Business Idea

Develop An Online Survey Tool

About

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.

Want to learn more? You can check out our full guide on how to develop an online survey tool ➜

Key stats

market size
$917M
revenue (monthly)
$534K
starting costs
$37.4K
gross margin
26%
avg product price
$500
time to build
9 months
growth
SEO
business model
Advertising
time investment
Side project

About

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.

Want to learn more? You can check out our full guide on how to develop an online survey tool ➜

Key stats

market size
$917M
revenue (monthly)
$534K
starting costs
$37.4K
gross margin
26%
avg product price
$500

 

time to build
9 months
growth
SEO
business model
Advertising
time investment
Side project

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $750 $7,000
Employee & Freelancer Expenses $151 $352
Equipment & Supply Expenses $500 $5,000
Website Costs $303 $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
Other Expenses $0 $800
Total Startup Costs $8,466 $66,611

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

  • 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.

  • 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.

    Learn more about social media advertising ➜

  • 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.