Personallibraries E245 final presentation

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Personallibraries E245 final presentation

  1. Personal Libraries<br />
  2. Insight: No more bookshelves<br />eBooks+150% YoY ‘10<br />Printed Books <br />-20% YoY ‘10<br />
  3. Version 1.0: Personal Libraries<br />
  4. Original Idea: Personal Digital Libraries<br />Import, organize and share thousands of digital papers<br />
  5. Our Intrepid Team<br />Abhishek BhattacharyyaResearcherEx-NEC engineerMasters EE candidate<br />Xu CuiDesigner/developerStanford Researcher Neuroscience, PhD<br />Mike DorseySerial e-commerce entrepreneurMS/MBA candidate<br />Becky NixonProduct managerEx-Director, Scion GroupMS&E candidate<br />Ian Tien Designer/developer<br />Ex-engineering manager, MSFT<br />MBA/MPP candidate<br />
  6. something-something-something.com<br />Original idea<br />Invincible Business Model: Version 1.0<br />SHORT TERMResearchers<br />Lawyers<br />Scientists <br />LONG TERMAvid book readers<br />Professionals <br />FB/TW posts from users you know<br />Company blog, FB, TW, support forums<br />Import, organize and share thousands of papers<br />Targeted marketing<br />Product development<br />Constant iteration & testing<br />Libraries, Universities, Research Centers<br />Bloggers and media targeting customer segment<br />Academic Database providers<br />Affiliate program<br />SEO/SEM/SM<br />IE/FF/Chrome App Stores<br />Developers<br />Marketers<br />Affiliate program fees<br />Licensing<br />Subscription fees<br />Ad revenue<br />AWS Infrastructure<br />SEM<br />Eng & Marketing OpEx<br />
  7. Here’s What We Did<br />Version 1.0: Personal Libraries<br />
  8. Got out of the building<br />
  9. Got out of the building<br /><ul><li>100+ Interviews</li></ul>Professors, Litigators, IP lawyers, Post-docs, PhD researchers, Engineering Students, Law Students…<br />
  10. Got out of the building<br /><ul><li>100+ Interviews
  11. Extensive Surveys</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  12. Extensive Surveys
  13. 33,000+ Adwords</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  14. Extensive Surveys
  15. 33,000+ Adwords
  16. Compete Review</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  17. Extensive Surveys
  18. 33,000+ Adwords
  19. Compete Review
  20. Market Sizing</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  21. Extensive Surveys
  22. 33,000+ Adwords
  23. Compete Review
  24. Market Sizing
  25. 50 bloggers</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  26. Extensive Surveys
  27. 33,000+ Adwords
  28. Compete Review
  29. Market Sizing
  30. 50 bloggers
  31. 6 Social Networks</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  32. Extensive Surveys
  33. 33,000+ Adwords
  34. Compete Review
  35. Market Sizing
  36. 50 bloggers
  37. 6 Social Networks
  38. Usability Tests</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  39. Extensive Surveys
  40. 33,000+ Adwords
  41. Compete Review
  42. Market Sizing
  43. 50 bloggers
  44. 6 Social Networks
  45. Usability Tests
  46. Rapid Iteration</li></li></ul><li>Here’s What We Found<br />Version 1.0: Personal Libraries<br />
  47. Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock</li></ul>A great business if we had more users…<br />
  48. Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock
  49. Pipelines Optimize</li></ul>Shorter pages raise conversions 80%<br />
  50. Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock
  51. Pipelines Optimize
  52. The Web Listens</li></ul>Sites will feature your service<br />
  53. Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock
  54. Pipelines Optimize
  55. The Web Listens</li></ul>BAD<br /><ul><li>Academics = Cheap</li></ul>Teaching team saw pattern in our data<br />
  56. Run away from this customer as fast as possible. <br />
  57. Run away from this customer as fast as possible. <br />They don’t want to spend money and will incur infinite support and infinite cost.<br />
  58. Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock
  59. Pipelines Optimize
  60. The Web Listens</li></ul>BAD<br /><ul><li>Academics = Cheap</li></ul>Teaching team saw pattern in our data<br />
  61. Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock
  62. Pipelines Optimize
  63. The Web Listens</li></ul>BAD<br /><ul><li>Academics = Cheap
  64. Negative Margins</li></ul>Working for peanuts, and hitting wild product success leads to economic failure<br />
  65. Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock
  66. Pipelines Optimize
  67. The Web Listens</li></ul>BAD<br /><ul><li>Academics = Cheap
  68. Negative Margins
  69. ECM = Boring</li></ul>No adjacent pivots worked for the team<br />
  70. Version 2.0: Trusted Advice<br />
  71. something-something-something.com<br />Original idea<br />Invincible Business Model: Version 2.0<br />Upwardly mobile young professionals making $2-10K of discretionary online purchases a year (excluding travel)<br />FB/TW posts from users you know<br />Company blog, FB, TW accounts<br />Discover online goods recommended by friends at the lowest possible price from trusted vendors<br />Developing trusted advice and advisors<br />Web marketing <br />Affiliate partnerships<br />Constant iteration & testing<br />Bloggers and Media targeting customer segment<br />Retail marketing partners<br />IE/FF/Chrome teams<br />Affiliate Program Providers<br />Affiliate program<br />SEO/SEM/SM<br />IE/FF/Chrome App Stores<br />Developers<br />Marketers<br />Content Library<br />Install base<br />Readership base<br />Affiliate program fees<br />Licensing<br />Subscription fees<br />Ad revenue<br />AWS Infrastructure<br />SEM<br />Eng & Marketing OpEx<br />
  72. New Hypotheses<br />
  73. Here’s What We Did<br />Version 2.0: Trusted Advice<br />
  74. Got out of the building, again<br /><ul><li>40+ Interviews</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  75. Extensive Surveys</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  76. Extensive Surveys
  77. Landing Page Tests</li></ul>Landing pages tested on affluent, career aged professionals, approximately 70/30 male/female, N=800+<br />
  78. Got out of the building, again<br /><ul><li>40+ Interviews
  79. Extensive Surveys
  80. Landing Page Tests
  81. Market Research</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  82. Extensive Surveys
  83. Landing Page Tests
  84. Market Research
  85. Compete Research</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  86. Extensive Surveys
  87. Landing Page Tests
  88. Market Research
  89. Compete Research
  90. Revenue Analysis</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  91. Extensive Surveys
  92. Landing Page Tests
  93. Market Research
  94. Compete Research
  95. Revenue Analysis
  96. Two Prototypes</li></ul>Insidely.com<br />wantio.com<br />
  97. Got out of the building, again<br /><ul><li>40+ Interviews
  98. Extensive Surveys
  99. Landing Page Tests
  100. Market Research
  101. Compete Research
  102. Revenue Analysis
  103. Two Prototypes
  104. Refined Personas</li></li></ul><li>Young (18-34), affluent women ($50K-80K+)<br />Young (18-34), affluent men ($50K-80K+)<br />
  105. Got out of the building, again<br /><ul><li>40+ Interviews
  106. Extensive Surveys
  107. Landing Page Tests
  108. Market Research
  109. Compete Research
  110. Revenue Analysis
  111. Two Prototypes
  112. Refined Personas</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  113. Extensive Surveys
  114. Landing Page Tests
  115. Market Research
  116. Compete Research
  117. Revenue Analysis
  118. Two Prototypes
  119. Refined Personas</li></li></ul><li>Version 2.0: Trusted Advice<br />Top ~6M US Influentials (~$9B/year)<br />
  120. something-something-something.com<br />Original idea<br />Invincible Business Model: Version 2.0<br />Upwardly mobile young professionals making $2-10K of discretionary online purchases a year (excluding travel)<br />FB/TW posts from users you know<br />Company blog, FB, TW accounts<br />Discover online goods recommended by friends at the lowest possible price from trusted vendors<br />Developing trusted advice and advisors<br />Web marketing <br />Affiliate partnerships<br />Constant iteration & testing<br />Bloggers and Media targeting customer segment<br />Retail marketing partners<br />IE/FF/Chrome teams<br />Affiliate Program Providers<br />Affiliate program<br />SEO/SEM/SM<br />IE/FF/Chrome App Stores<br />Developers<br />Marketers<br />Content Library<br />Install base<br />Readership base<br />Affiliate program fees<br />Licensing<br />Subscription fees<br />Ad revenue<br />AWS Infrastructure<br />SEM<br />Eng & Marketing OpEx<br />
  121. Here’s What We Found<br />Version 2: Trusted Advice<br />
  122. Findings on "Trusted Advice"<br />GOOD<br /><ul><li>Fast Interest</li></ul>Insidely.com<br />Trusted advice site for <br />Silicon Valley/Stanford MBAs<br />Launched 2/15<br />425 visitors by 2/28<br />
  123. Findings on "Trusted Advice"<br />Ranked #6 by Google for “Stanford Admissions Books”<br />GOOD<br /><ul><li>Fast Interest</li></li></ul><li>Findings on "Trusted Advice"<br />GOOD<br /><ul><li>Fast Interest
  124. High Conversion</li></ul>43% clickthrough<br />on Top Admissions Books for Stanford MBAs article<br />Compare to 0.5% clickthrough on ads<br />~100x difference<br />
  125. Findings on "Trusted Advice"<br />Positive results on “Trusted Advice” Shopping Add-in testing<br />GOOD<br /><ul><li>Fast Interest
  126. High Conversion
  127. Needs Addressed </li></ul>See videos at http://factnote.com/c/e245<br />
  128. Findings on "Trusted Advice"<br />Positive results on “Trusted Advice” Shopping Add-in testing<br />GOOD<br /><ul><li>Fast Interest
  129. High Conversion
  130. Needs Addressed </li></ul>Super easy to install and use.<br />I really did enjoy it! <br />Great idea! I will keep the extension installed because I do think this is practical!<br />I could see myself using this regularly<br />
  131. Findings on "Trusted Advice"<br />Some negative results on “Trusted Advice” Shopping Add-in testing<br />GOOD<br /><ul><li>Fast Interest
  132. High Conversion
  133. Needs Addressed </li></ul>BAD<br /><ul><li>Missing Features</li></ul>See videos at http://factnote.com/c/e245<br />
  134. Findings on "Trusted Advice"<br />Some negative results on “Trusted Advice” Shopping Add-in testing<br />GOOD<br /><ul><li>Fast Interest
  135. High Conversion
  136. Needs Addressed </li></ul>BAD<br /><ul><li>Missing Features</li></ul>I was a little frustrated when it didn’t find the item I was looking for<br />I can find more thorough price comparisons elsewhere…<br />I usually don’t shop in Chrome, so that’s an inconvenience.<br />
  137. Findings on "Trusted Advice"<br />MBA Exchange spams us out of Google<br />GOOD<br /><ul><li>Fast Interest
  138. High Conversion
  139. Needs Addressed </li></ul>BAD<br /><ul><li>Missing Features
  140. SEO Battle</li></li></ul><li>Here’s Where We Ended Up <br />Version 2.1: Trusted Advice<br />
  141. The adventure continuesTrusted Advice 2.0<br />Protection against SEO-spammers<br />Next Experiments: <br /><ul><li>Trusted Lead Gen
  142. Trusted Advice website powered by Shopping Add-in</li></li></ul><li>something-something-something.com<br />Original idea<br />Invincible Business Model: Version 3.0<br />PAT THE PROFESSIONALUpwardly mobile young professionals making $2-10K of discretionary online purchases a year (excluding travel)<br />FB/TW posts from users you know<br />Company blog, FB, TW accounts<br />TRUSTED ADVICE Discover online goods recommended by friends at the lowest possible price from trusted vendors<br />Foil advertorial spammers polluting the Interweb with toxic pseudo-content<br />Developing trusted advice and advisors<br />Web marketing <br />Affiliate partnerships<br />Constant iteration & testing<br />Bloggers and Media targeting customer segment<br />Retail marketing partners<br />IE/FF/Chrome teams<br />Affiliate Program Providers<br />Affiliate program<br />SEO/SEM/SM<br />IE/FF/Chrome App Stores<br />Developers<br />Marketers<br />Content Library<br />Install base<br />Readership base<br />Affiliate program fees<br />Licensing<br />Subscription fees<br />Ad revenue<br />AWS Infrastructure<br />SEM<br />Eng & Marketing OpEx<br />
  143. What We Learned<br /><ul><li>Potential for disruption abounds</li></li></ul><li>What We Learned<br /><ul><li>Potential for disruption abounds
  144. Life is short, focus on big markets</li></li></ul><li>What We Learned<br /><ul><li>Potential for disruption abounds
  145. Life is short, focus on big markets
  146. All we need is to be relentless</li></li></ul><li>We’ll miss E245 and everyone in it<br />
  147. Thank you<br />
  148. Customer Segment: Professional-class consumers shopping frequently online<br /> Pat the Professional<br />Upwardly mobile professional (some Grad Students)<br />Salary: $40,000 – 150,000/year<br />Finance, Consulting, PR, Marketing<br />Follows fashion/technology trends<br />Spends $1-15K on discretionary items online<br />Purchased online in last 30 days<br />Demographics<br /><ul><li>Male/female, aged 18-35
  149. Minimum bachelors from expensive school</li></ul>Traits:<br /><ul><li>Ideas from blogs & shopping websites
  150. Values celebrity trends & friends’ opinions
  151. Wants high ticket items at lowest price
  152. Event-driven shopper—new release or sale</li></ul>Motivation<br /><ul><li>Craves new products
  153. Hates tedious work
  154. Identifies as influencer among friends
  155. Fears being cheated online</li></ul>Behavior<br /><ul><li>Spends 5 hour+ monthly hearing about products
  156. Shares online and in person about products he loves</li></ul>Budget<br /><ul><li>$2-10K+/year in discretionary online purchases</li></ul>“The XXX is awesome, I really want one. I know I just bought the YYY, but it’s probably time to upgrade.” <br />~5.9M “Pat the Professionals” in US<br />Drawn from top 1/3 of 17.8M frequent online shoppers<br />17.8M based on 40.2M Professionals (2008 Census) * 0.762 US Internet Penetration (Nielsen 2010Q1) * 0.58 consumers shopping online in last month (Nielsen 2010Q1) <br />Online Recommendation Market Opportunity (conservative strawman #s)<br />Assuming 10% share, 5% affiliate fees<br />Top Shoppers (~$7B/year spend): ~ $35M/year <br />Professional-class frequent shoppers (~$1.8B/year): ~ $9M/year<br />Other Professional-class shoppers ($0.7B/year): ~3.5M/year <br />Source: US Bureau of Labor Statistics<br />
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