Develop An Online Survey Tool
About
Online survey tools are a great way for businesses to gather customer feedback. They offer a convenient and cost-effective way to collect data from large groups of people. This service offers a variety of features, including a survey builder, a data collection tool, and a reporting system.
If you are interested in starting a business that helps businesses to gather customer feedback, then starting an online survey tool could be a great option for you. This business is growing in popularity as more businesses are using online surveys to collect data.
Typeform is a popular online survey tool that allows you to ask customers questions and get their feedback on the product. This can be used for many different purposes such as improving services or developing new products. Typeform told TechCrunch on the occasion of today’s funding announcement that its annual recurring revenue surpassed $70 million in 2021 after tripling over the preceding three years.
Building an online survey tool is a good business idea because there is a lot of demand for data collection. Businesses need to know more about their customers in order to be able to make better decisions.
Developing an online survey tool requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell online survey, or selling online survey online, you can use this page as a guide for everything you'll need to know.
Key stats
Startup Costs
| Min Startup Costs | Max Startup Costs | |
|---|---|---|
| Office Space Expenses | $0 | $7,000 |
| Employee & Freelancer Expenses | $151 | $352 |
| Website Costs | $223 | $7,215 |
| Business Formation Fees | $5,600 | $20,400 |
| App Creation Costs | $1,000 | $20,000 |
| Software Expenses | $162 | $3,094 |
| Advertising & Marketing Costs | $0 | $2,750 |
| Total Startup Costs | $7,136 | $60,811 |
Case Studies
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$1.6M/mo
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$160K/mo
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$16K/mo
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$300K/mo
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
Qualtrics XM | qualtrics.com | #532 |
|
Doodle | doodle.com | #2,369 |
|
QuestionPro | questionpro.com | #6,736 |
|
Dynata | dynata.com | #7,599 |
|
Alchemer | alchemer.com | #16,704 |
|
iNaturalist | inaturalist.org | #25,420 |
|
Survicate | survicate.com | #43,486 |
|
SoGoSurvey | sogosurvey.com | #53,546 |
|
Opinion OutPost | opinionoutpost.com | #56,971 |
|
Snap Surveys | snapsurveys.com | #77,730 |
|
SmartSurvey: Online Survey Software & Questionnaire Tool | smartsurvey.co.uk | #79,261 |
Pros & Cons
| Pros | Description |
|---|---|
| Flexibility | You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own. |
| Ability to start your business from home | It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning! |
| Traffic to your website | A online survey tool gives people a reason to visit your website and to keep coming back to you! |
| Meaningful business connections | You never know who you will meet as a online survey tool. This could be the start of an incredible business opportunity! |
| High customer retention rates | Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer. |
| Predictable income stream | Your businesses income stream tends to be predictable based on the number of customers you have signed up. This makes financial planning and outlooks much more seamless! |
| Cons | Description |
|---|---|
| Security Issues | With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road. |
| Low margins | The gross margins for your online survey tool are typically around 26%, which can make it more challenging to incur new expenses and maintain profitability. |
| Taxes | As a online survey tool, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it. |
| Time commitment | With developing an online survey tool, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business. |
| Complex development process. | The development process for a online survey tool can be quite complex, which may cause delays and challenges when launching and growing your product. |
| Complex maintenance | Your online survey tool will require a long-term investment due to the need for updates, bug fixes, and security vulnerabilities. It's important that you (or someone on your team) stays on top of this at all times. |
Marketing Ideas
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1
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
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2
Social Media Advertising
Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.
According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.
Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.
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3
Pay Per Click Advertising
Pay-per-click (PPC) is a performance-based marketing method that allows you to show specific ads for services or products oriented to a very defined target, with the goal that the user visits your website or landing page.
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