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RME Deck
 

RME Deck

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The RME Story

The RME Story

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    RME Deck RME Deck Presentation Transcript

    • In-store Intelligent CRM 714-273-7088 Yukai@RewardMe.com
    • WHO WE AREYu-kai Chou (CEO): 6 years entrepreneur experience; Co-Founder/CEO ofViralogy and FDCareer; Regular Lecturer/Speaker on Geolocation andGamification at Stanford, Google, and various VC/Entrepreneur gatherings; BAfrom UCLA.Adam Gervin (BusDev): Entrepreneur with $1 Billion in Exits. Co-Founder ofOneBox.com (sold to OpenWave ), VerdiSoft (sold to Yahoo!), Caustic Graphics(sold to Imagination), SEVEN Networks (profitable and #2 after RIM). MD fromStanford and BS from Yale.Stephen Johnson (Product): 15 years of programming experience. CTO ofViralogy and FDCareer; Lead Developer at Bunchball, a gaming mechanicsstartup ($2M in revenue within 1 year with customers like NBC, P&G, Victoria’sSecret). BA & BS from UCLA.Jun Loayza (Marketing): Co-Founder of SocialMediaMarketing.com of SEOP.Grew to $12M in revenue with customers like LG, Levi’s, and Activision. CMOof Viralogy and FDCareer. Cofounder of Untemplater (sold to FinancialSamurai). Hired, trained, and managed a 25-person sales team. BA from UCLA. REWARDME.COM
    • Our story of learning, pivoting, andachieving product/market fit (and a $1M contract)
    • In 2010, we conceptualized theconcept of using a smartphone to replace punch cards
    • Within 3 months, we quicklylaunched an iPhone/Android App that scanned QR Codes
    • We were the earliest in the market with that model
    • LOL...
    • We learned that one person going door-to-door, we could quickly get 70 stores to sign-up in Silicon Valley in 2 months
    • In Mountain View, and Palo Alto, itseemed like we were all over the placeMany tech savvy foodies loved us and some wrote blogposts about us
    • It seemed so promising that we raised around $1M from private angels and TeleNav. We were early. We could get into stores quickly with more foot soldiers. Techusers loved our product. We were excited.
    • But....We also knew there were many problems
    • Problems Our product wasn’t creating disruptive, normeasurable value for the store Only a small % of store users can/will sign up Our product could not record purchaseamount WITHOUT affecting operations Customer Support for these stores were awful Saturating local markets lead to a dead-end
    • Essentially...we were selling the wrong product to the wrong customers
    • Judgement Call:1. Ignore these problems and continue ourmomentum in getting more stores andraise more funding (This is what everyonein the market is doing)2. Go back to the drawing board andactually create a product that actually canbe a market winner
    • Both?Startup Genome Project: #1 reasonstartups fail is premature scalingChanging our model after being inthousands of stores would be a nightmareWe had to decide NOW
    • New Company Thesis:❖ The market will be won by those who tackle the hard problem of selling into chains❖ Domino Effect: large chains are slow adopters but fast followers❖ Large chain traction will trickle down to small stores nationwide❖ Large chains have an entirely different set of requirements (ROI, Data, etc.)
    • We relaunched at the end of 2011 with aMUCH better product that satisfies chain store requirements...
    • STEP 1: ACQUIRE How? REWARDME.COM
    • STEP 1: ACQUIRE How? 1) Sign up every guest 2) Capture detailed data (and lots of it!)3) Without interfering with speed and business operations REWARDME.COM
    • STEP 1: ACQUIRE Put iPads into stores to run their rewards program Collect real-time purchase data from any Point of Sale system Guests join with just a phone number(Currently acquiring between 20-40% of ALL daily guests) REWARDME.COM
    • RewardMe In Store REWARDME.COM
    • STEP 2: ANALYZE Target guests based on usage filters (spend, visit frequency)Target guests based on demographic filters (has kids, income > 100K) REWARDME.COM
    • STEP 2: ANALYZE REWARDME.COM
    • STEP 3: ACTION Auto-Triggered Messages via 1) In-Store Screen 2) Mobile SMS/PushBased on 1) Purchase Preferences 2) Demographics 3) External Environment REWARDME.COM
    • RECAPRewardMe reads receipts from ANY POS And acts in store, on the web, and on your phone Analyzes, interprets, and prepares the data for consumption
    • Result Based on 20 Stores for 7 months (120 more signed up) 116,000 27.58% Check-ins of ALL purchases(from 66,264 Users) (up to 51%) 64% 33%Check-ins from Users Opt-in to SMS Repeat Users Marketing REWARDME.COM
    • Result Based on 20 Stores for 7 months (120 more signed up)RewardMe users 5.7%buy 20.5% more AOV difference is provable LiftProvable 2% 66% Bottom-Line Revenue Lift Revenue Lift on day of ($20K/yr) SMS Push REWARDME.COM
    • 10x Better Solution Compared to “the best” in the market Duration Users/ Name Users Locations Redeems (mo) LocationRewardMe 66,000 6 20 3300 10,111Belly Card 200,000 12 1500 133 14,000Five Stars 250,000 15 700 357 NA REWARDME.COM
    • Business Model Stores pay for Monthly Service hardware (and Fee per location installation) (feature-based)Mobile Purchase SoLoMo Commissions Targeting REWARDME.COM
    • PipelineEvaluation Negotiations Pilot Full Rollout REWARDME.COM
    • $1 Million+ Contract Hardware &$500-$1000/mo Installation per location covered 90 $1,080,000/yr Locations Revenue REWARDME.COM
    • Series A Funding• 2012: Raise $5M to scale up business• 24 months runway• Spending Plan: Marketing/Bizdev: $2,000K Tech/Infrastructure: $1,700K Account Management: $800K General/Admin: $500K REWARDME.COM
    • Summary1.Mooyah loves HUGE Market RewardMe!2. Experienced/Successful Team3.and we know you will too Product Leadership4. Success in Enterprise sales Yu-kai Chou 714.273.7088 Yukai@RewardMe.com