15 team11 day5
 

15 team11 day5

on

  • 418 views

 

Statistics

Views

Total Views
418
Views on SlideShare
418
Embed Views
0

Actions

Likes
0
Downloads
8
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

15 team11 day5 15 team11 day5 Presentation Transcript

  • ThirdSpace (previously JavaSeat…and Table Reservations) 10 Coffee Shop Managers 3 Coffee Shop Owners 40 Consumers Team 11 Ashleigh Ranney Kamal Grey Scott Malish Jeff Golde
  • What we thought on Day 1 Hypothesis Solution Consumers are frustrated with uncertainty/inability in securing a seat/table within coffee shops when in need Website/mobile app that allows consumers to reserve seats within coffee shops in advance. Coffee shops would be interested in solutions that can better monetize “squatters” Share revenue from reservation system with coffee shop.
  • Key Partners *Coffee Shops *Coffee drinker (shop customers) *Businesses *Yelp (location of shops, built in feedback to help populate our product) Key Activities Value Propositions Customer Relationships Customer Segments *Two-sided customer acquisition (coffee shops and consumers) *Feedback loop *Channel management *Segment expertise *Marketing (branding, PR) Coffee shop: *Better monetization of utilized capacity *Better monetization of excess capacity *Exposure/discovery *Direct access/connection to consumer *Relationship manager (coffee shops) *Word of mouth *Web/app discovery *In-store promotion Coffee shops: *Coffee + Food *Coffee only Consumer: *Guaranteed seating *Time-savings (reduced wait times in line, no searching multiple shops for seating) *Easy payment (especially for business meetings) Channels Key Resources *Human (design, technology, customer acquisition expertise) *Business relationships *Financing Cost Structure Variable: *SG&A *Web hosting *Mobile app development Fixed: *Initial site/app development Primary: *Mobile application *Online/web Secondary: *Industry coffee Magazines that shops might read *Social media *Universities *Coffee shops Consumers *Coffee aficionados *Casual coffee drinkers *Students *Freelancers *Full-time professionals Pain Point Summary: Wasted Time, Lack of Seating at Best Shops Revenue Streams *Subscription (consumer and/or coffee shops) *Rev share (% of transaction volume) *Order and/or reservation fees *Advertising *White label/managed service *Small fee from coffee shop if customer makes a reservation (5-10 min find an open seat model)
  • What we learned on Day 2 Hypothesis Reality Consumers are frustrated with uncertainty/inability in securing a seat/table within coffee shops when in need Unknown Coffee shops would be interested in solutions that can better monetize “squatters” Coffee shops generate the lion’s share of their profit from to-go/walk-in only, so do not worry about revenue opportunity cost from squatters.
  • Day 2 Pivot Consumer-to-consumer bid system for tables in coffee shops Hypothesis Solution Consumers are frustrated with uncertainty/inability in securing a seat/table within coffee shops when in need. Create a marketplace for transacting/securing coffee shop tables/seats in real-time. Consumers are willing to pay for ability to get a seat on demand. Bid-system will determine market value of the seat based on the specific circumstances. Consumers are willing to pay other consumers for their seat. Bid-system will be consumer-to-consumer.
  • Key Partners *Coffee Shops *Coffee drinker (shop customers) *Businesses *Social media apps (Yelp, Foursquare, Twitter, FB, etc.) Key Activities *Two-sided customer acquisition (coffee shops and consumers) *Feedback loop *Channel management *Segment expertise *Marketing (branding, PR) *Customer acquisition Key Resources *Human (design, technology, customer acquisition expertise) *Business relationships *Financing Cost Structure Variable: *SG&A *Web hosting *Mobile app development Fixed: *Initial site/app development Value Propositions Customer Relationships Customer Segments Consumer: *Guaranteed seating *Time-savings *Easy payment *New source of easy $$ Get: In store promotion, app store SEO, social media, partnerships with Yelp and Foursquare Coffee Shop app Coffee shop: *Better monetization of utilized capacity *Better monetization of excess capacity *Exposure/discovery *Direct access/connection to consumer Grow: Coffee Shop finder/profiler app Consumers: *Socializer *Coffee aficionados *Casual coffee drinkers *Students *Freelancers *Full-time professionals Keep: Loyalty program, Channels Primary: *Mobile application *Online/web Secondary: *Industry coffee Magazines that shops might read *Social media *Universities *Coffee shops Coffee shops: *Coffee + Food *Coffee only Pain Point Summary: Wasted Time, Lack of Seating at Best Shops Revenue Streams *Subscription (consumer and/or coffee shops) *Rev share (% of transaction volume) *Order and/or reservation fees *Advertising *White label/managed service *Small fee from coffee shop if customer makes a reservation (5-10 min find an open seat model)
  • What we learned on Day 3 Hypothesis Reality Consumers are frustrated with uncertainty/inability in securing a seat/table within coffee shops when in need. Problem was not as significant as originally thought (primarily weekends and small, popular shops). Consumers are willing to pay for ability to get a seat on demand. Not universal. WTP lower than expected (<$5.00). Consumers are willing to pay other consumers for their seat. Cultural barriers to concept of paying someone for their seat.
  • What we discovered Gain Creators *Ability to reserve seats online/via mobile app *Super fast WIFI and outlets at every seat *Sound-proof phone booths *Express line for shorter waits for coffee to-go *”JavaSeat profiles” and table reservations places you next to people of similar interests/backgrounds *Artisanal coffee shop/co-working space hybrid *Membership Pain Relievers subscription for key *Table reservations features *Guaranteed outlet and fast WIFI *Beautiful design that promotes productivity *Unlimited work time without need to buy any coffee/food Gains *Peace of mind for of available seating *Access to fast WIFI and outlets *More time for work/meeting *Able to take calls if needed *Sense of community; networking/meeting people of interest (social, professional) *Work for extended periods of time *Be productive (not waste time) Pains *Enjoy great coffee *Uncertainty on seating availability *Uncertainty on productive, conducive workspace *Limited outlets, spotty or no WIFI *Guilt of “squatting” at table without paying for more goods
  • Key Partners Key Activities *Coffee Shops *Coffee drinker (shop customers) *Social media apps (Yelp, Foursquare, Twitter, FB, etc.) *Feedback loop *Channel management *Segment expertise *Marketing (branding, PR) *Customer acquisition *Human (design, technology, customer acquisition expertise) *Business relationships *Financing Variable: *SG&A *Web hosting *Mobile app development Fixed: *Initial site/app development Customer Relationships Customer Segments Consumer: *Guaranteed seating *Time-savings *New source of easy $$ Get: In store promotion, app store SEO, social media, partnerships with Yelp and Foursquare Coffee Shop app Consumers: *Office-less professional *Coffee shop “regulars” *Busy-bees *Socialites Keep: Loyalty program Grow: Coffee Shop finder/profiler app Key Resources Cost Structure Value Propositions Channels Primary: *Mobile application *Online/web Revenue Streams *Rev share (% of transaction volume)
  • Day 4 Pivot Create a brick and mortar shop that addresses the office-less professionals’ need for coffee shop ambiance with workspace amenities Hypothesis Solution Coffee shops do not truly fill the needs of office-less professionals Office-less professionals can purchase a membership that entitles them to unlimited wi-fi, coffee/snacks, soundproof phone booths Ambience, decor and community are highly desirable factors in choosing a remote workspace Keep the to-go customers, create a space for non-members so that coffee shop feel is retained, but work space is amplified
  • ThirdSpace Coffee shops beautifully designed to keep you inspired, creative, and most of all productive ThirdSpace is where your local coffee shop meets the shared workplace. ThirdSpace wants people to feel welcome to just pop-in or, better yet, stay the entire day. It’s a new coffee shop specifically tailored to people seeking an efficient “third space” to host a meeting, to get work done, to surf the web, to meet new people, or to just get outside of the home/office. ThirdSpace does not reinvent the local coffee shop. It represents the beloved coffee shop culture to keep it fresh and energized, human yet relevant.
  • ThirdSpace ...the NEW Coffee Shop “I’M AM OFFICE-LESS WORKER AND WANT TO BE HERE “I AM JUST A WALK-IN, CAN I STILL COME IN??” ALL THE TIME, ARE THERE ANY PERKS FOR ME?” YES! Join the ThirdSpace community and become a member! As a member, you will get: YES! OF COURSE! We have top-quality coffee and some of the best artisanal pastries in addition to: -Seat Reservations made online on our mobile app -Standard to-go coffee -Super (and we mean SUPER) fast WIFI -First-come, First-serve (limited) seating -Access to the Express to-go line -Limited WIFI -Ability to pre-order your coffee/food on our app -Limited Outlets -ThirdSpace community -Sound-proof phone booths to make your phone call in private (and for those whose conversations you don’t -Beautifully designed spaces want to hear!) -Create a ThirdSpace user profile -Locker Storage -Unlimited artisanal coffee
  • Key Partners *Co-working spaces *Remote workers *Freelancer union *Baristas Key Activities Value Propositions Customer Relationships Customer Segments *Store design *Web/mobile app development *Commercial real estate *Making coffee *Third space specifically designed to be conducive to extended work *Guaranteed seating *Time-savings *Community/connection Get: invite-only membership “beta”, co-working space partnerships, professional events (art shows, start-up launches, etc.) Consumers: *Office-less professional Key Resources *Real estate locations *Human (baristas) *Capital (store footprint, equipment) *Architect/Designer *Operations specialist Cost Structure Variable: *SG&A *Rent Fixed: *Store design and equipment Keep: More store openings (more ubiquitous presence) Grow: more “premium” offerings to increase membership fees Channels *Physical Store *Website/mobile app (seat reservations, advanced ordering) Revenue Streams *Membership *Per-per-use *Direct in-store sales
  • ThirdSpace...Individual Store Economics Operating leverage created through memberships and/or pay-per-use Improved monetization of store capacity can yield up to 2x gross revenue in same footprint as standard coffee shop
  • ThirdSpace...the MVP
  • ThirdSpace...Has Customers!! “Yea i'll try it out for a few months. Beats paying so much money for the Columbia club :)” “I am in, guys. Great idea!” “Is there one on the Upper West Side? If so, I’m there.” “Really looking forward to your UWS opening”
  • ThirdSpace..where we are headed! Continue to explore the Thirdspace MVP beyond CBS networks Further customer discovery: - Coffee shops with excess capacity to test ThirdSpace concept - Additional Customer Segments: Freelancers, independent contractors, students - Consultant Companies: corporate memberships Develop cost structure: - Real Estate cost research -SG&A