Get All Access for $5/mo

SurveyMonkey Expands Business Into Paid Analytic Services The idea is to help companies better understand their customers.

By Reuters

This story originally appeared on Reuters

Online polling company SurveyMonkey, one of the United States' most richly valued venture-backed firms, launched a new tool on Thursday to help companies better understand their customers.

The tool, known as Benchmark, aims to bolster the fee-based, rather than the free part of SurveyMonkey's business model, helping it justify the $2 billion valuation it commanded when it raised $250 million in funding in December.

"The way to think about this is SurveyMonkey democratized the way people collect data," Chief Executive Dave Goldberg said in an interview on Monday. "The next step is democratizing comparative data."

Organizations are increasingly relying on ever more intricate slicing and dicing of data, much of it generated by social media and the growing digitization of communication. Call it "Big Data," although some data scientists say that term covers only the largest data sets.

Goldberg aims to allow organizations to compare metrics such as website feedback and employee engagement with other similar organizations. Fees vary depending on the granularity of the requested data.

Some very basic information comes free, but most pricing starts at $799, SurveyMonkey said, adding it believed that pricetag sharply undercut current market prices.

Competitors vary according to the sector, but include Foresee for website satisfaction and Press Ganey for patient satisfaction.

Palo Alto, Calif.-based SurveyMonkey's existing core business allows organizations to quickly set up online surveys. Most are free, but the company does charge fees for advanced features, such as downloading results.

Benchmark has been in a trial phase for several months, with customers including Hallmark Cards, Jive Software, and Next Day Blinds.

(Reporting by Sarah McBride; Editing by Clarence Fernandez)

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.

Leadership

This Artist Answered a Businessman's 'Powerful' Question — Then His Work Became 'the Poster Child for Juneteenth': 'Your Network Really Becomes Your Net Worth'

Reginald Adams was the executive director of a Houston-based art museum for more than a decade before he decided to launch his own public art and design firm.

Leadership

Harvard Business School Professor Says 65% of Startups Fail for One Reason. Here's How to Avoid It.

Team alignment isn't nice to have -- it's critical for running a successful business.

Business News

Here's What Companies Are Open and Closed on Juneteenth 2024

Since it became a holiday in 2021, Juneteenth has been recognized by some major corporations as a paid day off.

Growing a Business

I Hit $100 Million in Annual Revenue by Being More Transparent — Here Are the 3 Strategies That Helped Me Succeed

Three road-tested ways to be more transparent and build relationships that can transform your business — without leaving you feeling nightmarishly over-exposed.