Our business on the enterprise side is in hyper-growth mode, says SurveyMonkey CEO Zander Lurie. “We grew our new bookings 80 percent year-over-year,” says Lurie. “We booked our first $10 million quarter, our first million-dollar customer, and we signed up 11 percent more customers in the last quarter alone than we had over all these years. We’re a super disruptive survey software for the enterprise.”
Zander Lurie, CEO of SurveyMonkey, discussed the company’s Q4 earnings and their massive growth in enterprise bookings in an interview on CNBC and during their earnings announcement:
Our Enterprise Business is in Hyper-Growth Mode
We were thrilled with our earnings report for Q4. 2018 was a transformational year for the company where we reaccelerated revenue, generated really robust cash flow, and went public. We’re a 19-year-old company. We have had a lot of private shareholders for a long time and the lock-up expiration could well contribute to some of the selling supply today. But I’m super confident in our in our long term focus. If we deliver results, I know shareholders will profit as well.
We have a beloved brand and one of the largest footprints of users around the world with over 17.5 million active users. If you look at our business today, we have over 647,000 paying customers who sit inside of 345,000 different organizations, including paying user in 98% of the Fortune 500. Our business on the enterprise side is in hyper-growth mode. We grew our new bookings 80 percent year-over-year. We booked our first $10 million quarter, our first million-dollar customer, and we signed up 11 percent more customers in the last quarter alone than we had over all these years. We’ve got a lot of traction with a really world-class leadership team.
We’re a Super Disruptive Survey Software for the Enterprise
We’re a super disruptive survey software for the enterprise. We have a large footprint inside of so many companies where we have not been bought at a corporate IT level. These organizations in this environment need that secure collaborative software that we offer. Our open integration strategy has proven to be a winner. It’s a really competitive market, but it’s a huge multi-billion dollar global market.
Our largest competitor in Qualtrics just sold to SAP. That opens up a lot of greenfield for us as they steer into SAPs business. We’re steering more into a Microsoft and Salesforce ecosystem where we see a lot of room to grow in customer experience management, HR, and market research.
Critical to Understand the Sentiment of Your Constituents
It’s so critical to understand the sentiment and voices of the people who are your constituents. Whether it’s your employees or your customers or you are doing market research, trying to understand these really dynamic environments, understanding the voices and opinions of the people who matter to your business, is critical.
I too am surprised about Amazon pulling out there. I think the reaction and how quickly that’s changed in several months has been very surprising. Your gut instinct is helpful, but what’s really helpful is actually collecting the opinion data of the people who matter to you if you’re trying to launch a new product or doing a campaign test or to understand where to expand and what the reaction will be like from the community or government.
Organizations need to collect feedback from their most important constituents, so they can drive innovation and growth. In the internet economy, businesses must be data-driven and responsive to their customers. Companies must test campaign messages and pricing to renew customers. In an increasingly competitive war for talent, organizations are investing more in their employee culture. Understanding how to measure, benchmark, and act on the sentiment data define today’s agile and successful companies.