We use it to administer surveys and to learn new things. We assess many variables and have staff input those variables into the survey software. We use this for quantitative and qualitative research. The product is used across the University and my use is in one specific area of academic research. We address the problem on needing to know new information about a topic.
I have used SurveyMonkey in the past along with other products from smaller startups. I think Qualtrics is better thought out and the support is quite good. I think it is a product that works well. I would only caution that I use this since I have access to a site-wide license and if you need to buy it, it might be expensive.
It is well suited to academic and survey research. It is also suited to situations where you have to pay panelists to do research for you. I think it is less suited for situations where you have a low budget and not enough resources as I understand there are cheaper options.
I think we would have to stop our current project if we did not have access to this software. We use it everyday and could not manage our team without it. It works well for us. I also think it is great to be able to download our current results in the software.