from the data through third-party statistical analysis, which is especially critical for a small business with limited time and financial resources.
Combine Surveys and Promotions
Once potential customers take time to answer the survey questions, their interest in the products or services a business has to offer peaks. Survey Monkey allows you to exploit this valuable marketing opportunity by offering your business a chance to create a survey URL that can redirect those participating in the survey to a promotional landing page.
This helps a small business grow its brand and familiarize its potential market with its products and services.