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Be4 u leap columbia univ jan 2014
 

Be4 u leap columbia univ jan 2014

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    Be4 u leap columbia univ jan 2014 Be4 u leap columbia univ jan 2014 Presentation Transcript

    • “Providing apartment review services to international students looking to relocate to the US” Team: Ahmed Makhlouf Simon Zhu Anna Wang Lillian Wang Interviews: 81 Day 1: 20 Day 2: 20 Day 3: 23 Day 4: 18 Team 15 Virtual Open House
    • How does this work Basic information for free Standard apartment tour & review Customized value–added service • Registration for free database service • Aggregated basic information of the apartment  Location, size, the number of bedrooms, fundamental facilities… • Report and recommendation based on the key words of search R e L p o o c r a t t i o n 2 1/29/2014
    • How does this work Basic information for free • Agent tour appointment • Video tour Standard apartment tour & review • Produce very detailed review of the apartment Room condition Customized value–added service  Soundproof  Bedbug history  Heater  Lighting Facility & Amenity  The size of the parking lot  Chinese supermarkets/rest aurants 3 Safety of the community  Monitor  Criminal history 1/29/2014
    • How does this work Basic information for free Standard apartment tour & review Customized value–added service • Conduct interview with previous resident • Help connected with the local community 4 • Comparison report of the apartments listed by the customer • Customized service 1/29/2014
    • Day1 Business Canvas 7. Key Partners 8. Key Activities 1. Value Proposition 4. Customer Relationships 2. Customer Segments 3. Channels Students Convenient Craigslist 6. Key Resources Realtors 9. Cost Structure Server Costs 10. Revenue Streams Customer Acquisition Costs 5 1/29/2014
    • Day1 Hypothesis Testing What we thought What we have discovered People would find video a more compelling experience than pictures • • People would be willing to pay for an app and platform to shoot video of real estate • “I don’t want to cram my phone with apps I would use once a year even if they more efficient” • • What we changed People find video slow to load Pictures are sufficient to show the basic qualities of a property. If people wanted a closer look, they’d just go in person Restart Customers can upload videos themselves Even if they wanted an app, they would only use it once per few years. “Why bother use this app, if I would only use it once a year” 6 “I can just used craigslist to upload my video, I don’t do it that often anyway” 1/29/2014
    • Technical Pivots 7 1/29/2014
    • Day2 Business Canvas 8. Key Partners Real Estate Brokers UAH 7. Key Activities • Build & maintain online platform • Recruit and train part-time employees • Acquire students • Partner with real estate brokers 6. Key Resources Online Platform Human Resources Local office 2. Value Proposition 4. Customer Relationships Creating and publishing professional quality video tours and uploading them to a web portal, where it can be shared via social media or posted to online realty marketplaces Get: advertise on Acting as a proxy that provides apartment review services to international residents Reduced Time & Effort: - Virtual Personal Assistance - Easy & detailed analysis Online: 9. Cost Structure official websites, social media & popular BBS Keep: Follow up & obtain feedback after moving in Grow: Develop new services & partnerships 3. Channels • • • • Company Website BBS Social Media Real Estate brokers websites 1. Customer Segments Students/apartme nt owners interested in selling/renting out apartments Real Estate Brokers International Students - High school - Undergraduate - Graduate Expats Word of Mouth: • • Real Estate brokers Alumni 5. Revenue Streams • Variable Costs: hourly wage for agents, transportation expense, recruiting & training costs • Fixed Costs: Utilities- Server & IT costs; Transaction based service Standard service with single fixed pricing 8 1/29/2014
    • Day2 Hypothesis Test What we thought What we have discovered Customer – Expats or their corporations ✖ • Customer – International students are willing to pay $20 – 50 for one apartment review ? • • • “Compared to the rent I’m going to spend on the house for the whole year, I would like to spend 1% on a professional service to help with my choice” What we changed Corporations rely on relocation agencies Expats prefer to review apartments themselves Focus only on international graduate students Chinese students in particular are willing to pay these amounts Married couples are also more willing to accept this price range Focus mostly on Chinese students and married couples “It helps a lot, I would pay up to 30 dollars to guarantee a nice place for my family” 9 “When I relocated as an expat, I would rather spend some time and money in a local hotel to visit possible options myself” 1/29/2014
    • Day3 Business Canvas 8. Key Partners Real Estate Brokers UAH 7. Key Activities • Build & maintain online platform • Recruit and train part-time employees • Acquire students • Partner with real estate brokers 6. Key Resources Online Platform Human Resources Local office 2. Value Proposition Acting as a proxy that provides apartment review services to international residents • • • Time and cost saved Professional service provided by experienced staff Providing a detailed and objective review • Quick response • Catering to family special needs e.g. (schools…etc.) 4. Customer Relationships Get: advertise on official websites, social media & popular BBS Keep: Follow up & obtain feedback after moving in Grow: Develop new services & partnerships 1. Customer Segments 1. International Students - High school - Undergraduate - Graduate • • • • 3. Channels Online: • • • • Company Website BBS Social Media Real Estate brokers websites • • • Single 18 – 30 years old Mostly Chinese Tend to apply in peak season Little experience with US housing evaluation Married Long term rent commitment Specific needs • • • 9. Cost Structure Word of Mouth: 2. Expats Real Estate brokers Alumni 5. Revenue Streams • Variable Costs: hourly wage for agents, transportation expense, recruiting & training costs • Fixed Costs: Utilities- Server & IT costs; Transaction based service Standard service with single fixed pricing 10 1/29/2014
    • Customer Archetypes Freshman Fang Key Attributes • Single • • • • • 18 – 30 years old, mostly Chinese Minimal income Tend to apply in peak season Little experience with US housing evaluation Convenience oriented What Matters Able to find a satisfying house in New York City quickly before coming here for study Value Propositions • Quick response • Professional help on apartment appraisal • Connection with locals “I would love to pay a reasonable price for your service if it helps me make quicker decision and build up local connections” 1/29/2014 11
    • Customer Archetypes Mother Mindy Key Attributes • Married, with children • 22 – 30 years old, international • Time and money sufficient • Little experience with US housing evaluation • Very high standards for housing condition What Matters Able to find a safe, wholesome neighborhood to settle down and raise a family Value propositions • Best practice after comparing many different options before deciding • Professional help to find neighborhood supporting long term commitment • Specific need-fits for education and safety “We asked a friend to do it, but if we didn’t find anyone, we would’ve been very willing to pay for such a service.” 1/29/2014 12
    • Day3 Hypothesis Test What we thought What we have discovered Revenue – We should provide standard service with fixed price ✖ • • Free membership or try out attract traffic It’s difficult to cover or set price on every unique customer requirement Introduce a 3-tier pricing strategy Channel – Advertising in the student group on social media, BBS would be most effective ! • Most student prefer to trust information in familiar student group on social media Pushing advertisement through instant messaging and email is more effective Introduce in Push Marketing Strategies • “I have friends that flew all the way to the US to inspect the apartment and flew back.” “Is it possible for you to connect me with some previous residents? I would like to pay more if it generates extra cost.” 13 What we changed “If your service is recommended by the social group I have long time membership, I would be more likely to try it out” 1/29/2014
    • Day4 Business Canvas 8. Key Partners Real Estate Brokers Online real estate database Instant message service providers 7. Key Activities • Build & maintain online platform • Recruit and train part-time employees • Acquire students • Partner with real estate brokers UAH 6. Key Resources Online Platform Human Resources Local office 2. Value Proposition 4. Customer Relationships Acting as a proxy that provides apartment review services to international residents • Time and cost saved • Professional service provided by experienced staff • Providing a detailed and objective review Get: advertise on official websites, social media & popular BBS • Quick response • Catering to family special needs e.g. (schools…etc.) Push digital marketing: QQ, group email Keep: Follow up & obtain feedback Grow: Develop new services & partnerships Offer discount for referral 3. Channels Online: • • • • Company website BBS / Social Media Real Estate brokers websites/online 9. Cost Structure 1. International Students - High school - Undergraduate - Graduate Single 18 – 30 years old Mostly Chinese Tend to apply in peak season • Little experience with US housing evaluation • • • • database Student group on instant messaging and email • Married • Long term rent commitment • Specific needs Real Estate brokers Alumni 2. Expats Word of Mouth: • • 1. Customer Segments 5. Revenue Streams • Variable Costs: hourly wage for agents, transportation expense, recruiting & training costs • Fixed Costs: Utilities- Server & IT costs; Transaction based service Standard service with single fixed pricing 3 – tier pricing 14 1/29/2014
    • Customer Relationship Get Keep Grow • Advertise on university • Follow up and • Offer discount for BBS and social media collect feedback customers who • Develop partnership • Improve services require more with brokers and RE and update to the apartment tours database, advertise customers • Offer discount for on their website • Send holiday or referrals • Push digital marketing birthday greeting • Develop partnership through instant emails with more influencing messaging terminal real estate websites • Email target customers through the mailing list of student associations 15 1/29/2014
    • Pricing Strategy Basic information for free • Free for registered customers • Standard • apartment • tour & review • $40 per tour & review * 10% discount off for more than 5 tours 20% discount off for more than 10 tours Get one for free for every 3 referrals Customized • $20 per extra value-added service value–added • Negotiate with customer about the price service * Additional tours are priced @ 0.4% of annual rent 16 1/29/2014
    • Day4 Hypothesis Test What we thought What we have discovered Resource – Hiring local international students as part-time employees is cost efficient ! • Partner – We can partner with University housing dept. to increase reliability ✖ • • • “As much as we staff would like to assist you in your startup idea, it’s not permitted for us to cooperate officially with you at this time” What we changed International students are willing to help fresh alumni even if not paid a lot Chinese new comers prefer to pay the service provided by a Chinese student Provide part-time jobs for international students Official cooperation is not permitted But International Student Association are positive in partnering with us Divert to partner with Student Association “Grateful of the help the senior alumni have given me, I would like help out the new comers as well” 17 “As long as your business really solve problem of student in our association, we are open to a long time partnership” 1/29/2014
    • Day5 Business Canvas 8. Key Partners Real Estate Brokers Online real estate database Instant message service providers 7. Key Activities • Build & maintain online platform • Recruit and train part-time employees • Acquire students • Partner with real estate brokers UAH International Student Association 6. Key Resources Online Platform Human Resources - International Student as parttime employees Local office 2. Value Proposition 4. Customer Relationships Acting as a proxy that provides apartment review services to international residents • Time and cost saved • Professional service provided by experienced staff • Providing a detailed and objective review Get: advertise on official websites, social media & popular BBS Push digital marketing: QQ, group email Keep: Follow up & obtain feedback Grow: Develop new services & partnerships Offer discount for referral • Quick response • Catering to family special needs e.g. (schools…etc.) 9. Cost Structure 3. Channels Online: • Company website • BBS / Social Media • Real Estate brokers websites/online database • Student group on instant messaging and email Word of Mouth: • Real Estate brokers • Alumni 1. Customer Segments 1. International Students - High school - Undergraduate - Graduate Single 18 – 30 years old Mostly Chinese Tend to apply in peak season • Little experience with US housing evaluation • • • • • Married • Long term rent commitment • Specific needs 2. Expats 5. Revenue Streams • Variable Costs: hourly wage for agents, transportation expense, recruiting & training costs • Fixed Costs: Utilities- Server & IT costs; Transaction based service Standard service with single fixed pricing 3 – tier pricing 18 1/29/2014
    • Cost Structure Fixed cost System development cost Variable cost Labor cost $10 per tour Training cost Ways to keep cost low • Hire international students as part-time labor • Divide customers into groups based on their university community • As our database grows, the average labor cost will decrease 19 1/29/2014
    • Next Steps Week Month • Investigate pricing structure • Expand customer demographics • Website payment and registration Year •Begin orders and sales to Test full process •Formalize and test Agent Training script and video template •Get feedback on delivered product •Scale up Website to automate transactions 20 •Prepare for prime rental season (Summer) by scaling up employee base and marketing 1/29/2014
    • Appendix 21 1/29/2014
    • Market Sizing Total Available Market: Total Market Size $780 M • • 1.74 Mio international Grad students* 50% of existing student need housing • 3 house reviews per student • $30 per review • 5% Annual Growth Total Potential Market $200M Our Opportunity $20M *Chronicle for higher Education- chronicles.com/article /Graduate-School-Enrollments/141577/
    • Competitive Analysis
    • Value Propositions “Freshman Fang”: International students Ages 18-22, Single Minimal Personal Income “Mother Mindy”: Globe trotting Professional or Student Ages 22-30, Married with Children Substantial Personal Income Buyers want an appraisal of their apartment before they sign a long term lease. We provide agents who are experienced in appraisal, and trained in our system. Buyers are often far away from their new location geographically, and cannot visit prospective homes easily. Our convenient online system allows buyers to “visit” homes from anywhere in the world. Buyers are concerned about the impartiality of the information provided by brokers and agents. Our agents are paid per visit, not by commission on sales, and are reviewed based on accuracy Buyers are concerned about the high costs and pushy sales tactics of brokers and agents. Our agents simply provide the information for a much lower fee, the buyer makes the decisions.