Here’s a micro SaaS idea from the King Kong of surveys, SurveyMonkey

Updated: Sep 17

When you simply search the word "sign up" on Google, SurveyMonkey shows up on the third rank. Here's what THIS MASSIVE SaaS giant lacks. Here is the dissection of SurveyMonkey.


Company Details

Company name: SurveyMonkey

Category - Online Survey Tool

Founded - 1999

Total funding raised: $1.4B

Annual Recurring Revenue: $342.8M

Paid customers: 720K+ paying customers including Box, Cisco, and Intuit.

Starting Price: $28/user/month with very limited access

Team Size: 857 people



Summary

SurveyMonkey is an online survey platform that helps you to create online surveys and data collection. It is one of the earliest movers in the business with a simple UI which becomes important to collect feedback, opinions, criticism and suggestions from the general public and customers.


Online Survey Market size is expected to reach $7 billion in 2022 (source) and SurveyMonkey owns around 5% of the market. (source)


The market is really big and growing at a massive speed. It needs someone like you to penetrate it and create something that solves the problems that they are having with SurveyMonkey.



Negatives - What’s wrong with SurveyMonkey


Few jabs on G2 crowd by first-hand users:

  • The free version somehow feels limited to make a purchase decision. Wish they had a way of testing one of their paid plans.

  • Sometimes the surveys and results are confusing or hard to understand.

  • Honestly, I don't really like it at all. You can basically only use it (easily and effectively) for SIMPLE surveys and feedback. Anything beyond that and I would recommend finding a different software.

  • I was hoping for more analytical information. The data I collected could not be verified and therefore I could not use it in the end. It appears to have lots of bots and poor quality responses. Most publications and universities won’t accept it and it caused me to have to start over.

  • Too expensive for what we needed to use it for so we stopped using it.

  • I did not like their pricing. The free plan is very limited. $32/month is a lot especially if you only need to use surveys once in a while.

  • It is now very expensive, and there are now alternatives that represent far better value for money. The post-survey analysis tools have always been a little weak. Okay, if you only need basic analysis, but not much good if you are wanting to delve into correlation, statistical significance, etc.

  • I don’t like that to export the data you have to pay for a membership. This feature used to be free.

Here’s the screenshots to what a really upfront customer says

Source


And while searching the vast depth of the internet, we also found out an interesting read: “Is SurveyMonkey a Scam? [Unbiased Review]



Marketing Insights


Survey monkey currently holds 93 DR (Domain Rating). The reason behind such strong DR is that every time a website puts a survey by SurveyMonkey on their website, it gets a backlink. More than 20 government and educational websites including California Govt. Job portal and Michigan Govt. articles.


Now let’s have a look at the data.


Before we jump into the data, you must know there are a few widely popular surveys that attract a lot of traffic but might be useless for your micro SaaS idea. We have highlighted the surveys with gray color so that you can differentiate between organic pages and surveys.


Top 30 ranking keywords


Quick tip - You can target the keywords which have a balance of low keyword difficulty and a good amount of search volume. That would give you an initial SEO boost.


Top ranking pages


Top-performing blogs by SurveyMonkey


SaaS Enthusiast Insight - Some of their top ranking pages and most of their blogs are not optimized to be ranked on a search engine. Since SurveyMonkey got initial momentum and a list of subscribers, they started publishing educational content. They have kept a narrative of teaching people how to take a survey, what could you do once you have fetched the data, and how to use the data.


This educational content helps them stay connected with their audience who is curious. Hence, the name of their blog - Curiosity by Survey Monkey.



Targeted user/User persona

  • You would not need a specific user persona but your target audience is the people who are doing any kind of research. That might include but is not limited to research students, academic professionals, and statisticians. In short, you would target anyone who wants to create a form for data collection.

  • You can target UX researchers and product managers because the survey is part of their job. Focus on early-stage startups or startups that are yet to launch. There are about 50 million new firm births per year.

  • Target research and development functions on giant companies like Google, Microsoft, or Apple.



Potential MVP

  • Drag and Drop UI that makes creating surveys simple.

  • The focus on the development of survey analytics instead of adding new features. If you provide an in-depth analysis of the surveys, that’d be an automatic win.

  • Allow conditional questions while creating surveys. This can be your USP (Unique Selling Proposition)

  • Let users create a short link for their surveys and allow them to track it. This way they would be able to identify how many users are clicking on the link but not filling the surveys.

  • Send them an email every morning with the stats of the last 24 hours



A short GTM strategy:


  • Don’t charge users for the response they get on their surveys, instead, charge a fixed monthly subscription fee or charges perform.

  • Let users pause their subscription if you are going with the monthly fixed cost because there are lots of companies that don’t require a survey tool on a monthly basis.

  • If you can find a way to get the data of SurveyMonkey users that will be a great growth hack to acquire new customers. :)



Final words


The world needs survey software that solves what SurveyMonkey can’t. We hope you had some insightful and some mind-blowing takeaways from the article. If you plan to design this product, let us know. We’d love to join your beta subscription 😉.


If you have any feedback or just wanted to say hi, you can reach out to us on Twitter. We are pretty active there.

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