How do we allow customers to be more intimate with businesses
Transcript of "Iddi final 2013 stanford e245"
E245 BETTER DATA BETTER INSIGHTS BE BETTER WORLD MARYANNA | ZINEB | THERESA | KYLAN INTERVIEWS | NEW/TOTAL | 10/119Draft – WIP - Confidential iddi
Team Members : What we Thought • Zineb Laraki • Maryanna Quigless • MS EarthSys, SymSys • GSB • Nice Smile • Lost and Alone :/ • Kylan Lundeen • Theresa Johnson • GSB • PhD, Aero-Astro • Great Hat! • Skeptical Engineer :-/
Team Members : What we Found • Zineb Laraki • Maryanna Quigless • MS EarthSys, SymSys • GSB • Awesome Cust. • Team Builder :-D Interviews • Kylan Lundeen • Theresa Johnson • GSB • PhD, Aero-Astro • Deep domain exp. • Skeptical Engineer :-/ • Awesome designer
Our Path Profound Belief: Un-intrusive, Rewarding Feedback 2. Viral Consumer 3. Mobile In-App 1. In-Store for SMB Product Re-sell Survey Delivery data Will ppl give real-time feedback? Is there a betterWill SMB’s buy? way? Feedback tied to 3 Question POS Survey location Will SMBs pay for misc. data?Will ppl respond? Real time feedback for Prompt + Pic + SMS discounts/discovery Can we go viral? Real Time Yelp for Events 4
MVP: “Where’s the product?”We built it… ... we sold it… ..then iterated.. …and launched “Lets experiment: will a “Let’s integrate paying “Let’s figure out analytics, customer buy a customer feedback and kick marketing and launch!” subscription?” it up a notch” 7
What we found• SMB willing to pay $20-$50/mo.• Survey Takers 1% response rate• POS/Table-top is crowded
Our PathProfound Belief: Un-intrusive, Rewarding Feedback 1. In-Store for SMB Will SMB’s buy? 3 Question POS Survey Will (more) ppl Prompt + Pic + respond? SMS 9
Test what drives responses– Test incentives • Discount at POS • Chance to win • Better intrinsic call to action– Test “reinventing the survey” • Snap a picture & email • Text rating to number +Test timing • Before shopping transaction • After/home based 10
Experiments 4 Pictures +• Hand-to-hand commentary combat works “Z axis”– Immediate Incentives work Intrinsic Motivation– Ease of texting Marketing matters– Value of incentive • 2 Pictures + Timing matters- after commentary experience/during exit asks suck – Social/Viral works 400% 443 Handouts 1 response – Poor placement hurts – Don’t Delay Gratification 11
What we found• 20% Response rate using pre-shopping handout + Discount• 20% Response rate using pre-shopping handout and pictures• Low response rate post-shopping
Trough of despair…more Qs than AnswersCost of scaling SMB? Differentiation? Respondent acquisition??? units time
Our PathProfound Belief: Un-intrusive, Rewarding Feedback 2. Viral Consumer Product Re-sell data Will ppl give real-time feedback? Feedback tied to location Real time feedback for discounts/discovery Real Time Yelp for Events 15
What we thought..• Let’s focus on acquiring feedback givers…• Hypotheses: – Event knowledge solves a pain for users – Event knowledge keeps id|di ubiquitous – Event feedback solves a pain for promoters – “everyone will just….use it…”
Business Model v5 -- What we did• Built a mock up of “id|di rooster”, real time yelp for events• Got out of the building: Tested it via interviews and “the BBL test”
What we found• Hyper local events Kind of… events are hard to discover….people use email and discovery solves a digests as a hack pain Most people plan ahead (not JIT-ers)• Community would Kind of… very temporal, after 20 minutes utility “expires” keep app ubiquitous Need to be hyper viral No…campus promoters won’t pay• Promoter pain point solved Need data to show value
What we thought…• If the information is there…they will come• Seed the system by scraping other networks for information.• Leverage partners to add value to promoters and users
Business Model v6 – What we did Testing outside of the building….Can we reach target Can we add value Can we create a What is user cost?viral coefficient? via scrape? conversation?1.1 Not really… Not really… Yes… $20 (too much)…
What we found• The numbers didn’t add up…we need to bring distribution channel cost down
What we thoughtHypothesis:• We need to lower cost of acquiring respondents Web banner ad modules• We need to create a way for more direct access to Interstitials respondents +• We need to automate user sign up/ launch Self service productMarket Researchers iddi inMobi Targeted Publishers Survey Creation, Respondents Data & Insight Tools
Business Model v7 – What we didInterviewed potential Interviewed potentialchannel partners customers and product partners
What we found• Large ad networks won’t partner with us until they see scale• Need to build an API with existing infrastructure – “banner ad space as a container”• Potential developing market opportunity• Product selection bias awareness (don’t behave like survey on the spot)• Can the busy customer launch and review quickly (“the on the toilet test”)?
Interstitial surveys via mobile contentMarket Researchers iddi inMobi Targeted Publishers Survey Creation, Respondents Data & Insight Tools Latte or Cappuccino?
Our WorldTalked to AdMob, InMobi, Content Publishers, Users
Where we add valueSmart Phone Apps Tablet Mobile AdsFeature Phone Web
Revenue Model: Smart-phone, USMarket Researchers iddi inMobi Targeted Publishers Survey Creation, Respondents Data & Insight Tools $0.30/res. $0.70/res. $1.50/res.
RoadMapApril –Dec. 2013 Jan. 2014 June 2015Beta Product Testing US Smart-phone launch6 mos. – 1yr$500K angel Africa, Feature Phone Launch Raise Series-A based on3 co-founders working product and 100- 300 paying customers Raise Series B based on2 additional 2500+ paying customersdevelopers/designersBeta test with entrepreneurs Hire 3 mid market sales,& CPGs $40K + commission Partner with publishers in Ghana, Kenya and CapeTown Recurring CPG Revenue New Sales to NGOs and Manufacturing & local SMB
Viability?• Secured Space in GSB Venture Studio• StartX Motwani Labs • Theresa Johnson • Maryanna Quigless • PhD Engineering • GSB • Data algorithms • Consulting • Start-up (beta-SeriesA, • Start-up Iroko Apture) • Africa
Lessons Learned Summary• Stick to your guns!! (Thanks Steve)• Being hypothesis/data driven – Getting customers to give feedback is hard – It needs to be easy and convenient – Needs a clear incentive • Intrinsic: Help Business – Improve your experience • Extrinsic: Reward before you walk out the door• Filtering through lots of contradictory feedback and unclear signals 33