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HomeSuccess StorySurveyMonkey Success Story: The World's Most Popular Free Online Survey Tool

SurveyMonkey Success Story: The World’s Most Popular Free Online Survey Tool

SurveyMonkey Success Story

SurveyMonkey Success story Online survey tools are software solutions that provide the ability to create, run and interpret various types of surveys either on the users own websites, on emails or on hosted web pages. SVMK Inc., doing business as SurveyMonkey, is an online survey development cloud-based software as a service company.

This article will give you a gist of SurveyMonkey’s journey so far in the market. Know more about the company profile of SurveyMonkey, growth, challenges faced by the company and many other interesting things about SurveyMonkey’s journey by reading this article.

SurveyMonkey – Company Highlights

  • Startup Name-SVMK Inc.
  • Headquarters-One Curiosity Way, San Mateo, CA, United States
  • Industry-SAAS, Online survey services
  • Founded-1999
  • Founders-Ryan Finley, Chris Finley
  • Total Funding-$1.1B  (As of 2019)
  • Area Served-Worldwide
  • Website-www.surveymonkey.com

SurveyMonkey – About and How it Works?

SurveyMonkey (also known as SVMK) is a United States based company that provides survey software products and purpose-built solutions that help organizations engage with their customers, employees, and the markets they serve. Its data platform enables individuals and organizations to collect and analyze feedback, as well as create their own online surveys.

The company serves a range of industries, including financial services, internet, technology, healthcare, media and entertainment, consumer goods and retail, transportation and logistics, government agencies, manufacturing, energy, education, professional services, and non-profit organizations.

SurveyMonkey – Recent News

As of December 2020, SurveyMonkey, a leader in agile software solutions for customer experience, market research, and survey feedback, released its inaugural Social Impact Report outlining the company’s commitment and areas for improvement as it aims to be transparent about creating a more sustainable, fair, and society.

Made efforts to reduce energy use and greenhouse gas emissions through installing energy-efficient fixtures in its spaces throughout the world.

Continued to invest in data privacy and security, implementing a comprehensive security framework that prioritizes the needs of its customers.

SurveyMonkey – Logo and its Meaning

“Our logomark, Goldie, is affectionately named after our beloved, late CEO, Dave Goldberg.”

As a heartfelt tribute to Goldberg, the company retroactively named its simian logo/mascot “Goldie” after his nickname. SurveyMonkey is ONE word, always spelled with a capital “S” and “M”.

SurveyMonkey – Founder, History and Team

The company was owned by Ryan and Chris Finley until Spectrum Equity and Bain Capital acquired a majority interest in the company in 2009. Dave Goldberg joined SurveyMonkey in 2009.

Ryan launched the company in 1999 as a part-time project out of his apartment and established SurveyMonkey as the Internet’s most popular survey tool, used by individuals and organizations throughout the world.

SurveyMonkey – Mission

SurveyMonkey’s mission statement says, “Our mission is to power the curious. We help organizations around the world turn feedback into action, fueling their ability to grow and innovate. We know that asking the right questions is the first step toward building a better world, and we believe in equality and in elevating all voices—especially the ones that might not otherwise be heard.”

The company believes that by harnessing the power of feedback they can change what’s possible—and transform their teams, organizations, communities, and the world into better, brighter futures.

SurveyMonkey – Business Model

SurveyMonkey operates on a freemium business model, according to the company’s website. This means that users can choose to opt for a free set of survey services or for a more powerful platform that requires a paid membership. As the company suggests, “we allow users to use our most basic tools for free, while designating our more advanced features and resources to our paid plans.”

The paid side of the freemium model offers users with many more options, including various types of survey logic, unlimited access to filters and crosstabs and more.

SurveyMonkey – Revenue and Growth

As of Q3 2020 key results : –

Total revenue was $95.4 million, an increase of 20% year-over-year.

GAAP net loss was $26.1 million and GAAP basic and diluted net loss per share was $0.19. Non-GAAP net loss was $1.3 million and non-GAAP basic and diluted net loss per share was approximately $0.01.

Cash and cash equivalents totaled $206.3 million and total debt was $214.1 million for net debt of $7.8 million as of September 30, 2020.

SurveyMonkey – Funding And Investors

SurveyMonkey has raised a total of $1.1B in funding over 5 rounds. Their latest funding was raised on Dec 15, 2014 from a Private Equity round. SurveyMonkey is funded by 22 investors. Morgan Stanley and Chris Finley are the most recent investors

SurveyMonkey – Acquisitions

GetFeedback Aug 5, 2019 $68M GetFeedback helps companies understand and improve customer experience by making it easy to create beautiful, branded surveys Usabilla Mar 5, 2019 $80M Enterprise SaaS helping clients capture visual feedback and deploy targeted surveys to increase conversion on the web, in apps and emails TechValidate Software Jul 2015-TechValidate is a web-based marketing content automation software platform enabling B2B organizations to auto-generate marketing content.

Precision Polling Jun 21, 2010-Precision Polling offers automated phone surveys and polls to assist research on political campaigns, non-profits, and conferences.

SurveyMonkey – Competitors

Top competitors of SurveyMonkey are Google Forms, Qualtrics Core XM, Google Surveys, Doodle, Alchemer, Zoho Survey, Typeform, and SurveySparrow.

SurveyMonkey – Drawbacks

More than 25 million people use SurveyMonkey, and the company recently went public, further enhancing the stability and predictability of the tool—especially for users who use SurveyMonkey as an integrated part of a larger workflow.

That’sprohibitively expensive for a startup with plans to run only a handful of surveys. With some panel providers, it’s the cost of more than 200 consumer survey responses!

SurveyMonkey – FAQs

What does SurveyMonkey do?

SurveyMonkey is a United States-based company that provides survey software products and purpose-built solutions that help organizations engage with their customers, employees, and the markets they serve.

Who founded SurveyMonkey?

Ryan Finley and Chris Finley founded SurveyMonkey.

What companies SurveyMonkey competes with?

Top competitors of SurveyMonkey are Google Forms, Qualtrics Core XM, Google Surveys, Doodle, Alchemer, Zoho Survey, Typeform, and SurveySparrow.

How does SurveyMonkey make money?

SurveyMonkey operates on a freemium business model, according to the company’s website. This means that users can choose to opt for a free set of survey services or for a more powerful platform that requires a paid membership.