SurveyMonkey has been around for some time. It is well-known as a survey platform, but it’s also an omnibus service catering to a wide audience of potential users. Unlike MyNextAdvice, isn’t designed to support the advice industry. That means SurveyMonkey isn’t the best option for an advice business seeking the ability to generate and act on valuable insights to improve business performance across growth, efficiency, and compliance.
Here’s a comparison of MyNextAdvice vs SurveyMonkey based on key features.
MyNextAdvice vs SurveyMonkey – Design & Manage
Why it matters?
The odds are stacked against an advice business successfully completing a survey if they don’t have the requisite expertise or experience. Let’s face it, client surveys aren’t core business for an advice business and there’s a good chance that lack of time will be a big factor as well.
“A poorly designed and managed survey will do more harm than good”
The type of expertise and time involved to design and manage your survey is not insignificant. For example, you will need to have a clear objective in mind and know how you will use the collected data. You will also have to know in advance what questions to ask and ensure they adhere to psychometric best practices to get the right data. And you will need to ensure all the design features are likely to maximise the response rate and respect each client’s time.
The best solution is one that saves you valuable time and effort, is already expertly developed and designed to support your advice business, and delivers powerful, actionable insights you can immediately use to improve performance.
When you ask clients for their feedback you only get one chance, so it’s important to get it right the first time.
Quickly access pre-configured surveys designed for the industry to drive growth, efficiency & compliance
Select from a dizzying array of design options covering many scenarios and generic applications
Schedule your survey in 5 minutes or less to save valuable time and effort
Spend considerable time reviewing options to decide which ones are best for your situation
Access the Iress Xplan integration option to make it easier to deploy each survey
No Iress Xplan integration option available
Unlimited survey invitations and responses
Limitations imposed under most plans
MyNextAdvice respects your time and priorities by making it convenient, quick and easy to deploy a purpose-built client survey to collect data directly supporting your practice’s growth, efficiency, and compliance goals.
“New surveys are in development that will help users monitor, understand, and demonstrate compliance with their legal obligations such as the FASEA Code of Ethics, Best Interests Duty, and Code of Professional Conduct”
MyNextAdvice vs SurveyMonkey – Get Responses
Why it matters?
The whole purpose of a survey is to get the quality data you need to make confident decisions about important areas of your advice business. Clearly, design has an important role to play, but there are other things to consider too.
In our experience, it’s a good idea to set the scene with your clients before sending your survey. This is both courteous and demonstrates that you value their time and feedback. You should let them know in advance about your intention to send a survey, why you are doing it and how the data will be used (to improve their experience).
Setting the scene will usually result in a higher response rate (all other factors being equal) which means you get more data and can have greater confidence in making important decisions.
Simple scheduling & deployment using our email service (your name & email appear on the invitation) or use our Iress Xplan integration
Spend considerable time reviewing various deployment options and deciding which one(s) are best for your situation
Flexibility to use the standard invitation template - edit any of email subject line, content and survey link button to reflect your preference/style
Spend considerable time designing your own survey invitation format and content
Our surveys respect your clients' time by making it easy and quick to respond
Risk asking too many or the wrong sort of questions, leading to survey abandonment and lower response rates
All data is collected and securely stored on servers in Australia, complying with AFSL/ACL licensing conditions
Data may be stored on servers based outside Australia
Users of MyNextAdvice achieve above-average response rates, in some cases >45%. That’s because we encourage and support critical pre-survey client communications, ensure the right type and number of questions are asked (consistent with the data you need to make decisions) and make it easy for clients to respond by respecting their time.
Users of MyNextAdvice are encouraged to continuously use the service throughout the year (at least monthly) across the client base as meaningful interactions such as annual reviews are completed. This ensures timely insights and follow up actions can be taken. This is particularly important to meet and demonstrate your compliance obligations.
MyNextAdvice vs SurveyMonkey – Analyse & Report Results
Why it matters?
Getting responses is one thing, but making sense of the data is entirely another. Raw or partly analysed data is of little use to anyone and that’s why it’s so important that analysis and reporting adds real value to your advice business.
Better still if the analysis/reporting is underpinned by proven science to produce actionable insights that help you progress performance improvement and business success.
“For too long, advice businesses have been left feeling confused about their survey results and frustrated by not knowing what they mean or what the next steps should be”
Our done for you surveys are underpinned by ground-breaking research, have been tested and validated over many years, and patented in a number of countries
Spend time designing your own survey content or selected from a library of generic questions
Measure and analyse multiple variables that have been validated to impact the strength of your client relationships and resulting commercial outcomes
Surveys measure whatever the user determines is relevant, leading to the possibility that valuable insights can't be generated
The strength of each client relationship is automatically measured using a proprietary metric - StoRI Score (Strength of Relationship Index) to pinpoint strengths and weaknesses, and benchmark performance
An optional pre-built NPS (Net Promoter Score) template is available, but this metric is seriously flawed and is difficult to take action on
MyNextAdvice surveys are underpinned by strong science focused on helping users understand their client relationships and how they are connected to commercial success. Our proprietary metric (StoRI™ Score) is used to monitor and benchmark performance as a first step towards taking decisive action.
MyNextAdvice vs SurveyMonkey – Connect Results to Bottom Line
Why it matters?
The core purpose of any business is to create and keep a customer. However, standalone survey data is typically disconnected from future financial performance. That means decision-making about client relationships requires meaningful data that is ultimately connected to financial outcomes at client, segment, and business levels.
MyNextAdvice uniquely provides a window for you to view the impact of survey results on future financial performance, ensuring users can make better informed and confident decisions about their client relationships and overall advice business.
MyNextAdvice vs SurveyMonkey – Plan & Decide Next Steps
Why it matters?
If you’re interested in getting feedback from your clients via a survey, you first need to have a clear goal attached to collecting the data. Chances are it’s connected to one or all of growing your business, becoming more efficient, and monitoring/demonstrating compliance with your legal obligations.
With data and insights in hand, you then need to plan how you will use the results and decide what the next steps will be. This is frequently a point of frustration for users of generic survey services.
Use What-If tool to model desired changes to client relationship and/or financial variables to predict the financial impact
Use Game Plan tool to review and identify specific actions to take to support performance improvement for each client relationship variable
MyNextAdvice provides the data, insights, and tools that enable you to confidently plan and decide what the next best steps are for performance improvement in your business.
MyNextAdvice vs SurveyMonkey – Take Action
Why it matters?
The ultimate outcome of any client survey must be the ability to take action if the data supports the need for change. Action is mandatory for continuous improvement.
“Feedback is a gift and should not be ignored or stored away to gather dust”
Use the results from the What-If tool to identify areas of client relationships that need improvement and will have the biggest impact on bottom line performance
Use the Game Plan to identify and implement specific actions for improvement
MyNextAdvice uniquely helps you to confidently move beyond the survey process to identify and take the most impactful actions that are likely to improve client relationships and commercial performance.
While SurveyMonkey has been around for some time and is well-known as a survey platform, it is an omnibus service catering to a wide audience of potential users. Unlike MyNextAdvice, it isn’t designed to specifically support the advice industry.
Compared to SurveyMonkey, MyNextAdvice provides a number of unique features and benefits:
- Respects your time and priorities by making it convenient, quick and easy to deploy a purpose-built client survey to collect data directly linked to your growth, efficiency, and compliance goals.
- New surveys are in development that will help advice businesses monitor, understand, and demonstrate their compliance with legal obligations such as the FASEA Code of Ethics, Best Interests Duty, and Code of Professional Conduct.
- Facilitates above-average response rates so insights deliver more value.
- Encourages continuous client feedback across the entire client base to ensure timely insights and follow up actions – particularly important to meet and demonstrate compliance obligations.
- Surveys are underpinned by strong science focused on helping users understand their client relationships and how they are connected to commercial success.
- A proprietary metric measuring the strength of each client relationship (StoRI™ Score) is used to monitor and benchmark performance as a first step towards taking decisive action.
- Provides a window to view the impact of survey results on future financial performance, ensuring users can make better informed and confident decisions about their client relationships and overall advice business.
- Provides the data, insights, and tools that enable advice businesses to confidently plan and decide what the next best steps are for performance improvement.
- Helps advice businesses to take action.
- Complies with licensing obligations (AFSL/ACL) for local collection and storage of client data.