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I nuture columbia univ jan 2014

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    I nuture columbia univ jan 2014 I nuture columbia univ jan 2014 Presentation Transcript

    • Customer type Expecting mothers Expecting fathers Medical /Nutritional professional Baby stores / Yoga studio Other Total Saket Jain EMBA Global Tiago Luchini EMBA Global # 19 9 7 3 10 48 Jon Ma EMBA Global Wasib Muhammad EMBA Global
    • Customer development has informed our sample customer journey 9 Months Pregnancy Timeline of customer journey Conception Trimester One Trimester Two Trimester Three Post Natal 1. Build awareness of need and solution • Online advertising / social media • Word of mouth / online groups • Baby stores, Nutritionists, OBGYN, Yoga / Pre natal yoga 2. Online sign up and subscription • Purchase for oneself or as a gift • Create customized profile • Online / email registration for pre-natal nutrition information (freemium) • Monthly subscription / box purchases 3. Snack box delivery and continuous feedback • Non-perishable savory and sweet snacks that are tasty and nutritional ‒ Nuts, seeds, dried fruit, dried seaweed, dark chocolate, coconut oil based • Delivered weekly, fortnightly or monthly via US postal service (USPS) • Algorithm selects snacks based on nutritional needs at a given stage of pregnancy • Info leaflet to link nutritional content of delivered snacks with stage of pregnancy • Snacks available to meet dietary, cultural and medical requirements of customer • Customer can feedback which snacks she likes and dislikes • Quality but recyclable packaging to create gift experience iNurture 4. Ongoing subscription • Lactation • Figure recovery • Infant nutrition
    • Business Canvas Day 5 Key Partners Supplier & Packaging Postal Service Nutritionist Key Activities Regulatory Compliance Vendor Partnership Social Outreach Network partnerships Personalize Packages Assembly and delivery Nutritional Research Value Proposition Customer Relationships Food packages tailored to specific needs Convenient Delivery Personalized Experience Get Keep Grow Google Search Social Med/Viral Baby Shops Referrals Informational Incentivized Personalization Trimester based Subscription Lactation Figure Recovery Infant Nutrition Channels Key Resources Nutritional Data Matching Algorithm Outreach Strategy Inventory Hardware/Software Cost Structure Inventory Cost Platform creating Salaries Logistics Demonstrate caring behavior Direct online sales Delivered Periodically Bundled with Info Tailored as a Service Referral incentives Doctors + Supp. Groups Baby Shops + Yoga Studio Revenue Streams Marketing Liability Insurance Matching Algorithm development Subscription Pricing Freemium Customer Segments Stay home expecting mother Working expecting mother Value conscious expecting dad Distant expecting dad High spender expecting dad Far away expecting grandmother Caring expecting grandmother
    • We have identified seven customer archetypes • • • • • • • • • • • •
    • Developing product market fit Expecting Moms Expecting Dads Loved ones
    • Channels
    • Customer relationships: Get
    • Customer relationships: Online advertising
    • Customer relationships: Keep and grow
    • Revenue Streams Upsell • Offer free nutritional information for • expecting mothers • Users order their customized snack box Users can register to receive periodic • Users decide on delivery frequency updates and reminder about potential • Users can specify a personalized changes in the diet Yet to be tested and fleshed out message (as a gift to someone)
    • Revenue Streams - Projection Revenue iNurture Revenue Projection 2014 2015 2016 2017 2018 Year Key Assumptions Revenue per customer Customer Capture Rate Year 2014 Customer Capture Rate Year 2015 Customer Capture Rate Year 2016 Customer Capture Rate Year 2017 Customer Capture Rate Year 2018 Customer Capture Rate Year 2019 $900.00 1% 2% 5% 10% 20% 40% 2019
    • Summary • iNurture delivers quality nutrition and eliminates anxiety of making food choices during pregnancy • iNurture is a scalable and sustainable business model that has a revenue projection of $400MM from the US alone • Other parts of the world (both developed and emerging economies) have similar needs and iNurture plans on rapidly growing beyond the US
    • Immediate Next Steps • Identify and build a Minimum Viable Product (MVP) • Further refine targeted customer archetypes through additional customer interviews • Refine the product market fit • Further define the customer channels and run experiments • Online marketing (Landing page and google adwords) • Baby product shops • Pre-natal yoga • Identify and validate the revenue models • Further expand on the key activities and partners
    • Appendix
    • Business Canvas Day 1: The unenlightened starting point Key Partners - Supplier + Packaging - Logistics / Postal Service - Nutritionist Key Activities Platform / Network -- Customization -- Intelligent Selection -- Subscription/Call-to-Action -- Feedback Inventory Management 0 Order Fulfilment - Assemble Customer Order - Final Packaging - Delivery - Subscription payment Regulatory Compliance Value Proposition Convenient Healthy Customized Intelligent Selection Key Resources Intellectual - Nutritional Data - Matching Algorithm - Recipes - Outreach Strategy Physical - Inventory - Website (Hardware / Software) Cost Structure - Inventory Costs - Platform Creation - Data Security - Salaries - Logistics - Marketing (online) - Nutritional Value Allocation Algorithm (IP Development Cost) - Liability Insurance Customer Relationships - Predominantly self service - Community Managers (Online - Social) - Automated Services (Online procession and 0 Checkout) Customer Segments Individual Consumers - Office Consumer - Home Consumer Group consumers - Office - Family Channels Awareness: Go Viral - Coupons: Free Nibbles box if you refer a friend - Promotional Packaging - Social Media: Twitter / Facebook / Instagram Delivery: - Small Postable boxes - Individual portions (each sub-box is one serving) Feedback: Through website Revenue Streams Value Proposition - Convenience - Intelligent Nutritional Advice How are the customers paying? - Subscription Model -- Price discrimination based on volume, frequency, and subscription duration
    • Day 2: The need to identify a clear, niche customer segment What we thought (Hypotheses tested today): • Office workers are interested in healthy snacks • Office workers would value the convenience of delivery • People would be keen on a subscription service • People would prefer to consume smaller portions • People value variety • Corporates would be interested in providing healthy snacks for employees What we learned: • Office workers in New York are not an attractive customer segment due to the high density of convenience stores • Office workers are interested in healthy snacks, with female office workers being much more interested than male office workers • People would prefer to consume smaller portions • Corporates are not an attractive customer segment as they want to provide the cheaper and tastier snacks for employees Key Action: Need to focus on a clear individual customer niche
    • Business Canvas Day 2: The PIVOT! Key Partners - Supplier + Packaging - Logistics / Postal Service - Nutritionist Key Activities Platform / Network -- Customization -- Intelligent Selection -- Subscription/Call-to-Action -- Feedback Inventory Management 0 Order Fulfilment - Assemble Customer Order - Final Packaging - Delivery - Subscription payment Regulatory Compliance Value Proposition Convenient Healthy Customized Intelligent Selection Key Resources Intellectual - Nutritional Data - Matching Algorithm - Recipes - Outreach Strategy Physical - Inventory - Website (Hardware / Software) Cost Structure - Inventory Costs - Platform Creation - Data Security - Salaries - Logistics - Marketing (online) - Nutritional Value Allocation Algorithm (IP Development Cost) - Liability Insurance Customer Relationships - Predominantly self service - Community Managers (Online - Social) - Automated Services (Online procession and 0 Checkout) Customer Segments Individual Consumers - Office Consumer - Home Consumer Group consumers - Office - Family Channels Awareness: Go Viral - Coupons: Free Nibbles box if you refer a friend - Promotional Packaging - Social Media: Twitter / Facebook / Instagram Delivery: - Small Postable boxes - Individual portions (each sub-box is one serving) Feedback: Through website Revenue Streams Value Proposition - Convenience - Intelligent Nutritional Advice How are the customers paying? - Subscription Model -- Price discrimination based on volume, frequency, and subscription duration
    • Business Canvas Day 2: The PIVOT! Key Partners Supplier & Packaging Postal Service Nutritionist Key Activities Regulatory Compliance Vendor Partnership Social Outreach Support network partnerships Personalize Packages Value Proposition Customer Relationships Get Food packages tailored to specific needs Convenient Delivery Personalized Experience Google Search Social Media Baby Shops Referrals Viral Marketing Customer Segments Expecting Mothers Keep Personalization Trimester based Subscription Assembly and delivery Nutritional Research Grow Lactation Weight loss Infant Nutrition Key Resources Nutritional Data Matching Algorithm Outreach Strategy Inventory Hardware/Software Channels Convenient Delivery Demonstrate caring behavior Direct online/mobile sale Small deliverable boxes Promotional packaging Referral incentives US Postal Services/Fedex Cost Structure Inventory Cost Platform creating Salaries Logistics Revenue Streams Marketing Liability Insurance Matching Algorithm development Subscription Pricing Price discrimination based on volume, frequency and duration Expecting Fathers and loved ones
    • Day 3: Initial interviews indicate the expecting parent snack subscription market is an attractive one What we thought (Hypotheses tested today): • Expectant mothers would value: • snack packages tailored to their specific needs • the convenience of delivery • Expectant fathers and loved ones would value: • the convenience of delivery • the opportunity to demonstrate caring behaviour through sending a snack box What we learned: • Initial verification of customer need (but only from limited interviews) • Expectant mothers do not want to feel that they need a “treatment” they instead want to give themselves a “treat” • The lower income bracket with an income <$50k is challenging • Customisation for medical needs (e.g. gestational diabetes) or dietary needs is important • The value of convenient delivery depends highly on home location • Expectant fathers and loved ones would like to show they care through sending a snack box
    • Business Canvas Day 3: iNurture is born! Key Partners Supplier & Packaging Postal Service Nutritionist Key Activities Regulatory Compliance Vendor Partnership Social Outreach Support network partnerships Personalize Packages Value Proposition Customer Relationships Get Food packages tailored to specific needs Convenient Delivery Personalized Experience Google Search Social Media Baby Shops Referrals Viral Marketing Customer Segments Expecting Mothers Keep Personalization Trimester based Subscription Assembly and delivery Nutritional Research Grow Lactation Weight loss Infant Nutrition Key Resources Nutritional Data Matching Algorithm Outreach Strategy Inventory Hardware/Software Cost Structure Inventory Cost Platform creating Salaries Logistics Channels Convenient Delivery Demonstrate caring behavior Direct online/mobile sale Small deliverable boxes Promotional packaging US Postal Services/Fedex Referral incentives Doctors + Supp. Groups Baby Shops + Yoga Stud. Revenue Streams Marketing Liability Insurance Matching Algorithm development Subscription Pricing Price discrimination based on volume, frequency and duration Expecting Fathers and loved ones
    • Day 4: Market need and opportunity confirmed. Value proposition and customer archetypes to be further refined What we thought (Hypotheses tested today): • Expectant mothers are searching for tasty and nutritious snacks • A subscription based model is attractive • Customers want a personalised experience • Customers would be willing to spend >$50 per month on snacks • Endorsement from medical experts is important What we learned: • From interviews with12 expectant mothers we have confirmed a customer need for access to tasty and nutritious snacks • The subscription based model was attractive as it improved convenience for the customer, ensuring they would not run out of healthy snacks • Weekly or fortnightly delivery would be better than monthly delivery • Customers want to be able to indicate preferences for snacks • Customers would look forward to receiving the snack box and would be excited to discover what snacks were in the box • Customers suggested we might include supplements in the box as well • Customers were willing to pay between $50 and $600 per month, depending on the frequency and sizes of the snack boxes • Endorsement from medical experts is a “nice to have” not a “must have”
    • Business Canvas Day 4: Developing the product market fit Key Partners Supplier & Packaging Postal Service Nutritionist Key Activities Regulatory Compliance Vendor Partnership Social Outreach Network partnerships Personalize Packages Assembly and delivery Nutritional Research Value Proposition Customer Relationships Food packages tailored to specific needs Convenient Delivery Personalized Experience Get Google Search Social Media Baby Shops Referrals Viral Marketing Keep Personalization Trimester based Subscription Grow Lactation Weight loss Infant Nutrition Channels Key Resources Nutritional Data Matching Algorithm Outreach Strategy Inventory Hardware/Software Cost Structure Inventory Cost Platform creating Salaries Logistics Demonstrate caring behavior Direct online/mobile sale Small deliverable boxes Promotional packaging US Postal Services/Fedex Referral incentives Doctors + Supp. Groups Baby Shops + Yoga Studio Revenue Streams Marketing Liability Insurance Matching Algorithm development Subscription Pricing Price discrimination based on volume, frequency and duration Customer Segments Expecting Mothers: Stacey (Stay home mother) Wanda (Working mother) Expecting Fathers and loved ones: Victor (value conscious dad) David (Distant dad) Hugo (High spender dad) Fiona (away grandmother) Karen (caring grandmother)
    • Day 5: The iNurture value proposition has been verified by a nutritionist What we thought (Hypotheses tested today): • It is beneficial to tailor nutritional intake to the stage of pregnancy • Baby product stores and pre-natal yoga studios would be willing partners • Friends and family would purchase an iNurture subscription or box as a gift • Expectant mothers would value the iNurture offering What we learned: • A qualified nutritionist verified the importance of tailoring nutritional intake to the stage of pregnancy • The nutritionist gets more of her clients pre-conception rather than postconception • Sweet snacks such as chocolate can also be nutritional • Baby stores and pre-natal yoga studios have an interest in selling iNurture subscriptions as a complementary product to their own • Friends would purhcase an iNurture snack box as a gift • We continue to get strong feedback from new mothers
    • Business Canvas Day 5 Key Partners Supplier & Packaging Postal Service Nutritionist Key Activities Regulatory Compliance Vendor Partnership Social Outreach Network partnerships Personalize Packages Assembly and delivery Nutritional Research Value Proposition Customer Relationships Food packages tailored to specific needs Convenient Delivery Personalized Experience Get Keep Grow Google Search Social Med/Viral Baby Shops Referrals Informational Incentivized Personalization Trimester based Subscription Lactation Figure Recovery Infant Nutrition Channels Key Resources Nutritional Data Matching Algorithm Outreach Strategy Inventory Hardware/Software Cost Structure Inventory Cost Platform creating Salaries Logistics Demonstrate caring behavior Direct online sales Delivered Periodically Bundled with Info Tailored as a Service Referral incentives Doctors + Supp. Groups Baby Shops + Yoga Studio Revenue Streams Marketing Liability Insurance Matching Algorithm development Subscription Pricing Freemium Customer Segments Stay home expecting mother Working expecting mother Value conscious expecting dad Distant expecting dad High spender expecting dad Far away expecting grandmother Caring expecting grandmother
    • Market analysis… The US market for subscription based delivered snacks is fast growing with a rapidly changing competitive landscape • • • • • • • • •
    • Competition analysis… US Competitive Landscape $0.9BN $8.5BN $19BN $3.1BN