Blitzscaling 10: Selina Tobaccowala on Building a Global Business at SurveyMonkey | Summary and Q&A

TL;DR
SurveyMonkey, a freemium-based survey platform, grew from a small startup to a scaled company by focusing on product innovation, hiring the right people, and continually learning and adapting.
Key Insights
- 🖐️ Product innovation, such as analytics and insights, played a vital role in SurveyMonkey's success and differentiation from competitors.
- ⚖️ Hiring and retaining talent was crucial, focusing on individuals with experience in startup and scale environments.
- ❓ Internationalization required localized payment methods, translations, and SEO optimization in different markets.
- 💌 Re-engagement strategies involved targeted campaigns through email and advertising on platforms like Facebook and LinkedIn.
- 😤 Partnerships, acquisitions, and acquihires helped strengthen the team and fuel growth.
- 😫 The ability to turn data into valuable insights and benchmarks set SurveyMonkey apart.
- 👤 User behavior and competition varied across markets, necessitating localized messaging and feature customization.
Transcript
- Selina was a co-founder of a site called Evite, which those of us who are a little older probably perfectly remember. - [Voiceover] People still use it! - [Selina] Probably not gone. - Yes, exactly. And then, helped grow Ticketmaster City Search, and has been a fundamental agent of SurveyMonkey, which is very well-known within the Silicon Valley ... Read More
Questions & Answers
Q: How did SurveyMonkey differentiate itself from competitors like Google Forms?
SurveyMonkey focused on providing advanced analytics and insights to users, allowing them to turn data into actionable insights. The freemium business model and extensive language support also gave it a competitive edge.
Q: How did SurveyMonkey re-engage customers who had churned?
The company utilized various strategies, including email campaigns and targeted advertising on platforms like Facebook and LinkedIn. Propensity models helped identify customers who were more likely to re-engage.
Q: Were there any surprising insights about user behavior or competition during SurveyMonkey's journey to scale?
User behavior varied across different markets, highlighting the importance of localized messaging and feature customization. Managing and adapting to competition, such as Google Forms, required continuous product innovation and partnerships.
Q: How did SurveyMonkey handle biases in survey questions?
SurveyMonkey provided a question bank and options for randomized questions to reduce biases. Ongoing efforts were made to improve the quality and impact of survey data through natural language processing and text analysis.
Summary
This video features an interview with Selina Tobaccowala, the former president of SurveyMonkey. She discusses the early days of SurveyMonkey, hiring strategies, scaling challenges, and product evolution. The company started as a freemium-based business in 1999 and quickly gained millions of users and revenue. Tobaccowala emphasizes the importance of understanding different markets and how they use surveys. She also talks about the company's focus on analytics and providing value to customers through insights.
Questions & Answers
Q: How did SurveyMonkey start and what was its unique business model?
SurveyMonkey was founded by Ryan Finley, who initially built a survey for a radio station he worked at. He saw the potential beyond the single use case and started SurveyMonkey as a freemium-based business in 1999. This meant users could access basic features for free and upgrade for additional paid features. This business model was innovative for its time and helped the company generate revenue from the beginning.
Q: What challenges did SurveyMonkey face as it grew and how did it address them?
One of the challenges SurveyMonkey faced was managing the increasing number of customer support inquiries. When the founder, Ryan, reached a point where he couldn't handle all the emails, he deleted his inbox and hired his brother to help. This move allowed him to scale customer support. Another challenge was the need to move servers to a new location when the company relocated to Portland. This required physically chasing down the truck to ensure the servers arrived at the correct address. Despite these challenges, SurveyMonkey continued to grow and expand its team.
Q: How did SurveyMonkey approach hiring and building its team?
SurveyMonkey prioritized hiring people with problem-solving skills and a strong cultural fit rather than specific technical knowledge. They looked for individuals who had raw talent and the ability to learn and adapt. The company relied on employee referrals as a key source of hires and found that referrals often resulted in high-quality candidates. They also focused on reducing bias in the hiring process by using behavioral questioning and conducting interviews with a standardized set of questions.
Q: How did SurveyMonkey approach global expansion and localization?
SurveyMonkey started by globalizing its platform, allowing users to access it in different languages and pay in different currencies. They utilized a third-party proxy for translation and quickly launched in multiple markets within six months. Localization efforts focused not only on language but also on adapting the product to accommodate different cultural norms and preferences. The company also invested in SEO and SEM strategies to increase visibility in local search engines and tailored content to specific markets.
Q: How did SurveyMonkey ensure that its product evolved to meet the needs of its growing user base?
SurveyMonkey recognized the importance of providing value beyond just survey creation. They invested heavily in analytics and insights, allowing users to analyze survey data and gain meaningful insights. The company introduced features such as comparative data and benchmarks to give users context and help them make informed decisions. This focus on data-driven insights differentiated SurveyMonkey from competitors and helped the company continue to evolve its product offerings.
Takeaways
SurveyMonkey's success can be attributed to its early adoption of a freemium-based business model, its emphasis on providing value through analytics and insights, and its focus on understanding and meeting the needs of different markets. The company's hiring strategy, which prioritized problem-solving skills and cultural fit, also played a significant role in its growth. Overall, SurveyMonkey's ability to adapt and innovate in a constantly evolving market allowed it to become a well-known and successful tool for survey creation and data analysis.
Summary & Key Takeaways
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SurveyMonkey's founder, Ryan Finley, started the company as a side project while working at a radio station. It quickly grew into a freemium-based business model, allowing users to upgrade for premium features.
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The company experienced rapid growth and international expansion, focusing on localized payment methods, language translations, and SEO optimization for different markets.
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SurveyMonkey invested in analytics and data insights, allowing users to slice and dice survey data, compare benchmarks, and gain valuable insights.
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Hiring and retaining talent was a critical aspect of the company's success, balancing between promoting from within and bringing in experienced professionals. Acquihires and partnerships also played a role in strengthening the team.
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