It’s not every single day that an organization is ready to use its personal instruments to measure and mildew its personal identification. However for SurveyMonkey, it’s betting on itself as a check for a rebrand whereas constructing out a rising B2B enterprise. And meaning—you guessed it—a number of surveys.
At this time, the corporate is asserting plans to relaunch beneath the brand new title Momentive, which can change into each the father or mother firm and the model title for its rising enterprise enterprise. The corporate additionally plans to introduce MNTV as the brand new ticker image on June 15 whereas SurveyMonkey will live on for the consumer-facing self-serve enterprise as a subsidiary of Momentive.
“Surveymonkey type of created a class a few many years in the past, and as we’ve continued this transfer up-market,” says SurveyMonkey CMO Leela Srinivasan. “…What we discovered is that this title SurveyMonkey has been easy on-line and we’ve continued to lean into the market alternative there, however we’ve been so profitable with occupying that title that we really feel it’s time for this recent chapter that basically speaks to the breadth of options we provide throughout a number of classes.”
As part of the rebrand, SurveyMonkey can be introducing a brand new emblem for Momentive. It’s vastly totally different than the inexperienced monkey head. As a substitute, it’s a blue triangle intersecting with a yellow quarter-circle that overlap to create a shade of inexperienced. In the meantime, a brand new anthem industrial asks: “The questions you face as we speak will be arduous to ask, however the solutions maintain insights that may form the longer term.”
“We’re coming to market as a result of we’re serving to resolution makers form what’s subsequent,” Srinivasan mentioned. “That is in some methods a very meta story: We’re within the technique of shaping what’s subsequent for our personal firm so we’re grateful to have the instruments and expertise in-house to assist navigate the change on such huge scale and to have the ability to ask ourselves and key constituents robust questions.”
Over the course of its existence, SurveyMonkey has helped collect troves of buyer insights together with 55 billion solutions from 7.2 billion respondents. That huge quantity of knowledge had led the corporate to take a position extra closely in machine studying for information evaluation.
To assist inform the brand new title and course, SurveyMonkey used its personal instruments to survey greater than 21,000 individuals in seven nations. The analysis consisted of 5 quantitative initiatives in addition to 4 qualitative initiatives. For instance, surveys of almost 10,000 individuals within the common inhabitants within the U.S., Canada, Australia, United Kingdom and a number of other European Union nations discovered that the corporate’s persona is “easy,” “useful” and “enjoyable.” (The corporate factors out that “enjoyable” isn’t actually helpful description for the enterprise class.)
A separate enterprise survey of three,000 individuals within the U.S. and UK discovered that 66% of individuals had tried SurveyMonkey in some unspecified time in the future. And a reputation sentiment survey of 6,014 individuals revealed that the model’s reputation was on-par with Google and Salesforce however not aligned with enterprise software program. Due to that, SurveyMonkey determined to maintain its title for the self-serve enterprise even because it created a brand new identification for the B2B facet.
For the title itself, Srinivasan mentioned SurveyMonkey got here up with hundreds of prospects earlier than asking 2,000 non-enterprise prospects within the U.S. and UK for his or her ideas on a shortlist of 10. One other survey of the manager group’s imaginative and prescient for the subsequent 3-5 years revealed that the corporate’s narrative ought to focus extra on its AI and machine studying.
“What I like in regards to the title is that this connection to hurry and agility which hare such differentiators to us,” Srinivasan mentioned. “The title is a nod to momentum, motion and to movement, and likewise speeds to the dynamism that our prospects must convey to the desk as a way to make selections with confidence, and likewise to make selections they know are the appropriate selections.”
SurveyMonkey is only one of a number of corporations which have pivoted to change into more and more B2B previously a number of years. To coincide with its current IPO, Vimeo launched a brand new marketing campaign because it focuses extra on enterprise video choices. Additionally final month, the password administration firm 1Password introduced it employed a brand new chief advertising officer to construct on the momentum it’s had on the enterprise facet since 2016.
SurveyMonkey’s enterprise division has certainly grown the previous few years. From the tip of 2019 to the primary quarter of 2021, the enterprise enterprise has grown from 6,600 prospects to eight,800. In the meantime, enterprise income has grown from $65.4 million in fiscal-year 2019 to $107.9 million, up 65% year-over-year. Previous and current B2B prospects embrace IBM, KLM and LG Electronics which use SurveyMonkey’s instruments for understanding market insights, model insights, worker expertise, buyer expertise and product expertise. In keeping with Srinivasan, the enterprise enterprise accounts for 30% of total income in comparison with lower than 10% when she joined as CMO in 2018.
Regardless of the current progress, SurveyMonkey CEO Zander Lurie mentioned on the corporate’s fourth-quarter 2020 earnings name that enterprise outcomes “didn’t attain the heights we set our sights on, particularly successful enterprise on the larger finish of the market.”
“As we ship extra worth to our prospects, we consider our deal sizes will enhance,” Lurie mentioned on the corporate’s This fall name. “Distant work is not going to be an excuse. The surroundings we compete in is the surroundings we are going to win in. We have assessed our strengths and alternatives for enchancment, and we have taken the next actions we predict will additional enhance gross sales effectivity and productiveness.”
In first-quarter 2021, the corporate mentioned enterprise gross sales “reaccelerated again into hypergrowth throughout all main product classes ” in Q1 2021, which prompted it to lift full-year income steerage. (SurveyMonkey shares have fallen 20.8% year-to-date however steadily risen 13% over the previous month.) And it’s getting various notable shoppers. New prospects added within the fourth quarter of 2020 included Headspace, Carrefour, Avon and Evernote. Within the first quarter of 2021, it added one other greater than 600 new corporations to its buyer base together with Cedars Sinai, Glassdoor, The Economist, Tonal and Kawasaki Motors.
Maybe there will probably be extra surveys sooner or later to reply the query: Will the Momentive model have the identical recognition as SurveyMonkey, or will it find yourself mixing in alongside the tons of of different futuristic-sounding advertising expertise corporations already in the marketplace?