Your SlideShare is downloading. ×

#LsmNYC Team - Tripo

530
views

Published on

Published in: Business, Technology

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
530
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
8
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Team Ainsley OConnell Emmanuel A. Simon Hemanth Setty Wyeth Mendoza Robert Deng 
  • 2. Original Pitch A freemium travel concierge service that provides real-time recommendations and advice for travelers during the trip.
  • 3. Hypothesis 1 Assumption to test •  Travelerswould use a service that provides •  Greater comfort speaking to a real-time advice human being than using an from local experts app or tool when looking for over apps, random locals, advice etc.
  • 4. Experiment •  Saturday morning •  Distribute flyers to tourists downtown •  Provide recommendations to tourists who convert
  • 5. Results and Lessons Learned •  One customer used •  Customers weren t sure the service for lunch in what to ask—“plans for Soho tonight” too broad, ambiguous •  Others(17) confirmed human preference •  To simplify customer hypothesis in education, focus on interviews restaurants and nightlife
  • 6. Pivot: Hypothesis 2, Part 1 Assumptions •  Travelers would text/ tweet restaurant •  Travelers needed help finding and nightlife restaurants and nightlife requests to an expert on the fly advisor able to respond in 5 min or less with •  Matching competitors in terms of recommendations on time will enable switching how to eat and drink like a local
  • 7. Experiment •  Saturday afternoon •  Differentmessage, different locations, same tactic
  • 8. Results and Lessons Learned •  Of ~100 flyers distributed, 25 •  Focusmarketing efforts on travelers said they would be word of mouth, targeting interested in the service, with international travelers particular interest expressed by international •  Relyon SMS to ensure travelers compatibility with intern l traveler needs •  In interviews, travelers said word of mouth marketing would be crucial to winning their trust
  • 9. Hypothesis 2, Part 2 Assumptions to test •  Travelers would text restaurant and •  Travelers don t plan where nightlife requests to they ll eat and drink in advance an expert advisor able to respond in 5 min or less look for local •  Travelers with recommendations expertise when it comes to on how to eat and drink restaurants and nightlife like a local
  • 10. Experiment •  Onlinesurvey of traveler behavior sent to team s social networks
  • 11. Results and Lessons Learned •  Only 21% of respondents plan restaurant destinations in detail in advance of their trip; 0% plan nightlife destinations in detail in advance Assumptions confirmed •  68% research restaurants & nightlife during their trip by talking with local professionals (concierges, etc.) and 53% talk with locals they encounter on the street
  • 12. Hypothesis 2, Part 3 Assumptions to test •  Travelers would text restaurant and •  Tripo!local experts can offer nightlife requests to higher quality an expert advisor able to recommendations than respond in 5 min or less competitors such as Yelp, random with recommendations local experts, etc., in a on how to eat and drink competitive time frame like a local
  • 13. Experiment 10:42 PM 10:36 PM Which part of Brooklyn? River Deli on Joralemon romantic italian in Bklyn Heights has restaurant in brooklyn great homemade pasta. my wifes a vegetarian Or Locanda Vini e Olii in Clinton Hill is also great. 10:37 PM 10:41 PM 10:42 PM Tommaso Restaurant at 1464 86th St (old school) or Villabate-Alba (lessbensonhurst Thanks expensive) at 7001 Eighteenth Ave, both have veg options
  • 14. Experiment Best Burger place near Grand Central PatroonBurger King Black Shack Burger Burger Heaven (69 sec) (115 sec) (110 sec for 2)
  • 15. Experiment OMG! My 10:00 PM favorite place! Im at 84th and Amsterdam. Im looking for a Italian restaurant that isnt too expensive for a romantic date.10:02 PMYoud love Celeste on Amsterdamnear 84th -- pizza in a wood-firedoven. Or a few blocks away -Salumeria Rosi Parmacotto, 73rd andAmsterdam
  • 16. Results and Lessons Learned •  In shootouts, Tripo! matched competitors time and •  Assumption confirmed exceeded competitors quality
  • 17. Hypothesis 3 Assumptions to test •  Travelerswould pay for an app that •  Travelers would pay $1.99 for provides them with a weekend of unlimited access access (via SMS) to a to Tripo! or $4.99 for a local expert advisor able month of access to respond to restaurant and nightlife requests in •  A free weekend would entice less than 5 min travelers to try the service
  • 18. Experiment
  • 19. Results and Lessons Learned •  Conversion rate of 11% •  Travelersare willing to pay for (5 sign-ups out of 44 visitors, expert, real-time advice ran test for 2 hours) •  Need to further explore price•  One customer interview points, business models yielded price point of $10/ question for high-quality service
  • 20. Learning Summary Interested in real- Value proposition Travelers do not Real-time advice Travelers aretime advice from a better understood plan for restaurant from experts willing to pay forlocal expert when limited to and nightlife provide better service restaurants and quality results nightlife
  • 21. Looking ahead Customer validation = customer acquisition Customer validation = scalable business model Customer validation = product-market fit

×