SurveyMonkey Rebrands As Momentive To Fuel Its Growing Enterprise Business – Forbes

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SurveyMonkey Rebrands As Momentive To Fuel Its Growing Enterprise Business – Forbes

SurveyMonkey's previous logo seen displayed on a smartphone. SOPA Images/LightRocket via Getty Images It’s not every da

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SurveyMonkey's previous logo seen displayed on a smartphone.

SurveyMonkey’s previous logo seen displayed on a smartphone.

SOPA Images/LightRocket via Getty Images

It’s not every day that a company is able to use its own tools to measure and mold its own identity. But for SurveyMonkey, it’s betting on itself as a test for a rebrand while building out a growing B2B business. And that means—you guessed it—lots of surveys.

Today, the company is announcing plans to relaunch under the new name Momentive, which will become both the parent company and the brand name for its growing enterprise business. The company also plans to introduce MNTV as the new ticker symbol on June 15 while SurveyMonkey will continue to exist for the consumer-facing self-serve business as a subsidiary of Momentive.

“Surveymonkey sort of created a category a couple of decades ago, and as we’ve continued this move up-market,” says SurveyMonkey CMO Leela Srinivasan. “…What we found is this name SurveyMonkey has been effortless online and we’ve continued to lean into the market opportunity there, but we’ve been so successful with occupying that name that we feel it’s time for this fresh chapter that really speaks to the breadth of solutions we offer across multiple categories.”

As a part of the rebrand, SurveyMonkey is also introducing a new logo for Momentive. It’s vastly different than the green monkey head. Instead, it’s a blue triangle intersecting with a yellow quarter-circle that overlap to create a shade of green. Meanwhile, a new anthem commercial asks: “The questions you face today can be hard to ask, but the answers hold insights that can shape the future.”

“We’re coming to market because we’re helping decision makers shape what’s next,” Srinivasan said. “This is in some ways a really meta story: We’re in the process of shaping what’s next for our own company so we’re grateful to have the tools and technology in-house to help navigate the change on such massive scale and to be able to ask ourselves and key constituents tough questions.”

Over the course of its existence, SurveyMonkey has helped gather troves of customer insights including 55 billion answers from 7.2 billion respondents. That vast amount of data had led the company to invest more heavily in machine learning for data analysis.

To help inform the new name and direction, SurveyMonkey used its own tools to survey more than 21,000 people in seven countries. The research consisted of five quantitative projects as well as four qualitative projects. For example, surveys of nearly 10,000 people in the general population in the U.S., Canada, Australia, United Kingdom and several European Union countries found that the company’s personality is “simple,” “helpful” and “fun.” (The company points out that “fun” isn’t really useful description for the enterprise category.)

A separate enterprise survey of 3,000 people in the U.S. and UK found that 66% of people had tried SurveyMonkey at some point. And a name sentiment survey of 6,014 people revealed that the brand’s popularity was on-par with Google and Salesforce but not aligned with enterprise software. Because of that, SurveyMonkey decided to keep its name for the self-serve business even as it created a new identity for the B2B side.

For the name itself, Srinivasan said SurveyMonkey came up with thousands of possibilities before asking 2,000 non-enterprise customers in the U.S. and UK for their thoughts on a shortlist of 10. Another survey of the executive team’s vision for the next 3-5 years revealed that the company’s narrative should focus more on its AI and machine learning.

“What I love about the name is this connection to speed and agility which are such differentiators to us,” Srinivasan said. “The name is a nod to momentum, movement and to motion, and also speeds to the dynamism that our customers need to bring to the table in order to make decisions with confidence, and also to make decisions they know are the right decisions.”

SurveyMonkey is just one of several companies that have pivoted to become increasingly B2B in the past several years. To coincide with its recent IPO, Vimeo released a new campaign as it focuses more on enterprise video offerings. Also last month, the password management company 1Password announced it hired a new chief marketing officer to build on the momentum it’s had on the enterprise side since 2016.

SurveyMonkey’s enterprise division has indeed grown the past few years. From the end of 2019 to the first quarter of 2021, the enterprise business has grown from 6,600 customers to 8,800. Meanwhile, enterprise revenue has grown from $65.4 million in fiscal-year 2019 to $107.9 million, up 65% year-over-year. Past and present B2B customers include IBM, KLM and LG Electronics which use SurveyMonkey’s tools for understanding market insights, brand insights, employee experience, customer experience and product experience. According to Srinivasan, the enterprise business accounts for 30% of overall revenue compared to less than 10% when she joined as CMO in 2018.

Despite the recent growth, SurveyMonkey CEO Zander Lurie said on the company’s fourth-quarter 2020 earnings call that enterprise results “didn’t reach the heights we set our sights on, specifically winning business at the higher end of the market.”

“As we deliver more value to our customers, we believe our deal sizes will increase,” Lurie said on the company’s Q4 call. “Remote work will not be an excuse. The environment we compete in is the environment we will win in. We’ve assessed our strengths and opportunities for improvement, and we’ve taken the following actions we think will further improve sales efficiency and productivity.”

In first-quarter 2021, the company said enterprise sales “reaccelerated back into hypergrowth across all major product categories ” in Q1 2021, which prompted it to raise full-year revenue guidance. (SurveyMonkey shares have fallen 20.8% year-to-date but steadily risen 13% over the past month.) And it’s getting a number of notable clients. New customers added in the fourth quarter of 2020 included Headspace, Carrefour, Avon and Evernote. In the first quarter of 2021, it added another more than 600 new companies to its customer base including Cedars Sinai, Glassdoor, The Economist, Tonal and Kawasaki Motors.

Perhaps there will be more surveys in the future to answer the question: Will the Momentive brand have the same recognition as SurveyMonkey, or will it end up blending in alongside the hundreds of other futuristic-sounding marketing technology companies already on the market?

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