Testing value proposition of my tripstory 2012.05.26
Testing Value Proposition Venture Lab Infotainment team MyTripStory Create an exciting story of your trip
Our process1.1 First hypothesis1.2 First experiment1.3 Results of the first experiment2 Competitors research3.1 Second hypothesis3.2 Second experiment3.3 Results of the second experiment4 Market size5 Final idea. Value proposition
1.1.1 First hypothesis. IdeaMyTripStory is a service for travelers who would like to create an exciting story of their journey.MyTripStory is colorful tale about ones journey with photos, maps, routes, descriptions of impressions and a lot of interesting details and statistics.
1.1.2 First hypothesis.SegmentationOur customers are average and often traveling people.Tourists cultural holidays tourists, fun, pleasure in friends company hobbies and adventures tourists (fishing, ski, etc) beach holidays touristsBusiness travelersCampers and discovery (exploring) travelers
1.1.3 First hypothesis. ValuepropositionTouristsСreate a story, save, share it with friends/familyBusiness travelers Board records of their often business tripsCampers and discovery travelers Logbook of their crusades
1.1.4 First hypothesis. FeaturesMake a lot of statistics from any information we can get(as much as possible)Templates that user can choose for visualizationSimple interfaceIntegration with other sources where trips content could be created (Facebook, Instagram, Twitter, Foursquare, Flickr, etc)
1.1.5 First hypothesis. MonetizationKeeping users data above the certain limits (monthly fee)Ability to download created stories: e-album, trip story infographics, clip in high quality format (for every download)Keeping created stories (e-album, infographics, clip) in maximum quality format (monthly fee)
1.2 First experiment15 face to face interviews• unstructured interviews• main questions concerns: o preparations for traveling o way of traveling o impressions sharing o assessment of MyTripStory service• the goals are: o to check hypothesis o to clarify user experience and their needs o to find opportunities for business
1.3.1 Results of the firstexperiment. Segmentation
1.3.2 Results of the firstexperiment. Value propositionActive tourists Get colorful "snapshot trip story" of the journey without spending much timeBloggers, passionate travelers Help to create exciting story of their trip for their audience and himselfPassive tourists We suggest they wont use the service (hypothesis)Business travelers We suggest they wont use the service (hypothesis)
1.3.3 Results of the firstexperiment. FeaturesPeople not really need statistics, so we should not collect bunch of itPeople want beautiful design made simple so we should do nice templates
1.3.4 Results of the firstexperiment. MonetizationPeople want something to be printed so we should print and ship trip story book or trip story infographics poster
1.3.5 Results of the firstexperiment. IdeaWe should help travelers create exciting trip stories very easy and automatically.Evolution of the service into "stories of sites"Many sites are famous or well known due to their stories, these stories are scattered on the Internet or saved in sites owners mind. As consumers are looking for offers and discounts on Foursquare, as travellers looking for interesting stories and impressions in their journey our service can help to find stories of sites and make it a part of travelers trip story
3.1 Second hypothesisPeople going to use our service and ready to pay!Which segments are the most attractive?Which segment is ready to use the service?Which way of commercialization is preferable?
3.2 Second experimentGoalto clarify potential position on the marketchoose the key segment and differentiate with great valuepropositiontry to define channels or key partnersMethode-survey (77 respondents, 6 countries) j.mp/JSMxRQ
3.3.1 Results of the secondexperiment. Demand45% "definitely" ready to use it38% is going to use it "from time to time"17% is not going to use it83% of respondents is ready to try the service
3.3.2 Results of the secondexperiment. Segmentation47% prefer active cultural holidays15% adventures and hobbies holidays19% relaxing, beach holidays14% business trips 5% camping and hikingActive tourists - the most attractive segment (61%)
3.3.3 Results of the secondexperiment. Monetization86% from "definitely ready to use"is ready to pay for "every story printing"66% could pay monthly fee for keeping trip data (infographics, trip books) in high quality60% is ready to pay monthly fee for keeping trip data above the certain limits49% is ready to pay for downloading of generated content3% from "definitely ready to use" is "not ready to pay"
Market size1. Market size "in people"2. How to count money3. Market size in $
Market size27% annual market growth - based on Y2Y users growth of special trip applications
4 Market size: assumptions1. 35% of active tourists might become users of trip stories services (we decreased the figure, in our survey - 57% of active tourists)2. 11% of active tourists would prefer monthly fee (1.5$ per month)3. 24% of active tourists would prefer get printed trip storybook (2 items per year, 25$ each)
5 Final Idea. Value propositionMyTripStory is a service for tourists who prefer activecultural holidays and would like to get an exciting colorfulstory of their journey without spending much time.MyTripStory creates exciting trip stories based on the datathat are automatically gathered and uploaded by the usermanually.We provide maximum interesting information concernsusers trips (fun stats, photos from smartphone andfacebook account, facts and descriptions of the sites fromopen sources) and create a colorful story (infographics, e-album, trip story book) according templates user choose.