How I learned about conversion rates from distributing a survey using SurveyMonkey

This month I learned the difference between real customers vs targeted customers for a company called Masterworks.io. Masterworks.io is an art investment platform that allows inventors to buy fractional shares in pieces of artwork. If you want to follow my progress and see how I reached my goals, feel free to explore around.

Distribution goals 

After building and revising my survey I distributed the survey with various platforms and gave myself a goal of reaching 500 people in five days who are customers or potential customers of Masterworks.io. 

My goal for distributing the survey was to have 500 people fill it out within 5 days. By the halfway point, I revised the goal to reach 1,000 people with a 10% response ratio. I achieved a reach of over 1,000 people yet only 68 people filled out the survey.

First day

On the first day of disturbing my survey, I posted the survey on Linkedin.

It got over 101 views which are more views than I have followers. 

I only have 80 followers and I reached an audience of 21 people. 

The survey rate of people actually filling out the survey was only 10% or 10 people filling out the survey. 

This indicates that this post was only moderately successful.

If I had to revise this I would have tried to post the survey more often and try a more targeted approach. 

For day one, the total number of surveys filled out was 10 responses.

Second day

When the second day of distributing my survey arrived, I built a reel and an Instagram story post based on filling out the survey. Here is the reel and story I used to get people to fill out the survey. 

It had limited interaction however I did learn how to make a reel and leverage social media to get demographic information. 

The total views of both the reel and the story were only 50 views. I only got 3 total survey responses. The total number of survey responses was only 13 people by day two with 151 people viewing the survey.

Third day

With the halfway point coming up on the project, I decided to aggressively post the survey on my Snapchat story to try and get responses. I also revised the goals to get 1,000 views and maintain a 10% conversion ratio. 

I got 20 responses from a total of 180 views on the third day by using Snapchat. 

This was the most effective survey method. With an 11% conversion ratio, I was aggressive in posting the survey on my story then, adding people, and sending them a chat to fill out the survey.

This improves the survey response rate. By the end of day three, I had 33 responses from a total number of 331 views. 

Fourth day

During the fourth day of the week, I continued to aggressively market on Snapchat and reposted my Snapchat story, and did the same aggressive market tactics. 

From the Snapchat story, I got 150 more views and 16 more people filled out the survey

I also decided to comment on Linkedin posts with high amounts of followers and reach to hopefully gain key followers and distribute the survey. 

Here is an example of a Linkedin comment I wrote. This was moderately effective with only 5 people viewing/liking the comments but zero people filling out the survey. 

The total response rate by day four was 49 people with 486 people viewing the survey.

Fifth day

With the last day approaching, I sent direct messages using Snapchat as well as one of my friends posted the link on their story. 

From Snapchat, I got 5 responses from 50 more views. I also sent a Slack message in the general channel of Praxis and also in the social channel of Praxis.

These generated 80 views with 8 responses. The Instagram story got 6 more responses from 60 views. 

The total response rate by day five was 68 people with 676 people viewing the survey.

Final Thoughts

If I was to change the survey distribution method, I would have used email marketing to try and mass-market the website.

 I originally thought that 500 views would equal 500 responses but I learned that views don’t equal responses. 

Overall I gain valuable experience learning how to distribute a survey and how different social platforms create reach.