Reference no: EM133689062

Homework: Business Finance- Management

Marketing in Action Case Real Choices at GetFeedback

We all know that the world has gone mobile! But how does this change impact the way market research is done? According to the Pew Research Center, 30 percent of cell phone owners use their phones as their primary Internet ac- cess point. Consumers are changing how they interact with companies, products, and services and recent research indi- cates that about 38 percent of all market research surveys began on mobile devices. In particular, when considering traditional market research data collection methods (mail, phone), millennials have the lowest reported response rates of any group. However, they are more willing to respond to studies offered on mobile devices. Amazingly though, Forrester Research estimates that as little as 17 percent of market researchers have taken their survey processes mobile, indicating that most market research companies still use out- dated technology and techniques.

In 2013, Kraig Swensrud and Sean Whiteley recognized the information collection gap in the marketplace and de- cided to close the gap with mobile-first customer surveys. The two former Salesforce.com employees created a startup called GetFeedback with a goal to be on the frontlines of the changeover to mobile computing. GetFeedback is a service that creates surveys for smartphones, tablets, and mobile web browsers. Campaign Monitor, an online e-mail market- ing application and software firm, acquired GetFeedback about a year later. Currently, GetFeedback has more than 1,000 enterprise users that includes high profile organiza- tions like United Way, ESPN, Facebook, LinkedIn, and Nike. Available data collection services include package sizes from Personal ($25/month) for up to 100 responses/month to Enterprise ($150/month) for up to 10,000 responses/month. Additionally, service plans may include web, e-mail, and tele- phone technical support.

Swensrud knew that mobile surveys present many challenges including how to optimize them for smaller screen sizes to allow for quick scrolling and processing. GetFeedback offers templates to integrate video clips, pho- tographs, or other images to reinforce a company's market- ing. Clients can create surveys and then add style through colors, fonts, logos, and images. To attain deeper participant engagement and higher completion rates of online surveys, imagery and video are essential. The objective is to have the survey reflect the personality of the brand. Other key fea- tures of GetFeedback include push notifications that provide alerts and a set of analytical tools that allows customers to more fully use the collected information. All of this can happen in real-time, which gives GetFeedback's customers a speed advantage over their competitors. Collected infor- mation is owned by the customer and is readily available to share within their company. The information can easily be downloaded and exported into Microsoft Excel or any analyt- ical software that can handle comma separated values (CSV).

In its 2015 Global Market Research Report, ESOMAR estimates total annual global expenditures of $43 billion on telephone polls, online surveys, questionnaires, and other market research-$19 billion in the U.S. alone. The market for consumer research is immense and steadily growing especially in the online and mobile devise space. SurveyMonkey is the current market leader with more than 25 million customers including Kraft Foods, Samsung, and Facebook. The CEO of SurveyMonkey, Zander Lurie, stresses "Now it's about execu- tion. We have all the opportunity to thrive and succeed but if we're not super-focused and crisp about how we do it, then competition will take it."

To continue to be successful, GetFeedback has to chal- lenge the market leader, make surveys as efficient to answer as possible for respondents, maintain information quality, and deliver great value to its customers. At the same time, the company must help its parent Campaign Monitor gener- ate attractive shareholder gains. In a competitive, change- able growth environment as dynamic as this one, it's often difficult to decide what the next strategic move should be. GetFeedback needs to step back, consider the competitive environment, weigh opportunities and risks, and formulate its growth plans for the future.

You Make the Call

1) What is the decision facing GetFeedback?
2) What factors are important in understanding this decision situation?
3) What are the alternatives?
4) What decision(s) do you recommend?
5) What are some ways to implement your recommendation?