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Wedwu presentation 071112
- 3. The team Co-Founder and President Darren Atinsky •See Bio Co-Founder and Vendor Director Michael Carnie Lead Programmer Humberto Lee CIO Joshua Goosen Founding Technology & Strategy Advisor Shawn Kernes CTO and COO roles at StubHub, eBay, Cash4Gold, Beyond the Rack and others Founding Finance & Strategy Advisor Marco Lagos M&A advisor to ATIC, Navis, Ansys, ISS, Tencent, Taleo and IPO & financing advisor to Audience, Finisar and others
- 5. The US Wedding market 2.1MM $53.3BN Weddings Industry per Year Spending Distribution (per Wedding) Spend by Category ($ in BN)
- 6. The online wedding market Computer-based purchases of Online purchases by wedding products & services: category ($MM): $8BN $1BN opportunity ~$15BN of total annual wedding spend
- 8. Our business
- 9. Value Proposition • Competitive Advantage / Value Proposition – Brides - Pricing Model Shifts Supply Curve – Vendors – Secure Job, No Sales / Marketing – First Mover on Both • IP Assets – Bidding engine – “Name-Your-Own-Price”
- 10. Competition • Direct Competition – Craigslist • Other Startups – Lead Generator Models • Substitute Solutions – Brides • Uncle Ned • Forgoing service • Like Southwest Airlines • Product/Pricing Comparison
- 11. Threats and Weaknesses • Copy-cats • Template Results (no creativity) • Vendor pool is inadequate for a region / unproven • Vendors/Customers don’t understand process • Not Personality-driven
- 12. Marketing Strategy • Business Model: Priceline for the Wedding Market • Marketing Activities – Search engine optimization – Email Campaigns – Internet Advertising (PPC) / Banner Ads – Aggressive social media – Vendors market in their territory • Sales and Distribution Channels: Website Driven • Target Customers – Second-wedding Brides – Price-shopping Brides – Grooms
- 13. Growth Opportunities Once traction is made in wedding market we can launch life cycle verticals for: • Birthdays • Anniversaries • Quince • Bar Mitzvahs • Graduations
- 16. WedWu Business Model Canvas Second-wedding Brides Brides gain access to a novel Brides gain access to a novel Darren Atinsky (President) Email Campaigns solution that gives them access to a solution that gives them access to a Price-shopping Brides Humberto Lee (CTO) larger supplier pool and decreased Joshua Goossen (IT Director) Internet Advertising larger supplier pool and decreased costs. costs. Grooms Michael Carnie (Vendor Director) Aggressive social media Vendors eliminate activities that Vendors eliminate activities that 100+ Photographers are NVA for their customers are NVA for their customers 100+ Videographers Subscriptions / Qualification (marketing, selling, scheduling). (marketing, selling, scheduling). TARGET: 32% 2nd time 100+ DJs They can focus on what they do weddings, 640,000 / yr They can focus on what they do Bidding Management best. Partnerships with local vendors best. … 32% of a 52 billion hosting weddings Customer Support $ industry. Exploring partnerships with David Bridal and national wedding chains. Vendor Database Bridal shows Bidding System Craigslist Advertisments Bidding Algorithms Networking with wedding venues (example: Signature Grand) Google search optimization Most brides come to WedWu through referrals. 64% convrsion rate. Site Maintenance Costs Biding Fees Vendor Qualification Costs Vendor Subscription Fees (TBD) Customer Support Costs WedWu Business Model Canvas
Editor's Notes
- The US wedding market is massive and an opportunity exists to tap into a large, underserved segment of consumers for wedding products and services. In 2011 there were 2.1MM weddings in the US. The weddings where people spent $20,000 or less, represented almost 70% of those weddings and vendors and service providers spend an inordinate amount of time serving the minority of the market with premium, high priced services and products. Total spending for wedding products and services was $53.3BN. Photography, video and entertainment categories represented over $8BN of that spend (about 15% of all spending for weddings).
- The online market for wedding products and services is underutilized and underpenetrated. It is already an $8BN market, but that amount represents only 15% of all wedding-related purchases. Within that, purchases of services for wedding photographers, videographers and DJ’s represent a $1BN opportunity with potential for solid growth as adoption of online as a channel for purchases increases. This is the total addressable market, and WedWu’s target market lies within the rational, cost-conscious, price inelastic segment of this market...