Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Pause Engr245 2021 Lessons Learned

business model, business model canvas, mission model, mission model canvas, customer development, lean launchpad, lean startup, stanford, startup, steve blank, entrepreneurship, I-Corps, Stanford

  • Be the first to comment

  • Be the first to like this

Pause Engr245 2021 Lessons Learned

  1. Executive Summary INSERT VIDEO
  2. DIVIDER INTRODUCTION
  3. 27M American women are currently experiencing menopause and 78% feel it interferes with life 34 different symptoms Millions of solutions + resources OBs not helpful? Sources: Fast Company, Female Founders Fund
  4. Anna Nakayasu, MD Morgan Lundblad Sarah Donaldson Nina Prabhu Picker MBA1/MD Designer MBA1 & BSE Materials Engineering Hustler MBA1 & BS Business Administration Hacker BS Computer Science DAY 1 NOW Menopause digital health platform that connects women to providers and other women 100 interviews D2C Menopause symptom tracking app and on-demand telehealth platform that offers women a personalized and integrative approach to menopause care We came together through a shared passion for women’s health and have spent the quarter doing a deep dive on menopause
  5. 9. Cost Structure Provider costs - understand D2C model, out of pocket vs insurance coverage, onboarding and training for doctors / service matter experts 8. Revenue Streams Subscription based telehealth platform with pricing tiers based on usage (medical, support, planning and tracking) 7. Key Partners Providers (OB/GYNs) Naturopathic doctors Supplement manufacturers Possibly clinics? 5.Key Activities Telehealth: OB/GYNs specially trained in menopause provide care for patients App: Symptom tracking app harvests data to improve treatment efficacy via AI 1. Value Proposition Increase preparedness for menopause among aging women Provide a holistic menopause plan for women in or about to go into menopause Decrease time to receive effective treatment (reduce trial-and-error) Directly speak with providers educated in the nuances of menopause Provide communities and forums for collaboration and support 4 .Customer Relationships Building community around shared experienced in menopause Dedicated care specialists provide resources via appointments with docs, information, and symptom monitoring 2. Customer Segments Demand side: Perimenopausal, menopausal, and postmenopausal women in the US (roughly ages 45-59) Supply side: OB/GYNs, likely initially targeting those who desire a part- time job with a remote and flexible work schedule 6. Key Resources Naturopathic doctors Software / platform (web app, iOS app) Telehealth license 5. Channels D2C Website (telehealth, community, care specialists, educational resources App (symptom tracker) Marketing channels: women’s health forums, clinicians, social media
  6. 9. Cost Structure Provider costs - understand D2C model, out of pocket vs insurance coverage, onboarding and training for doctors / service matter experts 8. Revenue Streams Subscription based telehealth platform with pricing tiers based on usage (medical, support, planning and tracking) 7. Key Partners Providers (OB/GYNs) Naturopathic doctors Supplement manufacturers Possibly clinics? 5.Key Activities Telehealth: OB/GYNs specially trained in menopause provide care for patients App: Symptom tracking app harvests data to improve treatment efficacy via AI 1. Value Proposition Increase preparedness for menopause among aging women Provide a holistic menopause plan for women in or about to go into menopause Decrease time to receive effective treatment (reduce trial-and-error) Directly speak with providers educated in the nuances of menopause Provide communities and forums for collaboration and support 4 .Customer Relationships Building community around shared experienced in menopause Dedicated care specialists provide resources via appointments with docs, information, and symptom monitoring 2. Customer Segments Demand side: Perimenopausal, menopausal, and postmenopausal women in the US (roughly ages 45-59) Supply side: OB/GYNs, likely initially targeting those who desire a part- time job with a remote and flexible work schedule 6. Key Resources Naturopathic doctors Software / platform (web app, iOS app) Telehealth license 5. Channels D2C Website (telehealth, community, care specialists, educational resources App (symptom tracker) Marketing channels: women’s health forums, clinicians, social media Original Value Proposition: ● Access to variety of menopause experts ● Find effective and holistic treatments ● Share the journey with other women
  7. We learned that most patients feel unsupported by their OBs and burdened by having to find their own solutions instead “OBs tend to prescribe a one-size-fits-all solution; you have to seek out treatments that are best for you.” Women often have to seek out menopause information on their own ☑ validated (65% interviewees) From tests we learned... From customer interviews we learned... Week 2
  8. We found that menopause care is an afterthought for a majority of doctors “I really just don’t have time to listen to patients talk on about their symptoms - I end up asking closed questions.” “Studying how to treat menopause is less prioritized than other [domains], like obstetrics, chemo, surgeries.” Week 2
  9. Week 2 Can we FILL THE GAP between confused patients & physicians by focusing on personalization and expertise…? PAUSE empowers menopausal women to navigate this pivotal life stage on their terms by providing: 1) On-demand access to dedicated care providers 2) Menopause experts 3) Variety of treatments 4) Resources
  10. Our first major conclusion… menopause is really challenging! Neither doctors nor patients really know what’s going on…!? Week 2
  11. 9. Cost Structure Provider costs - understand D2C model, out of pocket vs insurance coverage, onboarding and training for doctors / service matter experts 8. Revenue Streams Subscription based telehealth platform with pricing tiers based on usage (medical, support, planning and tracking) 7. Key Partners Providers (OB/GYNs) Naturopathic doctors Supplement manufacturers Possibly clinics? 5.Key Activities Telehealth: OB/GYNs specially trained in menopause provide care for patients App: Symptom tracking app harvests data to improve treatment efficacy via AI 1. Value Proposition Increase preparedness for menopause among aging women Provide a holistic menopause plan for women in or about to go into menopause Decrease time to receive effective treatment (reduce trial-and-error) Directly speak with providers educated in the nuances of menopause Provide communities and forums for collaboration and support 4 .Customer Relationships Building community around shared experienced in menopause Dedicated care specialists provide resources via appointments with docs, information, and symptom monitoring 2. Customer Segments Perimenopausal, menopausal, and postmenopausal women in the US (roughly ages 45-59) 6. Key Resources Naturopathic doctors Software / platform (web app, iOS app) Telehealth license 5. Channels D2C Website (telehealth, community, care specialists, educational resources App (symptom tracker) Marketing channels: women’s health forums, clinicians, social media Customer segment hypotheses: We believed that PAUSE would initially target all women in any stage of menopause
  12. Through interviews we learned that anti-HRT women were more likely to seek out their own solutions & we discovered a bifurcation HORMONE-AVERSE WOMEN WITH SEVERE SYMPTOMS SEVERE SYMP- TOMS ANTI- HRT PROACT- IVE W/ HEALTH RABBIT HOLER SEVERE SYMP- TOMS ANTI- HRT APA- THETIC LOST PATIENT INITIAL TARGET CUSTOMER “DO IT WITH ME” “DO IT FOR ME” Week 3 We believe that approx. 40%, or 11M menopausal women fall into this category Source: Interviews
  13. We learned that many women are cobbling together their own holistic solutions and are seeking someone to work with them “I spent a lot of time and money researching different approaches, finding the supplements, and trying them out” “I would have liked having a coach that could have objectively told me the pros and cons of different treatment approaches” Week 3 WE BELIEVE THAT ALMOST 6M WOMEN COULD FALL INTO THIS CATEGORY WE CALL THEM RABBIT HOLERS Source: Interviews
  14. MOST COMPETITORS ADDRESS ONLY ONE PIECE OF THE MENOPAUSE STORY. OUR INTERVIEWS AND INSIGHTS TOLD US THAT WOMEN ARE LOOKING FOR A CARE ADVOCATE TO HELP THEM NAVIGATE THIS LIFE TRANSITION. WE DESIGNED PAUSE TO ADDRESS THAT CORE NEED. Week 3
  15. PAUSE provides each woman with a care advocate to curate a personalized care plan based on their unique needs Symptom Tracking App Driven by AI, designed to improve outcomes Care Advocate Creates & monitors personalized treatment plans Feedback loop Providers OB/GYNs, therapists, dieticians, nutritionists, etc. Feedback loop Feedback loop Core Platform Value Telehealth Week 3 Patient
  16. PAUSE provides each woman with a care advocate to curate a personalized care plan based on their unique needs Symptom Tracking App Driven by AI, designed to improve outcomes Care Advocate Creates & monitors personalized treatment plans Feedback loop Providers OB/GYNs, therapists, dieticians, nutritionists, etc. Feedback loop Feedback loop Core Platform Value Telehealth Patient Blogs & Articles Educational resources to help women learn about menopause Chat Forums Space for women to connect and share experiences Ancillary Services Products Supplements & women’s health products
  17. Week 3 Our learnings helped us to further refine our value proposition and customer segments PAUSE empowers menopausal women to navigate this pivotal life stage on their terms by providing: 1) On-demand access to dedicated care providers 2) Menopause experts 3) Variety of treatments 4) Resources
  18. Our journey continued… Week 3 THE 6M RABBIT HOLERS NEED OUR HELP! WOW, MENOPAUSE IS COMPLICATED!
  19. 9. Cost Structure Provider costs - understand D2C model, out of pocket vs insurance coverage, onboarding and training for doctors / service matter experts 8. Revenue Streams Subscription based telehealth platform with pricing tiers based on usage (medical, support, planning and tracking) 7. Key Partners Providers (OB/GYNs) Naturopathic doctors Supplement manufacturers Possibly clinics? 5.Key Activities Telehealth: OB/GYNs specially trained in menopause provide care for patients App: Symptom tracking app harvests data to improve treatment efficacy via AI 1. Value Proposition Increase preparedness for menopause among aging women Provide a holistic menopause plan for women in or about to go into menopause Decrease time to receive effective treatment (reduce trial-and-error) Directly speak with providers educated in the nuances of menopause Provide communities and forums for collaboration and support 4 .Customer Relationships Building community around shared experienced in menopause Dedicated care specialists provide resources via appointments with docs, information, and symptom monitoring 2. Customer Segments Perimenopausal, menopausal, and postmenopausal women in the US (roughly ages 45-59) 6. Key Resources Naturopathic doctors Software / platform (web app, iOS app) Telehealth license 5. Channels D2C Website (telehealth, community, care specialists, educational resources App (symptom tracker) Marketing channels: women’s health forums, clinicians, social media What we thought: We believed that customers would be willing to pay $99 or more per month for a comprehensive subscription service
  20. We ran an ad to test a $99 price point for bundled services What we thought: Customers would be most interested in buying if the symptom-tracking app and telehealth platform were released together. What we did: Ran ad test for bundle subscription, talked to 9 patients and 3 telehealth startup founders $99/month price point Landing page Week 5-6
  21. 4% CTR (2x industry average)! It seemed we’d hit a nerve, so we talked to women to find exactly what they liked Week 5-6 4%!
  22. We found that women were interested but something was missing from our solution... Interviews: ● Women need credibility in order to use a medical product. ● An app is lower-cost and easier to access than a telehealth platform. Week 5-6 “Put this into an app - I’d love to use it and know a few of my friends that would as well” “I journaled night sweats and chills, so would be excited to try out an app instead!” “I would definitely use the symptom tracker if it gave me actionable insights into triggers”
  23. … so we prioritized app development and updated our revenue model 8. Revenue Streams Subscription based telehealth platform with pricing tiers based on usage (medical, support, planning and tracking) Unbundled features in pricing model 8. Revenue Streams - Patients: - Symptom Tracking App: Subscription fee - Telehealth: One time consultation or Subscription fee - Providers/Employers/Payers - Contract fee + fee/patient to put patients on platform Rollout plan: ● Prioritize symptom tracking app. ● To build credibility, look into work with providers/payers Week 5-6
  24. We were starting to feel like we were headed in the right direction Week 5-6 THE 6M RABBIT HOLERS NEED OUR HELP!
  25. 9. Cost Structure Provider costs - understand D2C model, out of pocket vs insurance coverage, onboarding and training for doctors / service matter experts 8. Revenue Streams - Patients: - Symptom Tracking App: Subscription fee - Telehealth: One time consultation or Subscription fee - Providers/Employers/Payers - Contract fee + fee/patient to put patients on platform 7. Key Partners Health Experts - Psychologist Therapists ^Nutritionists -Meditation etc. Employers: employer benefit plans Payors: reimbursement Hospitals: use our product for their patients & referrals 5.Key Activities ● Product development ● Customer development ● Legal ● Space procurement ● Fundraise 1. Value Proposition “Save women time, money and emotional burden, by providing a dedicated care specialist and direction to right solution” “Alleviate symptoms and improve health outcomes using feedback loop of symptom tracking” 4 .Customer Relationships Get: Freemium, online ads, learner circles, provider referrals, WoM Keep: Care mgr., tracking & insights, community & expert speakers Grow: Subscription conversion, supplements, prescriptions, WoM 2. Customer Segments “The Rabbit Holer” Cobble together their own treatment plan in search of something that works for them “The Lost Patient” Unaware of treatment options and wants someone to put together plan for them “The Remote Patient” Lacks access to quality OB/GYNs or other women’s health providers Providers (Holistic) 6. Key Resources -providers: especially OB/GYNs who will serve as advisors -software/platform (web + iOS) -telehealth license 5. Channels D2C (primary) Customers pay out of pocket What we thought: ● We should focus on building the symptom tracking app first and work on other partnerships later ● We can start with the app to to build data + customer platform, and later roll out telehealth
  26. Google Ad Test: $5.99/month subscription on symptom tracking app - 3.7% CTR! Ad received no conversion → are patients not interested to enroll just on the app? Is it due to lack in credibility? Week 6-7
  27. “I would absolutely use the app if it helps my doctor help me.” “I would be open to talking to doctors if I knew they specialized in menopause and were reliable” “I would value the continuous management of my symptoms with a ‘point person’ I can talk to” “I would recommend my patients use the app if they wanted to keep a pulse on their symptoms” “I would welcome a platform that encouraged women to consider lifestyle factors” We also got out of the building and talked to: Women value using this app with a provider! Providers think our app is valuable in complementing their care 9 PATIENTS 3 PROVIDERS Week 6-7
  28. We circled back to… rolling out the app and telehealth together Lesson learned: -Combining the symptom tracking app and telehealth will be more attractive to customers. -It may also be a way for us to build trust as we partner with providers from credible institutions. -It’s too early to ask for credit card info (paywall) on ads. Our next ads should be for free trials. Week 6-7
  29. START WOW, MENOPAUSE IS COMPLICATED WE LOVE RABBIT HOLERS! FIRST COMES SYMPTOM TRACKING APP… THEN COMES TELEHEALTH JK… WOMEN WON’T PAY FOR APP ALONE - NEED TELEHEALTH NOW! Week 6-7 THE 6M RABBIT HOLERS NEED OUR HELP!
  30. 9. Cost Structure Provider costs - understand D2C model, out of pocket vs insurance coverage, onboarding and training for doctors / service matter experts 8. Revenue Streams - Patients: - Symptom Tracking App: Subscription fee - Telehealth: One time consultation or Subscription fee - Providers/Employers/Payers - Contract fee + fee/patient to put patients on platform 7. Key Partners Health Experts - Psychologist Therapists ^Nutritionists -Meditation etc. Employers: employer benefit plans Payors: reimbursement Hospitals: use our product for their patients & referrals 5.Key Activities ● Product development ● Customer development ● Legal ● Space procurement ● Fundraise 1. Value Proposition “Save women time, money and emotional burden, by providing a dedicated care specialist and direction to right solution” “Alleviate symptoms and improve health outcomes using feedback loop of symptom tracking” 4 .Customer Relationships Get: Freemium, online ads, learner circles, provider referrals, WoM Keep: Care mgr., tracking & insights, community & expert speakers Grow: Subscription conversion, supplements, prescriptions, WoM 2. Customer Segments “The Rabbit Holer” Cobble together their own treatment plan in search of something that works for them “The Lost Patient” Unaware of treatment options and wants someone to put together plan for them “The Remote Patient” Lacks access to quality OB/GYNs or other women’s health providers Providers (Holistic) 6. Key Resources -providers: especially OB/GYNs who will serve as advisors -software/platform (web + iOS) -telehealth license 5. Channels D2C (primary) Customers pay out of pocket What we thought: ● Women would be willing to get care directly from Pause ● Women would be willing to pay out of pocket for menopause care, with estimated costs of $100-200 per session
  31. Women want solutions but don’t seem to be willing to pay for solutions, as evidenced by our ads NO CONVERSIONS Weeks 8-9 $99 Menopause Telehealth Appts $5.99 / Month Symptom Tracking App
  32. And interview feedback from menopausal women Weeks 8-9 “I would still to go to my OB to be diagnosed with menopause.” “I would use telehealth if it were covered by my insurance.” “I would pay upwards of $200 for telehealth menopause appointments.”
  33. So we talked to healthcare industry experts... Weeks 8-9 “OBs do not want to deal with menopause. I could see Doctor on Demand partnering with you to provide women’s healthcare for women in menopause and post- menopause.” - CMO, Major Telehealth Company "Two dirty words in gynecology are pelvic pain and menopause." - Physician
  34. … thought that initially targeting providers may be optimal... Weeks 8-9 THE 6M RABBIT HOLERS NEED OUR HELP!
  35. …and decided to test a B2B model 5. Channels D2C (primary) Customers pay out of pocket 5. Channels B2B (primary) Doctors “prescribe” Pause as a partner in menopause patient care D2C (secondary) Customers pay out of pocket Weeks 8-9
  36. Then we talked to many more providers and patients Weeks 8-9 “I would view a third party menopause partner as a threat, but some providers may not.” “My OB takes a holistic approach so I might only use telehealth when I can’t get in to see the doctor.” “We spend plenty of time with our patients to work through their menopause journey and would not need a partner.”
  37. Weeks 8-9 “I would view a third party menopause partner as a threat, but some providers may not.” “My OB takes a holistic approach so I might only use telehealth when I can’t get in to see the doctor.” “We spend plenty of time with our patients to work through their menopause journey and would not need a partner.” And learned providers don’t want our help (for the most part)
  38. Our journey has been long and winding… and in many ways, we’ve ended up right where we started START TODAY WOW, MENOPAUSE IS COMPLICATED WE LOVE RABBIT HOLERS! FIRST COMES SYMPTOM TRACKING APP… THEN COMES TELEHEALTH JK… WOMEN WON’T PAY FOR APP ALONE - NEED TELEHEALTH NOW! MAYBE WE SHOULD TARGET PROVIDERS FIRST? WAIT, HOW DID WE END UP BACK WHERE WE STARTED? Weeks 8-9 THE 6M RABBIT HOLERS NEED OUR HELP!
  39. 9. Cost Structure Provider costs - understand D2C model, out of pocket vs insurance coverage, onboarding and training for doctors / service matter experts 8. Revenue Streams - Patients: - Symptom Tracking App: Subscription fee - Telehealth: One time consultation or Subscription fee - Providers/Employers/Payers - Contract fee + fee/patient to put patients on platform 7. Key Partners Health Experts - Psychologist Therapists ^Nutritionists -Meditation etc. Employers: employer benefit plans Payors: reimbursement Clinics: use our product for their patients & referrals 5.Key Activities ● Product development ● Customer development ● Legal ● Space procurement ● Fundraise 1. Value Proposition “Save women time, money and emotional burden, by providing a dedicated care specialist and direction to right solution” “Alleviate symptoms and improve health outcomes using feedback loop of symptom tracking” 4 .Customer Relationships Get: Freemium, online ads, learner circles, provider referrals, WoM Keep: Care mgr., tracking & insights, community & expert speakers Grow: Subscription conversion, supplements, prescriptions, WoM 2. Customer Segments “The Rabbit Holer” Cobble together their own treatment plan in search of something that works for them “The Lost Patient” Unaware of treatment options and wants someone to put together plan for them “The Remote Patient” Lacks access to quality OB/GYNs or other women’s health providers Providers (Holistic) 6. Key Resources -providers: especially OB/GYNs who will serve as advisors -software/platform (web + iOS) -telehealth license 5. Channels D2C (primary) Customers pay out of pocket
  40. DIVIDER WHERE TO NEXT?
  41. The menopause gods recently paid us a visit and we got two conversions... Currently: 3.7% conversion rate, waiting for more
  42. … with our final MVP... Wireframes
  43. ...which gives personalized actionable insights to mitigate menopausal symptoms Homepage Profile Trends Trends
  44. 44 We believe that many menopausal women are not satisfied with their current options Sources: 1) Forbes; 2) Female Founders Fund and team estimations; 3) Pew Research Center; 4) Statista; 5) Bloomberg TAM SAM Target Market $42.5B $33.6B $6.76B Menopausal women in US1 x $2,100 increased healthcare spending1 Smartphone ownership 20% unsatisfactory with care / severe symptoms
  45. But we need to run more tests to find our wedge in the solution Lessons learned from our tests ☑ Menopause solutions and treatments are still not providing satisfactory treatment for 100% of the women suffering ☑ Do not focus too much on no conversions for paid product ☑ Do faster testing / more iterations ☑ Focus on iterating ads one step further (information gathering) ☑ Test accessibility hypotheses → are women able to get to an OB when they need for menopause? Interviews & Ads / CTR Go-forward plan PAUSE Summary
  46. Let’s keep in touch! Anna Nakayasu, MD Morgan Lundblad Sarah Donaldson Nina Prabhu Picker MBA1/MD Designer MBA1 & BSE Materials Engineering Hustler MBA1 & BS Business Administration Hacker BS Computer Science morganlu@stanford.edu annany@stanford.edu sdonalds@stanford.edu nsp@stanford.edu
  47. DIVIDER Thank you!

    Be the first to comment

business model, business model canvas, mission model, mission model canvas, customer development, lean launchpad, lean startup, stanford, startup, steve blank, entrepreneurship, I-Corps, Stanford

Views

Total views

13,317

On Slideshare

0

From embeds

0

Number of embeds

12,628

Actions

Downloads

6

Shares

0

Comments

0

Likes

0

×