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FIERCELYWHAT’S NEW TRENDS FASHION STYLE DESIGNERS CLOTHING presents… LESSONS LEARNED 12 MARCH 2013 STANFORD UNIVERSITY
THE INITIAL IDEA MARKET SIZE: USD 5 BILLION“Crowdsource fashion designs and take care of production,marketing, and distribution”WHATTake Kickstarter.com, mix it with Etsy.com for creativity & variety and Quirky.com for thecollaborative processWHOTarget audience: Emerging & Aspiring Designers, Tastemakers, Shoppers, EstablishedBrands, Fashion Boutiques, Department Stores, Fashion E-commerce sitesWHEREOnlineWHYNeed exists in the market to match demand with supply and help to eliminate wastedtalent and resourcesHOWThe Fiercely Process
THE FIERCELY TEAM TEAM STRUCTUREOPERATIONS CONTENT DOMAIN EXPERT: CONTENT EXPERT: Dara Johnson / MBA1 Clara Chow / MBA2 VISIONARY: Nicky Hinrichsen / MBA 2 MARKETING GURU: ROCKSTAR CODER: Ruchi Dana/ MBA2 Braulio FernandesTOGETHER, MAKING FIERCELY A SUCCESS
FIERCE LEADER CONTENT CONTENT EXPERT: Clara Chow / MBA2 VISIONARY: Nicky Hinrichsen / MBA 2 ROCKSTAR CODER: Braulio Fernandes
WHAT WE DID Built product mock-up Created video explaining value proposition for Emerging and Aspiring Designers Tested Tastemakers’ & Shoppers’ user experienceWHAT WE FOUND Emerging and Aspiring Designers need support on o creating design sketches o samples of their designs o creating an audience, marketing & PR, distribution o producing their styles Tastemakers, Shoppers, and Retailers are excited to o discover new fashion designers o engage with designers and become “ambassadors” o engage with designers to modify products
BUSINESS MODEL CANVAS – V 2Prioritize De-prioritize Validated
Keep - Kill – Want - Share Lagerfeld copies from your Keep - Kill – Want - Share closet. Buy designer originals • Keep • Kill hot off the presses. Keep - Kill – Want - ShareHey good looking. • WantWhat do you want to do • Sharetoday? • Keep Keep - Kill – Want - Share • Kill Keep - Kill – Want - Share • Want • Share Keep - Kill – Want - Share Keep - Kill – Want - Share You can see the next big thing. Launch my career. Keep - Kill – Want - Share• Keep • Keep• Kill • Kill• Want • Want WHAT WE DID• Share • Share Met with the CEOs & founders of other fashion kickstarters that had recently failed and other Keep - Kill – Want - Share fashion tech companies Iterated MVP You’ve got taste. Worked on acquiring Shape my new line. customers through ads
WHAT WE FOUND• Trendsetters curious about being a patron or sponsor of emerging design talent, but uncertain “I like supporting indie designers through Etsy.” “There’s enough stuff out there. Give me stories, access.” “As a fashion editor my job is to find new talent. But don’t have them tweet at me. Find another way to connect.” “Set expectations. For ecommerce people want their product right away. But if it’s set up as a Kickstarter kind of project, people are willing to wait; it’s a different mindset.”• Initial feedback on MVP: need call to action and an element of play and feedback to keep users coming back (Polyvore)• Competitors (Cut on Your Bias, Fabricly, Lookk) already use voting, pre-orders – how do we differentiate and acquire customers?
BUSINESS MODEL CANVAS – V 3 Prioritize De-prioritize
1st PIVOT VOTE NOW ON LOOKS BY SAKS’ HAND-PICKED YOUNG DESIGNERSSaks Trendcaster powered by Fiercely
NEXT STEPS: FASHION BY BARTER INVITE-ONLY BARTER PARTIES MOBILE APPLICATION
WHAT DID WE LEARN Customer acquisition is KINGFIERCELY VIABILITY There’s a need for this that can only be met once we have a substantial, vibrant community POST-CLASS STEPS Work on acquiring customers & #StayingFIERCE