Town Meeting: Feb 16, 2012

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Town Meeting: Feb 16, 2012

  1. 1. Total Headcount80 70 60 50 40 30 20 10 Jan 2011 Feb 2011 Mar 2011 Apr 2011 May 2011 Jun 2011 Jul 2011 Aug 2011 Sep 2011 Oct 2011 Nov 2011 Dec 2011
  2. 2. welcome to quirky
  3. 3. Rosalind Carnes - Graphic DesignerKatherine Druback - Invention AmbassadorCharles Lovaglio - Office Hygiene / Admin Alex Lyon - Graphic DesignerBaron Nagy - Community AmbassadorNathaniel Padgett - Community AmbassadorAllie Rodriguez - Receptionist / AdminScott Shephard - Head of PackagingCourtney Theese - Invention Ambassador Jaime Yandolino - PRTammy Loh - Brand Manager Suzannah Kerr - People & CultureBret Kovacs - Head of Marketing
  4. 4. 239Ideas Chosen
  5. 5. 36Products On Sale
  6. 6. 29Products InProduction
  7. 7. 74Products InDevelopment
  8. 8. 104ProductsUpcoming
  9. 9. 2011By The Numbers
  10. 10. # of Products Shipping40 35 30 25 20 15 10 Jan 2011 Feb 2011 Mar 2011 Apr 2011 May 2011 Jun 2011 Jul 2011 Aug 2011 Sep 2011 Oct 2011 Nov 2011 Dec 2011
  11. 11. Product Revenue
  12. 12. $6,525,999Product ShippedUp 681% over 2010
  13. 13. Ja - 200,000.00 400,000.00 600,000.00 800,000.00 1,000,000.00 1,200,000.00 1,400,000.00 1,600,000.00 n 20Fe 10 b 20M 10 ar 20 10Ap r2 01M 0 ay 20Ju 10 n 20 10 Ju l2 01Au 0 g 20Se 10 p 20O 1 ct 0 20No 10 v 20De 10 c 20Ja 10 n 20Fe 11 b 20M 1 Product Revenue ar 1 20Ap 11 r2 01M ay 1 20Ju 11 n 20 11 Ju l2 01Au 1 g 20Se 11 p 20O 1 ct 1 20No 11 v 20De 11 c 20 11
  14. 14. Name Quantity RevenueWrapster 206981 434173.76Pivot Power 165784 2635501.14Cordies 146989 695301.95Contort 48808 600433.68Cordlets 45493 213929.86PowerCurl 45018 309870.40Mantis 38180 468803.30Tether 19295 132935.05Bandits 18191 74157.80Scratch-n-Scroll 17027 112625.99 by productVerseur 16743 172517.96Converge 15237 322722.85Digits 13994 108942.44Cloak 13354 442692.91Broom Groomer 13346 65906.88Plug Hub 12274 153888.34Bobble Brush 10257 66801.62SOLO 8090 38414.51Cordies Classic 8071 50430.25Space Bar 7226 264117.60Click n Cook 6528 111870.41Thor 4949 70485.50MugStir 4601 25907.80Switch 3997 174160.91Kosoku 2599 39934.49Beamer 2597 46930.42Petal Drops 2345 5432.40Metal Cordies 2246 21819.58Travelstacks 2166 25331.30Split Stick 2061 36751.23Portion 2019 11835.46Shower Station 1722 65344.62Grip Grater 1195 17323.95Contour 941 4787.79Split Stick Classic 552 12799.82Scribe 546 9960.42
  15. 15. Name Quantity RevenuePivot Power 165784 2635501.14Cordies 146989 695301.95Contort 48808 600433.68Mantis 38180 468803.30Cloak 13354 442692.91Wrapster 206981 434173.76Converge 15237 322722.85PowerCurl 45018 309870.40Space Bar 7226 264117.60Cordlets 45493 213929.86Switch 3997 174160.91Verseur 16743 172517.96Plug Hub 12274 153888.34Tether 19295 132935.05 by dollarsScratch-n- 17027 112625.99ScrollClick n Cook 6528 111870.41Digits 13994 108942.44Bandits 18191 74157.80Thor 4949 70485.50Bobble Brush 10257 66801.62Broom 13346 65906.88GroomerShower 1722 65344.62StationCordies 8071 50430.25ClassicBeamer 2597 46930.42Kosoku 2599 39934.49SOLO 8090 38414.51Split Stick 2061 36751.23MugStir 4601 25907.80Travelstacks 2166 25331.30Metal Cordies 2246 21819.58Grip Grater 1195 17323.95Split Stick 552 12799.82ClassicPortion 2019 11835.46Scribe 546 9960.42Petal Drops 2345 5432.40Contour 941 4787.79
  16. 16. $505,249Markdowns &Returns
  17. 17. Reasons:- End Of Relationship (The Shack) (40%)- Swap out for more productive product (55%)- Defects (5%)
  18. 18. Site Upgrades
  19. 19. 2011 Payments
  20. 20. 2011 Payments$722,288
  21. 21. Top Earners1. Jake Zien2. Stephen Stewart3. Jeff Scholen4. Kevin Joyce5. Clinton Fleenor6. Matthew Fleming7. Joshua Wright8. Michael Cavada9. Emad Yahia10. James Robinson 63.26% went to the top 100
  22. 22. 63.26%of rewards went to the top 100 influencers
  23. 23. Things are heating up.
  24. 24. $125,000due to be rewarded just inthe next 30 days.
  25. 25. Why the upswing?
  26. 26. 2011 Direct200000 Direct Revenue150000100000 new shop 50000 0 January February March April May June July August September October November December
  27. 27. • 314,713.03 (Jan-Oct)• 313,425.94 (Nov- Dec)
  28. 28. more direct $ =more community $
  29. 29. Driving Growth @Quirky
  30. 30. PRESS (since last town meeting)• ABC News Now• Bloomberg Business Week• Chicago Sun Times• Family Circle• Good Housekeeping• InStyle Magazine• New York Post• San Francisco Chronicle• Time Out New York• Vanity Fair• Washington Post• Woman’s Day• Yahoo!
  31. 31. UPCOMING• New York Post: Product story - February 16• CNBC: “In the Making” - February 27• MSN: “Business on Main” - February 27• Crain’s New York Business - March• Family Circle: Pivot Power story - March• International Business Times - March• Economist - April• Real Simple: Featuring Tether - May• Nate Berkus Show: Featuring Contour Inventor Tracie Beer - May 8
  32. 32. SOCIAL PRESENCE•318% growth since last TM•109% increase post views•113% increase in comments
  33. 33. Retail
  34. 34. Quirky productscan be found inover 7,000 retaildoors worldwide.
  35. 35. What a Year!
  36. 36. And we’re proud toofficially, publicly, loudlyannounce....
  37. 37. - # 3 retailer in the US- Community & Design Centric- Lover of Quirky
  38. 38. The Plan(these types of things change)
  39. 39. - Dedicated Space- Slow roll out in 2011 400 Stores - March 25th 1000 Stores - May 1st All Stores - July 1st
  40. 40. current top performing SKU...
  41. 41. Heroes o f QuirkyUnsungRetail
  42. 42. (up 9x from this time in 2011)• Since Jan 1st• Cordies Gray (1334pcs)• Pivot Power White (461pcs)• Thor (419pcs)• Pivot Power Black (402pcs)• Cordies White (375pcs)• Plug Hub (304pcs)• Sell Thru• YTD sell through- $60,000• Average daily sell thru- $1276.59• Sell In YTD sell in- $74,244
  43. 43. 4 weeks sell-through in just60 stores • Contort – 187 (.76) • Cordies Charcoal – 580 (2.41) • Wrapster – 1283 (5.33) • Pivot Power – 274 (1.15) • Spacebar - 179 (.73)
  44. 44. Retailis Quirky’s Business
  45. 45. But we’re taking a breather fromfuriously adding new accounts.
  46. 46. And focusing on executing reallywell on the ones we already have.
  47. 47. but there are otherways of bringingproduct to life....
  48. 48. Licensing
  49. 49. Chad HetheringtonBusiness Development- Professional Salesman- University: None.
  50. 50. Direct Selling Exploration• TV Selling• Retail Stores• Retail Kiosks• Vending• Catalog, Etc
  51. 51. More Channels MeansMore Opportunity
  52. 52. More Opportunity MeansInvention Is More Accessible
  53. 53. AY YC C CQ Q Q QB B BG GH
  54. 54. Explore More =Choosing More (not launching more, but launching better)
  55. 55. The New Quirky HQToys &Tools
  56. 56. the uglytruth.
  57. 57. we’re gettingbigger.
  58. 58. 1 50 1IDEA 0SUBMISSIONSPER WEEK(AND RISING)
  59. 59. Ja - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 n 20Fe 10 b 20M 10 ar 20 10Ap r2 01M 0 ay 20 10Ju n 20 10 Ju l2 01Au 0 g 20Se 10 p 20O 10 ct 20No 10 v 20De 10 c 20Ja 10 n 20Fe 11 b 20M 11 ar 20Ap 11 r2 01M ay 1 Cumulative Idea Submissions 20Ju 11 n 20 11 Ju l2 01Au 1 g 20Se 11 p 20O 11 ct 20No 11 v 20De 11 c 20 11
  60. 60. we don’t see this asgreat news (yet)...and neither do you.
  61. 61. • More ideas to sort through• Similar Ideas more common• Harder to identify great ones / stand out• Influence is harder to come by• Collaboration has been impeded• Lower probability of being chosen• “it’s not fun”
  62. 62. we agree.
  63. 63. but: we see a clearpath to more notbeing a problem..
  64. 64. to more being astrength...
  65. 65. to more being anopportunity...
  66. 66. to more being fun,but notoverwhelming.
  67. 67. The Vision
  68. 68. • Make The Quirky Process More Valuable For Every Inventor• Develop Ideas That Have Potential For True Innovation• Pick Products That Are More Likely To Be Made
  69. 69. Encourage and reward users for helpingrefine their peers’ ideas. Involve Quirky staffin ideas before selection.
  70. 70. The Path
  71. 71. pre-evalcollaboration.
  72. 72. Eval Influence Breakdown• Eval Project Becomes 60% of overall product influence by default (default is currently 50%)• Inventor’s Share is 70% (42% Overall)• Collaboration Share is 10% (6% Overall)• Comp Shop Share is 5% (3% Overall)• Winning Vote Share is 10% (6% Overall)• Losing Vote Share is 5% (3% Overall)• Collaboration Influence goes to the winning voters if there are no accepted collaborations.
  73. 73. Monday.
  74. 74. • Collaboration On Idea Description (Monday)• Image Collaboration (30 Days)• Invite Only Pre-submission Collaboration (60 Days)• Naming/Tagline Collaboration (90 Days)
  75. 75. addressingsimilar ideas.
  76. 76. A Ton MoreComing...
  77. 77. • Duplicate detection for Naming & Tagline now live• Flagging for similar ideas now live. Refining methods to automatically detect similar ideas.• New Profile and Welcome pages in the next two weeks• Email Overhaul Nearing Completion• Relentlessly working on site errors and slowdowns. 99.5% uptime in Jan, looking to significantly up that in Feb.• Still working on new Social Sales system• Working on Improving Ideator Feedback
  78. 78. emails...
  79. 79. profile...
  80. 80. IntellectualProperty
  81. 81. New section on site (ipFAQ) &video series addressing ipquestions..... coming soonEmail your questions toipfaq@quirky.com
  82. 82. PrivateSubmissions
  83. 83. Lets Talk...
  84. 84. The Year 2012OURGOALS
  85. 85. Goals for this year• Deliver quality product through a fantastic Inventor / Influencer experience• Retail Account Management• Fill Key Positions
  86. 86. Product Quality
  87. 87. the testing program...
  88. 88. AccountManagement
  89. 89. KeyHires
  90. 90. the time has come...PRODUCTS
  91. 91. A funeral.
  92. 92. End Of Life
  93. 93. Redesigns
  94. 94. Line Extensions
  95. 95. Portion 2
  96. 96. Announcements
  97. 97. We’re Making This
  98. 98. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Target is Taking This
  99. 99. Th is meetin g is....AlmostDone.
  100. 100. And finally....
  101. 101. ASKUS ?’s

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