SurveyMonkey a leader in agile software solutions for market research, customer experience, and survey feedback, today announced the availability of SurveyMonkey Brand Tracker and SurveyMonkey Industry Tracker, two new solutions that enable brands and financial services firms to continuously monitor shifts in market perception and quickly react to fuel growth.
Digital transformation, the onset of the pandemic, and rapidly changing buyer behavior have accelerated the pace of change in business so much that traditional market research firms are unable to provide the same value they once did. SurveyMonkey’s latest tracker offerings use technology to deliver always-on insights that help organizations win in hypercompetitive markets.
SurveyMonkey Market Research Solutions allow researchers and finance professionals to gather proprietary data on-demand from over 144 million respondents globally. SurveyMonkey Brand Tracker and SurveyMonkey Industry Tracker use robust AI and machine learning capabilities to make it easy to launch methodologically sound trackers, monitor industry and brand performance, and uncover business-changing insights at a fraction of the time and cost of traditional agencies.
The technology paired with SurveyMonkey’s Expert Services team enables a flexible delivery model that provides the right level of service to meet each organization’s unique needs without the overhead cost or extended timelines of agencies.
SurveyMonkey Brand Tracker enables companies to continuously measure brand performance, including tracking behavior trends and consumer habits across multiple markets, assessing campaign effectiveness, and conducting competitive analysis.
The Brand Tracker uses technology to make it even easier for organizations to deploy one of the most valuable use cases for brands already running agile market research with SurveyMonkey Market Research Solutions. Leading sustainable footwear and apparel brand Allbirds relies on the solution to run timely surveys on-demand at a fraction of the cost of their previous agency.
Instead of receiving quarterly reports produced by a third party, Allbirds uses Market Research Solutions to continuously monitor its brand health in key markets, collecting more than 14,000 responses each year. Prior to entering a new market, Allbirds also runs studies to establish baseline brand awareness, understand how local consumer segments perceive the brand, and identify what people expect to pay for their products in that area.
“Brand awareness is a key component of our growth and expansion strategy. It’s critical we have an up-to-date understanding of our public perception and marketing funnel metrics at all times to understand our existing customers and identify new opportunities,” said Jen Jammalamadaka, associate director, global brand marketing at Allbirds. “SurveyMonkey’s technology empowers our teams to get the business-driving insights we need to make informed decisions quickly.”
SurveyMonkey Industry Tracker allows investment and finance research professionals to understand changing market dynamics. Traditional financial reports and alternative data (like transaction data) are often either not proprietary or not timely. To understand rapidly changing buyer preferences and competitive dynamics, SurveyMonkey Industry Tracker offers an agile approach to monitor industries and surface timely insights.
It allows researchers to measure shifts in consumer and buyer sentiment and preference—such as monitoring changes in gym membership and e-commerce vs. in-person shopping—and assess the competitive landscape quickly and as often as they require. The proprietary insight gained through an Industry Tracker equips finance research professionals to make stronger strategic investment decisions and stay ahead of the competition.
“COVID-19 accelerated an existing trend of digital-first research to keep up with rapid changes in buyer demands and competitive dynamics. We saw market perception shift dramatically many times last year and not on the schedule a traditional research agency provides reports,” said Priyanka Carr, general manager of Market Research Solutions at SurveyMonkey. “We’re thrilled to launch SurveyMonkey Brand Tracker and SurveyMonkey Industry Tracker. These two solutions show the growing value of replacing slow agencies with agile technology that delivers insights on-demand, allowing businesses to rapidly react and adapt.”
Key product features of both SurveyMonkey Brand Tracker and SurveyMonkey Industry Tracker include:
- Longitudinal Research Platform: Access to an always-on statistical analysis platform, where users can easily compare brand funnel metrics wave-over-wave and measure what changed, when, and why.
- AI-Powered Insights: Users don’t have to manually sift through hundreds of filters to discover hidden insights. AI-powered insights instantly serve up statistically significant wave-over-wave changes to key metrics such as category perception and brand usage, highlighting the demographic and behavioral segments that shift the most.
- Expert Services: SurveyMonkey’s team of research experts will help customize the trackers according to specific needs and in line with industry-proven methodology. The team is available for users who need to scale programs globally or dig deeper into data.
- Data Consistency: SurveyMonkey uses the same quality data sources and demographic balancing each wave, excluding respondents from prior waves, so users can be confident their results are accurate and representative.
- Custom Dashboards: Users can create custom dashboards with advanced data visualizations that they can share with their teams and other stakeholders to drive decision-making throughout the organization. The dashboards allow users to combine data from multiple markets, tailor the visualizations, and personalize the commentary. Dashboards can be shared with a password-protected link or exported into presentation-ready formats.