Opportunity Execution Project - Career Mentor Online

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Career Mentor Online is a platform to provide career consulting services.

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Opportunity Execution Project - Career Mentor Online

  1. 1. transform the way of career success OPPORTUNITY EXECUTION PROJECT CAREER MENTOR ONLINE
  2. 2. Subjects Executive Summary Prototype & Business Model Sales & Marketing Strategy Partnerships & Distribution Cost, Revenue and Risk Copyrights, Career Mentore Online, 2013 2
  3. 3. About Us Career Mentor Online is a: Platform to provide Career Consulting Service Career Mentor Online transform the way of career success Job Seekers Mentors Career Consulting Service Copyrights, Career Mentore Online, 2013 3
  4. 4. Fundamental Problem What‟s the pain point of Job Seekers? • There are a lot of job seeking tips online, but the market is lack of information about the career path of a particular position or industry. • What the job seekers are willing to pay is less than what the professionals expect. Some graduates said they can’t afford 10 – 50 USD per hour to hire a mentor. • Chinese students don’t care much about career path, and most of them don’t expect to pay for this kind of service. • Graduates studying abroad care much more about career path. 90% of them come back to China to work after graduation. Above is based on the survey result conducted by June, 2013. Copyrights, Career Mentore Online, 2013 4
  5. 5. Opportunity Analysis Copyrights, Career Mentore Online, 2013 5 Jobs Job Seekers BIG GAP What‟s the Gap? 1. Resume improvement 2. Interview simulation 3. Customized career path planning 4. Competitive advantage analysis 5. Insider‟s information There‟s a huge gap for job seekers to find a suitable job, not only for the opportunity itself, but strong related to soft skill.
  6. 6. Market Research According to the market research result *, we have defined the service offerings & pricing model. Copyrights, Career Mentore Online, 2013 6 * Online Survey conducted in Jun, 2013
  7. 7. Customers & Services Copyrights, Career Mentore Online, 2013 7 • Target Customers: Graduates coming back from abroad Highly-paid industries, like finance, consulting, and IT First-tier cities: Shanghai, Shenzhen, Beijing, and Guangzhou • Service Offerings: Service Offerings Unit Pricing Resume/CV review & revise 1 piece 10 USD Interview practice 0.5 hour 20 USD Career advice for specific industries* 0.5 hour 20 USD • Currently will only cover 3 industries: IT, Finance and Consulting. • Detailed package and pricing, please refer to slide #
  8. 8. Packages & Pricing We also provide several kinds of packages. Copyrights, Career Mentore Online, 2013 8 Packages Service Offerings Pricing Trial Pack CV review & revise – 1 piece Career path guidance – 1 time 15 USD Professional Pack CV review & revise – 2 piece Interview Practice – 1 time Career path guidance – 2 time 40 USD Subscribe Pack 6 months of services subscription Career path guidance – 6 time 80 USD Customized Pack Depends on the service required TBD
  9. 9. Subjects Executive Summary Prototype & Business Model Sales & Marketing Strategy Partnerships & Distribution Cost, Revenue and Risk Copyrights, Career Mentore Online, 2013 9
  10. 10. Prototype Copyrights, Career Mentore Online, 2013 10 Bi-lingual website which offers English and Mandarin service introduction, career tips, mentors information, online surveys, etc. Welcome to visit us: http://career123.weebly.com/ Chinese Version http://career123en.weebly.com/ English Version
  11. 11. Roadmap Copyrights, Career Mentore Online, 2013 11 May, 2013 Career Mentor Online team founded June, 2013 Prototype was made, and business model was defined July, 2013 Team was enlarged, and finalized the sales & marketing strategy Aug, 2013 Cost & Revenue model defined, and finalized the Opportunity Execution Project Oct, 2013 Alpha version of standard products & services to be published Mar, 2014 Refined products & services to be releases, and big promotions will be planned, to catch the opportunity of 2014 Summer Graduation
  12. 12. Our Team Copyrights, Career Mentore Online, 2013 12 Vincent Xu Financial Consultant Alex Su Internet/IT Expert Charles Sun Consultant Founders: Idea Generation: Till Jun 30th, there‟s over 7 millions of graduates in China, and 30% of them could not find a job, and 60% of them feel the job doesn‟t meet their expectation. Team Formation: Alex, Vincent and Charles met each other in the course Technology Entrepreneurship part I, and continue to met team members in part II. Barry, Raj, Vatsala, Isqil Abhishek, Sitanan, Jageep
  13. 13. Business Model Copyrights, Career Mentore Online, 2013 13 Key Partnership 1) Online recruiting platform We get: Shared resource of opening positions and job seekers We provide: Customized career mentor service to their customers 2) Education organization We get: Resource of career mentors We provide: A platform of show/branding Key Activities 1) Market research 2) Web Design and development 3) Advertisement/prom otion Key Resources 1) Experienced people 2) Network of employees and professionals 3) Reviews of companies Value Propositions 1) Job Seekers: Customized service Zero/Lower cost Build network 2) Career Mentors: Build personal influence Develop coaching skills 3) Companies: Interactive tool to find qualified resource Add brand Value Cost reduction for recruiting Customer Relationships 1) All customer relations are: Only Online or Automated (as much as possible) 2) Customer life cycles: Career Mentors: long Job seekers: short, but follow up with companies: long 3) Customer acquisition and retaining costs: Career Mentors: medium Job seekers: low Channels 1) Own website 2) Social networks 3) Incoming links from other websites 4) Advertisements 5) Seminars 6) Professional gathering Customer Segments 1) Customer Groups: Career Mentors Job seekers Undergraduate students Graduates Unsuccessfull job seekers Companies 2) Customer Locations: Phase 1: China Phase 2: Worldwide Cost Structure 1) Fixed cost: salaries, rents, and web server cost. 2) Contents - at first we have to create contents or pay for it to attract users 3) Outsourcing system development 4) Marketing cost Revenue Streams 1) Revenue from: graduates Pre-employment training program Commission when students hire mentors for one-on- one training 2) Revenue from: companies; Advertising; A dedicated page for a particular company; Union recruiting
  14. 14. Subjects Executive Summary Prototype & Business Model Marketing & Sales Strategy Partnerships & Distribution Cost, Revenue and Risk Copyrights, Career Mentore Online, 2013 14
  15. 15. Marketing Strategy Catch Connect Close Continue Four Steps of Strategy: Build a lifecycle service model to provide career consulting service to Job Seekers. Connect and maintain the relationship with customers, and drive to close their demand when needed. Drive customer satisfaction, and continue with promotion via WOM (word of mouth). Copyrights, Career Mentore Online, 2013 15
  16. 16. Customer Acquisition Copyrights, Career Mentore Online, 2013 16 Type Channel Target Customer Percentage Cost Selection Online Channel Website Official site High Low ✓ Mass Online Media Yahoo, Sina, etc. Low High Verticals LinkedIn, YJS High Low (forum) ✓ Social Platform Weibo, WeChat High (subscribers) Low ✓ Offline Channel O2O events Douban, CAPE High Zero ✓ Universities SJTU, etc. Medium depends Job fair any High High
  17. 17. Communication Strategy Content Potential Customers Subscribers Customers Career Seeking ✓ ✓ ✓ Interview Tips ✓ ✓ ✓ Industrial Tips ✓ ✓ ✓ Job Specific Tips ✓ ✓ ✓ Soft Skills ✓ ✓ Capability Develop ✓ ✓ O2O Events ✓ ✓ Reporting ✓ Job Posting ✓ Copyrights, Career Mentore Online, 2013 17
  18. 18. Acquisition Cost Copyrights, Career Mentore Online, 2013 18 Awareness Interest Desire Sales Drive awareness through Online/Social channel, and universities Cost: 5 man hours/week, around RMB500/week Content promotion: 5 tips/week, each will have 50 UV(unique visitor) in the beginning Conversion to Lead: 10% Lead generation: 100 per month Convert to opportunity: 25% Sales opportunity: 25 potential user/month Sale promotion: Discount; free trial Close-Win Rate: 25% Estimated customer: 6 per month CAC (customer acquisition cost): 50 USD * Conversion rate is based on service industry general data.
  19. 19. Sales Strategy Service Offerings Sales Channel Target Consumers Copyrights, Career Mentore Online, 2013 19 • Fresh Graduates • Junior Professionals Abroad students is a focus in phase I for experiment. Industry Focus: IT, Finance, Consulting Services: • Resume/CV review • Interview practice • Industry guidance for career path • Social Media/Online promotion • Universities, offline event & promotion Currently it will be for experiment, focus on niche market.
  20. 20. Sales Process Copyrights, Career Mentore Online, 2013 20 Get • Online/Social customer acquisition • Universities, offline events & promotion • Sale promotion, like free trial Connect • Content push through Social media • Personalized service promotion Grow • Referrals, by Word of mouth • Sale promotion, like free trial Per survey result, most job seeker would like to “Search job seeking website” & “Ask for help from experiencers”, which we will combine the concept of “Online/Social” & “Experts” for our GET strategy.
  21. 21. Lessons & Learned • Till Jul 27th, we have two customers. Customer background: Chinese, Female, Master Degree, Junior professional in Consulting industry, now working in USA, with more than 1 year working experience. Customer problems: Facing the question if need to change career path and choose a new industry. Customer acquisition channel: Friends referral CAC: 0 Service provided: Industry guidance for Consulting, provide the normal career path; also clarify the success factors, not only depends on the career path, but also depends on personal behavior, motivation, soft skills, etc. Price: 0, for free trial Customer feedback: Satisfied, and clear about career path Copyrights, Career Mentore Online, 2013 21
  22. 22. Subjects Executive Summary Prototype & Business Model Sales & Marketing Strategy Partnerships & Distribution Cost, Revenue and Risk Copyrights, Career Mentore Online, 2013 22
  23. 23. Partnerships Target Partners: Mentors, for service offering Universities, for distribution Copyrights, Career Mentore Online, 2013 23 Mentors • For C.V checkers: people from company recruitment departments/private recruitment to give experience and important advice on content. Ideal as a part-time job or freelancers. • For interview practice techniques: take on people from recruitment departments/H.R on a freelance basis or individuals with experience in the recruitment and interview process. • Industry experts to work as career mentors, currently focus on IT, Finance and Consulting industries. Universities • Departments that offering career seeking advices or internship opportunities. • Focus on Financial & Management related colleagues, majors. • Groups in universities focus on job seeking and career development.
  24. 24. Partnerships Analysis Copyrights, Career Mentore Online, 2013 24 Benefits to them What they offer How to reach them Cost of partner acquisition Earn money Maximize self value Career advice Resume optimize Interview practice Social Media, LinkedIn Mentor referrals Acquisition cost: 0 Maintenance cost: TBC Mentors Universities Career service to students More practicable Student resources Events for promotion Cold call Student referrals Events, exhibitions TBC, but the expected is as little as possible
  25. 25. Experiment Copyrights, Career Mentore Online, 2013 25 Interests of Career Mentors: • Motivation to share experience and could help others, especially for fresh juniors • Chance to learn and develop the coaching skills • Career mentors first • Social Media is a good channel to get connection with the targets Directions for Partnerships: Till Jul 30th, we have 3 partners: Career mentors: 3 Universities: 0 Acquisition Cost: 0 Channel: Referral
  26. 26. Distribution • Services will be initially offered via the internet. Distribution partners: Universities Service delivery channel: Email, Skype, QQ, etc. • Payment of customers by: Alipay or Paypal • Co-ordination of service provision and the payment process by the core administrations team. Copyrights, Career Mentore Online, 2013 26 Students Universities Career Mentor Online
  27. 27. Qualification & Payments • Qualification for Career Mentors: 5 years and above experience in specific industries With HR, IT, Finance, Project Management related certification • Payments to Distribution partners: This requires negotiation on a %cut between the partner offering the service to the consumer and „Career mentor online‟. Career mentors: 50% of the sales revenue Universities: 20% of sales revenue Copyrights, Career Mentore Online, 2013 27 Mentors Career Mentor Online Career Mentor Online, 20 % Mentors, 40% University, 40% Individual Career Mentors University Channel Payment
  28. 28. Subjects Executive Summary Prototype & Business Model Sales & Marketing Strategy Partnerships & Distribution Cost, Revenue and Risk Copyrights, Career Mentore Online, 2013 28
  29. 29. Cost Analysis • The costs of this project consists of below: On-line advertising Account management and technical support (1-2 personnel) Payment of percentage cut to services provided by coaches, etc. Design and maintenance of website Perhaps give promotions on university campus sites in the first few months of launch. • Cost Breakdown in first 6 months: Copyrights, Career Mentore Online, 2013 29 Website maintenance and social channel promotion 5 manual hours per week, around 50 USD per week Design and website develop One time cost, 5 manual hours = 50 USD Hosting fee + Domain fee 20 USD (Hosting free in 6 months) Mentors service fee 0 (in the first 6 months)
  30. 30. Revenue vs. Cost Revenue in first 6 months: Copyrights, Career Mentore Online, 2013 30 * This is a rough estimation bases on 50% Trial Pack+ 50% Standard Services, and actual sales revenue will be depends on the service offerings and varies Cost in first 6 month 1270 USD Revenue in first 6 months 1850 USD<
  31. 31. Funding There will be two periods: Phase I (May, 2013 – Dec, 2013) All the funding will be from founders, the cost till Dec, 2013 will be estimated around 1000 USD. Minimize startup cost: Early days could be setup as part-time between 2-3 people with daily jobs. If the business is sustainable, then switch to full time. Phase II (Jan, 2014 – future) From Jan, 2014, the team will start to find venture capitalists who feel interest in this business. The required fund will be determined by Dec, 2013. Copyrights, Career Mentore Online, 2013 31
  32. 32. Market Risk Financial Risk People Risk Risk Analysis There will be 3 main risks: Market Risk Market acceptance of this kind of service, currently similar services mainly target for senior level of professional/managers. Copyrights, Career Mentore Online, 2013 32 Financial Risk As the target is graduates or juniors, so the pricing is low, which means there will be limited cash flow in the beginning. People Risk The key success factor is the mentors, the quality and quantity of mentors will be critical, and the pay to mentors is not high.
  33. 33. Thank You! Career Mentor Online transformthe way of careersuccess Copyrights, Career Mentore Online, 2013 33

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