Harvard Case - SurveyMonkey in 2014
"SurveyMonkey in 2014" Harvard business case study is written by Robert Siegel, Robert Burgelman, Sara Rosenthal. It deals with the challenges in the field of Strategy. The case study is 22 page(s) long and it was first published on : Sep 16, 2014
At Fern Fort University, we recommend SurveyMonkey pursue a multi-pronged growth strategy focused on digital transformation, international expansion, and strategic acquisitions to solidify its position as a leading player in the evolving market research landscape. This strategy will leverage SurveyMonkey's core competencies in technology and analytics while embracing disruptive innovation to capture new market segments and drive sustainable growth.
2. Background
SurveyMonkey, founded in 1999, quickly became a dominant force in the online survey market, offering user-friendly tools for creating and analyzing surveys. By 2014, the company faced increasing competition from both established players and emerging startups, prompting a need for strategic re-evaluation. The case study highlights key challenges:
- Market Saturation: The online survey market was becoming increasingly crowded, with competitors offering similar features and pricing.
- Shifting Customer Needs: Businesses were demanding more sophisticated data analysis and insights beyond basic surveys.
- Technological Advancements: The rise of mobile devices and social media presented opportunities for new data collection methods.
- International Expansion: The global market for market research offered significant growth potential.
The main protagonists in this case are the company's leadership, including CEO Dave Goldberg, who must navigate these challenges and chart a course for future success.
3. Analysis of the Case Study
Porter's Five Forces:
- Threat of New Entrants: High, due to low barriers to entry in the online survey market.
- Bargaining Power of Buyers: Moderate, as customers have multiple options but value ease of use and affordability.
- Bargaining Power of Suppliers: Low, as SurveyMonkey relies on readily available technology and software.
- Threat of Substitutes: High, with alternative data collection methods like social media analytics and customer feedback platforms emerging.
- Competitive Rivalry: High, with numerous established players and disruptive startups vying for market share.
SWOT Analysis:
Strengths:
- Strong brand recognition and customer base
- User-friendly platform and intuitive interface
- Expertise in technology and analytics
- Strong financial performance
Weaknesses:
- Limited focus on advanced analytics and insights
- Dependence on a single product offering
- Limited international presence
Opportunities:
- Expanding into new market segments (e.g., enterprise, mobile)
- Developing new data collection and analysis tools
- Growing international presence
- Leveraging strategic acquisitions
Threats:
- Increasing competition from established players and startups
- Technological advancements disrupting the market
- Changing customer needs and expectations
Value Chain Analysis:
SurveyMonkey's value chain focuses on:
- Inbound Logistics: Sourcing and managing technology infrastructure.
- Operations: Developing and maintaining the survey platform.
- Outbound Logistics: Distributing the platform to customers.
- Marketing and Sales: Promoting the platform and acquiring new customers.
- Customer Service: Providing support and resolving issues.
Business Model Innovation:
To address the evolving market landscape, SurveyMonkey needs to embrace business model innovation. This involves:
- Expanding Product Portfolio: Offering more sophisticated analytics tools and data visualization capabilities.
- Developing New Revenue Streams: Exploring subscription models, premium features, and data-driven consulting services.
- Leveraging Mobile and Social Media: Integrating mobile-first surveys and social media analytics into the platform.
- Expanding International Presence: Targeting new markets through localization and partnerships.
4. Recommendations
1. Digital Transformation:
- Invest in advanced analytics and AI/machine learning: Develop tools to extract deeper insights from survey data, providing predictive analytics and actionable recommendations.
- Enhance data visualization capabilities: Offer intuitive dashboards and reports that present complex data in a clear and engaging manner.
- Integrate mobile and social media: Develop mobile-friendly surveys and integrate social media data into the platform, expanding data collection avenues.
- Embrace cloud-based infrastructure: Ensure scalability and flexibility to accommodate growing data volumes and user demands.
2. International Expansion:
- Target emerging markets: Identify high-growth regions with untapped potential for market research services.
- Localize products and services: Adapt the platform and marketing materials to cater to specific cultural and linguistic nuances.
- Form strategic partnerships: Collaborate with local businesses and distributors to expand reach and build brand awareness.
- Invest in international talent: Recruit and develop a diverse workforce with expertise in global markets.
3. Strategic Acquisitions:
- Acquire complementary businesses: Identify companies with specialized capabilities in areas like mobile surveys, social media analytics, or data visualization.
- Focus on market expansion: Target acquisitions that expand SurveyMonkey's reach into new geographic markets or customer segments.
- Leverage technological expertise: Acquire companies with cutting-edge technology and talent to enhance the platform's capabilities.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of SurveyMonkey's competitive landscape, internal strengths and weaknesses, and evolving market trends. They align with the company's core competencies in technology and analytics while embracing disruptive innovation to capture new market segments.
Core Competencies and Mission: The recommendations are consistent with SurveyMonkey's mission to provide user-friendly tools for collecting and analyzing data. By investing in advanced analytics and expanding its product portfolio, the company can further leverage its technological expertise and offer greater value to its customers.
External Customers and Internal Clients: The recommendations address the evolving needs of both external customers (businesses seeking market research insights) and internal clients (employees seeking data-driven decision-making). By offering more sophisticated tools and expanding its international presence, SurveyMonkey can cater to a wider range of customers and empower its employees with valuable data insights.
Competitors: The recommendations aim to differentiate SurveyMonkey from competitors by offering a more comprehensive and innovative platform. By embracing digital transformation and strategic acquisitions, the company can stay ahead of the curve and maintain its competitive advantage.
Attractiveness: The recommendations are expected to drive significant growth and profitability for SurveyMonkey. The investments in technology and international expansion will create new revenue streams and expand the company's market share. Strategic acquisitions will further enhance the platform's capabilities and accelerate growth.
Assumptions:
- The market for online surveys will continue to grow.
- Businesses will increasingly demand more sophisticated data analysis and insights.
- Technological advancements will continue to shape the market research landscape.
6. Conclusion
SurveyMonkey stands at a crossroads, facing both challenges and opportunities in the evolving market research landscape. By embracing digital transformation, expanding internationally, and strategically acquiring complementary businesses, the company can solidify its position as a leading player and drive sustainable growth. This strategy will leverage SurveyMonkey's core competencies, embrace disruptive innovation, and cater to the evolving needs of its customers.
7. Discussion
Alternatives:
- Organic Growth: Focusing solely on organic growth through product development and marketing efforts. This approach may be slower and less impactful in a rapidly evolving market.
- Merging with a Competitor: Merging with a competitor to create a larger entity with greater market share. This approach may face regulatory hurdles and could dilute SurveyMonkey's brand identity.
Risks:
- Technological Disruption: New technologies could emerge and disrupt the market research landscape, rendering current solutions obsolete.
- Competition: Existing and emerging competitors could aggressively challenge SurveyMonkey's market share.
- Integration Challenges: Acquiring and integrating new businesses could pose significant challenges, impacting operational efficiency and customer experience.
Key Assumptions:
- The market for online surveys will continue to grow.
- Businesses will increasingly demand more sophisticated data analysis and insights.
- Technological advancements will continue to shape the market research landscape.
8. Next Steps
- Develop a detailed strategic plan: Outline specific goals, timelines, and resource allocation for each recommendation.
- Invest in technology and talent: Allocate resources to develop advanced analytics capabilities and recruit skilled personnel.
- Identify and evaluate acquisition targets: Conduct due diligence on potential acquisition targets and assess their strategic fit.
- Implement international expansion strategy: Develop localization plans, establish partnerships, and recruit international talent.
- Monitor progress and adjust strategy: Regularly track key performance indicators and adapt the strategy as needed based on market dynamics and competitive landscape.
By taking these steps, SurveyMonkey can navigate the challenges and capitalize on the opportunities in the evolving market research landscape, ensuring its continued success in the years to come.
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Case Description
The SurveyMonkey case portrays the evolution of the company from its founding in 1999 through to 2014. SurveyMonkey was launched by Ryan Finley, a young computer science graduate from the University of Wisconsin-Madison, to address the dearth of easy-to-use, affordable online survey tools on the market. In 2009, Finley sold the company to Spectrum Equity and Bain Capital Ventures, having recognized the need for a partner to help the company achieve its full potential. David Goldberg, an entrepreneur and former Yahoo! executive, took the helm as CEO and immediately put in place his plan to set the company on track to scale at a consistent and rapid pace of growth. Goldberg's primary initiatives in the early days were to hire a strong management team, rebuild the entire technology platform, and expand internationally. As it made substantial progress on these fronts, SurveyMonkey completed several acquisitions and began to expand its feature set and product offerings to include SurveyMonkey Audience (panels of survey respondents) and survey templates, among others. The company completed an $800 million secondary financing raise in 2012 to provide liquidity to employees and investors in lieu of an IPO and charged forward in its efforts to transform its survey tool to a full-blown platform. Though SurveyMonkey had established itself as the dominant player in the direct-to-consumer market by 2013, it began building out an enterprise offering to compete against the other large players in the growing enterprise feedback management space. Having achieved tremendous growth in its 15-year history, the majority of which took place since the 2009 acquisition, as Goldberg and his team looked ahead to 2014, they faced the critical question of how to prioritize SurveyMonkey's avenues for growth-international expansion, quality initiatives, enterprise, platform growth-so as to best position the company to achieve its full potential.
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