Harvard Case - SurveyMonkey in 2018: Under New Management
"SurveyMonkey in 2018: Under New Management" Harvard business case study is written by Robert E. Siegel, Amadeus Orleans. It deals with the challenges in the field of General Management. The case study is 15 page(s) long and it was first published on : Apr 16, 2019
At Fern Fort University, we recommend that SurveyMonkey, under its new leadership, embark on a comprehensive strategic transformation to address its declining growth and market share. This transformation should focus on leveraging its existing strengths in technology and analytics while embracing innovation, expanding into new markets, and fostering a culture of customer-centricity. This will involve a multi-pronged approach encompassing strategic planning, organizational restructuring, leadership development, and a robust marketing strategy.
2. Background
SurveyMonkey, a leading online survey platform, faced a significant challenge in 2018. Despite its initial success in revolutionizing market research, the company experienced declining growth and market share, facing increasing competition from agile startups and established players. This situation prompted the appointment of a new CEO, Zander Lurie, tasked with revitalizing the company and restoring its competitive edge.
The case study focuses on the challenges faced by Lurie and his team as they navigate the complex landscape of a rapidly evolving industry. Key protagonists include Zander Lurie, the new CEO, and the existing management team, who are tasked with implementing the necessary changes to ensure SurveyMonkey's future success.
3. Analysis of the Case Study
To understand the challenges and opportunities facing SurveyMonkey, we can utilize the SWOT analysis framework:
Strengths:
- Strong brand recognition and market presence: SurveyMonkey enjoys a strong brand reputation and a large user base, providing a solid foundation for growth.
- Robust technology and analytics platform: The company possesses a sophisticated platform capable of handling large datasets and generating insightful analytics.
- Experienced team and established infrastructure: SurveyMonkey benefits from a skilled workforce and a well-established infrastructure, facilitating efficient operations.
Weaknesses:
- Declining growth and market share: SurveyMonkey's growth rate has stagnated, indicating a need for strategic adjustments to regain market momentum.
- Limited product innovation and differentiation: The company has struggled to introduce new products and features that differentiate it from competitors.
- Bureaucratic organizational structure: A rigid organizational structure can hinder agility and innovation, impacting the company's ability to respond to market changes.
Opportunities:
- Expanding into new markets: SurveyMonkey can leverage its existing platform and expertise to penetrate new markets, such as emerging economies and niche industries.
- Developing innovative products and services: The company can invest in research and development to create new products and services that address evolving customer needs.
- Embracing digital transformation: SurveyMonkey can leverage the power of AI and machine learning to enhance its platform and provide personalized experiences for users.
Threats:
- Intense competition from startups and established players: The market is increasingly crowded with competitors offering innovative solutions and aggressive pricing strategies.
- Changing customer preferences and technological advancements: Rapid technological advancements and evolving customer expectations require continuous adaptation and innovation.
- Economic uncertainty and global market volatility: Global economic conditions and political instability can impact consumer spending and market demand, posing challenges for growth.
4. Recommendations
To address the challenges and capitalize on the opportunities, SurveyMonkey should implement the following recommendations:
Strategic Planning:
- Develop a comprehensive growth strategy: Define clear goals, target markets, and key performance indicators (KPIs) to guide the company's future direction.
- Conduct a thorough market analysis: Identify emerging trends, competitor strategies, and customer needs to inform product development and market positioning.
- Redefine the company's value proposition: Emphasize the unique benefits and value offered by SurveyMonkey compared to competitors, focusing on data-driven insights and customer-centric solutions.
Organizational Change:
- Embrace a culture of innovation: Encourage experimentation, risk-taking, and continuous improvement to foster a dynamic and responsive environment.
- Re-evaluate and restructure the organization: Streamline processes, empower employees, and create cross-functional teams to enhance agility and collaboration.
- Implement a performance evaluation system: Establish clear performance metrics and provide regular feedback to ensure accountability and drive towards achieving strategic goals.
Leadership Development:
- Develop a strong leadership team: Invest in training and development programs to equip leaders with the skills and knowledge necessary to guide the company's transformation.
- Foster a culture of collaboration and communication: Encourage open communication, transparency, and a shared sense of purpose among employees.
- Promote diversity and inclusion: Create an inclusive work environment that values different perspectives and experiences, fostering creativity and innovation.
Marketing Strategy:
- Develop a targeted marketing campaign: Identify and reach specific customer segments through tailored messaging and channels, leveraging digital marketing and social media.
- Focus on customer acquisition and retention: Implement strategies to attract new customers while building loyalty among existing users.
- Leverage data analytics for marketing optimization: Utilize data insights to personalize marketing messages, optimize campaigns, and track performance.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of the case study, considering the following factors:
- Core competencies and consistency with mission: The recommendations align with SurveyMonkey's core competencies in technology and analytics, while remaining consistent with its mission to empower businesses with data-driven insights.
- External customers and internal clients: The recommendations prioritize customer needs and satisfaction, while fostering a positive and productive work environment for employees.
- Competitors: The recommendations address the competitive landscape by emphasizing innovation, differentiation, and market expansion.
- Attractiveness ' quantitative measures if applicable: The recommendations are expected to drive revenue growth, improve profitability, and enhance market share, leading to increased shareholder value.
Assumptions:
- The recommendations assume that SurveyMonkey has the resources and commitment to invest in the necessary changes.
- The recommendations assume that the company can effectively adapt to the evolving technological landscape and customer preferences.
- The recommendations assume that the leadership team can effectively implement the proposed changes and foster a culture of innovation and collaboration.
6. Conclusion
SurveyMonkey's success hinges on its ability to adapt and innovate in a rapidly changing market. By embracing a comprehensive strategic transformation, focusing on customer-centricity, leveraging its technological strengths, and fostering a culture of innovation, the company can regain its competitive edge and achieve sustainable growth.
7. Discussion
Alternatives:
- Mergers and acquisitions: SurveyMonkey could consider acquiring smaller companies with complementary technologies or expertise. However, this approach carries significant risks and requires careful due diligence.
- Outsourcing and offshoring: The company could outsource certain functions to reduce costs and increase efficiency. However, this could impact brand reputation and customer experience.
Risks:
- Execution risk: Implementing the recommended changes requires effective leadership, communication, and collaboration. Failure to execute effectively could lead to delays, cost overruns, and employee resistance.
- Market risk: The market for online survey platforms is dynamic and competitive. SurveyMonkey may face challenges from new entrants or changes in customer preferences.
- Technological risk: Rapid advancements in technology could render SurveyMonkey's platform obsolete or require significant investments in upgrades.
Key Assumptions:
- The recommendations assume that SurveyMonkey can effectively adapt to the evolving technological landscape and customer preferences.
- The recommendations assume that the leadership team can effectively implement the proposed changes and foster a culture of innovation and collaboration.
8. Next Steps
To implement the recommendations, SurveyMonkey should follow a phased approach:
Phase 1 (0-6 months):
- Strategic planning and analysis: Conduct a thorough market analysis, define strategic goals, and develop a comprehensive growth strategy.
- Leadership development: Identify and develop key leadership roles within the company, focusing on innovation, customer-centricity, and change management.
- Organizational restructuring: Re-evaluate and restructure the organization to enhance agility, collaboration, and efficiency.
Phase 2 (6-12 months):
- Product development and innovation: Invest in research and development to create new products and features that address evolving customer needs.
- Marketing and sales strategy: Develop a targeted marketing campaign to reach specific customer segments and drive customer acquisition and retention.
- Implementation of change management initiatives: Implement change management programs to support the transition to a more innovative and customer-centric culture.
Phase 3 (12-18 months):
- Continuous monitoring and evaluation: Track progress towards strategic goals, identify areas for improvement, and make adjustments as needed.
- Expansion into new markets: Explore opportunities to expand into new markets, leveraging the company's existing platform and expertise.
- Embrace digital transformation: Leverage the power of AI and machine learning to enhance the platform and provide personalized experiences for users.
By following this phased approach, SurveyMonkey can effectively implement the recommended changes, navigate the challenges of a dynamic market, and achieve sustainable growth in the years to come.
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Case Description
The unexpected passing of Dave Goldberg in May 2015 triggered the most difficult period in the history of SurveyMonkey, a global online survey software company headquartered in the San Francisco Bay Area. In a state of emotional shock, the team was forced to find answers to complex strategic questions, navigate a convoluted process of CEO succession and, ultimately, reinvent the company. Over three years later, the company was starting a new chapter with an IPO, and faced a mix of old and new challenges, including reinventing its product portfolio and brand; expanding internationally; attracting a larger share of large clients-the "Enterprise" customers; navigating an ever-changing competitive landscape; and incorporating new technological innovations such as artificial intelligence (AI) and machine learning. The company had come a long way-that was unquestionable-but there were still obstacles ahead.
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