Project teal 031213 e245 2013

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  • We’ve gone through this journey and the best way to show it through the video. Update: Change the glassesRestart was a high pointRedo the vertical heights
  • Want to remind you that have insights on all areas of the canvas, but we explore this other pivots
  • With the pivots, customer still preferred the shoeAs a way to address high heel pain
  • Hight 3-5 key hypothesis
  • Find words for confirmed
  • Hight 3-5 key hypothesis
  • Mystery Mingle is a system with coordinates small to medium gatherings, automates ice-breakers and aids in reservations or food ordering. Change outing to events
  • Change the gains here
  • Succinctly illustrate the percent returning and participants turned organizers
  • 5 year high-level profitability analysis
  • Add more pictures
  • Addlearnings that are germane to the class content
  • Add in more keywords-take from the Google adwords siteMaybe histogram
  • Project teal 031213 e245 2013

    1. TEAL BridgeFinal Presentation Tiffany. Etosha. Alessandra. Lillian 3/12/2013 Interviews: 9/148 Total Survey Responses: 163
    2. Our Path
    3. Video of our path Link
    4. Retractable High Heel ShoesAdditional Highlights
    5. Pivots
    6. Hypotheses Concluded Key Partners Key Activities Value Prop Customer Customer • Manufacturing • Product quality • Aesthetics is chief above all Rel. Segment partners will be • Customer service • Reliability critical • Marketing/promo • Shoe should not look • Retention • High end shoe stores tions “functional” • Referrals need to carry the • Reducing 2-shoe shoes in order for burden is important high-end customers • Versatility important to see and purchase • Women who wear high them Key Resources • #1 reason women wear heels to work would • Online partnerships high heels to work is to Channels find our product • Shoe designer is look professional (e.g. Zappos) will be appealing important imperative • The #1 reason women • Online • Shipping • Funding wear high heels is to • Boutique & Dept partnerships will be feel sexy/stylish stores not an option critical • Customers find the until demand proven • TV partnerships (e.g. design of the (online & trunk QVC) will be telescoping heel shows) important aesthetically pleasing Cost structure Revenue streams • Customers purchase 3-4 pairs every year for going out • Encourage repeat revenue by offering different styles for different seasons Total Validated Hypotheses: 22 Total Invalidated Hypotheses: 3
    7. 3 Most Surprising Lessons • Value Prop.: Aesthetics is chief above all • Key Resources: Shoe designer is imperative • Channels: Boutique & Dept stores not an option until demand proven (online & trunk shows)
    8. Break-ups and TherapyAdditional Highlights
    9. Hypotheses Concluded Key Partners Key Activities Value Prop Customer Customer • Fit w/counselor is most • Developing match imp. attribute Rel. Segment algorithm requires • Organizing group • Online acquisition collaboration w/ therapy is a pain point • Only small segment of model works for psychologists for therapists people looking to be therapy matched with (paid) • Insurance won’t pay for • Credentials / credibility group counselors therapy unassociated is an important attribute • Adults experiencing a w/ diagnosed condition • People don’t see need for timely and relevant • Corporations unwilling “preventative” counseling trauma to sponsor therapy Key • Urgency is a key Channels • Teenagers who don’t want programs not covered by insurance Resources requirement for seeking a counselor to talk to their parents or friends about issues • Price is a key • Couples going through • Heavy marketing & PR • People strongly prefer impediment to seeking a relationship issues required to change to meet counselors in- counselor • Adults who are isolated perception person • Anonymity is a and have shared prerequisite for seeing a experience counselor Costs structure Revenue streams • Customer Acquisition cost via Google Adwords campaign • Adverse selection problem when charging counselors monthly vs. per-acquisition • 1:1 in-person therapy match is a transactional business model • Better control of revenue stream w/ group Total Validated Hypotheses: 15 Total Invalidated Hypotheses: 6
    10. 3 Most Surprising Lessons • Value Prop.: Fit is the top priority when finding a therapist, more than cost, creditability or urgency. • Revenue Streams: Adverse selection problem when charging counselors monthly vs. per- acquisition • Key Partners: Insurance will not pay for therapy for an undiagnosed condition
    11. Mystery MingleOverview and AdditionalHighlights Mystery Mingle is a system which coordinates small to medium gatherings, automates ice-breakers and aids in reservations or food ordering.
    12. Ecosystem
    13. Product-Market Fit
    14. Key MetricsConsumer sees ad 4 % delivery 3 Usage rate (% sign-up who plan) (5% revenue Facebook Plan Event Mystery Mingle Analyze1 CPC friends’ profile Select prix- Order food Site fixe menu for delivery Google Guest list suggestions 5 % prix fixe2 Conversion Calendar (15% revenue) rate (sign-up) check: suggest date/time Guests Guests Customer signs-up pre-pay chips in Select game theme Links to Facebook & Google+ Organizer or friend hosts next event % Participants 6 % Returning 7 turned organizers
    15. Google Adwords CTR-Keywords Mingle208 clicks in 7 days dating serviceAvg. Cost per click online dating site online dating services display networks= $0.16 0% 5% 10% 15% 20% 25% Google Search=$1.54 CTR-Display Networks grated.com asiandating.com faxo.com metric-conversions.org match.com caribbeancupid.com india-forums.com answers.com beautypageantnews.com latinamericancupid.com tinybytes.me 0% 20% 40% 60% 80% 100%
    16. Business model leverages network effects Number of organizers Network effects 800,000 P Participant 700,000 P P P O Organizer 600,000 500,000 P O P 400,000 300,000 P P 200,000 P 100,000 P P 0 Year Year Year Year Year P O P 1 2 3 4 5 P P
    17. Gross Margin Profitability analysis Year 1 Year 52 Conversion rate (percent who sign-up) 10% 15%3 Usage rate (percent who organize a mingle) 10% 18% Total organizers 13,200 704,3326 % Returning 50%7 % Participants turned Organizers 10% Delivery revenue4 Percent of mingles ordering delivery thru site 15% 15% Total delivery revenue $3,168 $422,599 Group in-restaurant revenue5 Percent of mingles hosting prix-fixe event in restaurant 10% 10% Total in-restaurant revenue $21,120 $3,380,795 Yearly ad revenue $28,512 $376,693 Total yearly revenue $52,800 $4,180,087 Average revenue/organizer $4 $6 Costs1 CPC $0.12 $0.04 Average cost to accquire $12 $1 Gross Margin $(105,600) $3,652,087
    18. Wireframe
    19. Hypotheses Concluded Key Partners Key Activities Value Prop Customer Customer • Alleviates logistical • Sell ads complexity of organizing Rel. Segment • Build & maintain site events for friends • Create community of • Recruit partners • Facilitates arranging • Organizers: Single advocates through a creative activities for a women Facebook page group • Organizers: Young wives • Loyalty rewards with active social lives, no • Restaurants that deliver • Facilitates organizing • Referral incentives kids • Restaurant delivery groups of friends along • Organizers: Single men sites similar interests or stages • Participants: Single • Restaurants that host Key in life Channels people large groups • People want to Resources participate in a mystery • Participants: Young married couples with no • Tech event organized by their • Dedicated website kids • Sales force: customer friend • Customer acquisition • People wanting to and partner acquisition • Facilitates collection of through Facebook & indirectly set up single • PR funds Google ads friends • Customer service agents • Reduces social awkwardness of getting to know new people Costs Revenue streams structure •Share of revenue from food ordered for delivery through the site • Customer Acquisition Cost •Share of revenue for group prix-fixe pre-pay menu • Build/maintain site •Ad revenue • Overhead •Booking fee from organizers Total Validated Hypotheses: 23 Total Invalidated Hypotheses: 2 Total Untested: 5
    20. Lessons from class • Team dynamics can make or break a start-up ▫ Lot easier to work on something you are passionate about • Important to move beyond the right side of the canvas • Need to separate emotion from reason ▫ Recognize time to pivot
    21. Acknowledgements• TEAL Bridge would like to thank ▫ Mentors ▫ Interviewees ▫ Classmates
    22. Backup
    23. Metrics that matter Key Metric Why it matters 1 Average CPC Determines acquisition cost Conversion rate (visitors who Impacts customer 2 sign-up) acquisition cost 3 Usage rate (sign-ups who organize Impacts customer a mingle) acquisition cost 4 % Mingles ordering delivery Key revenue stream 5 % Mingles organizing prix-fixe Key revenue stream % Returning (% organizers who Impacts lifetime value 6 return subsequent year) % Participants turned Acquisition cost virtually 7 Organizers zero; so lowers average acquisition cost
    24. Average acquisition cost declining dueto network effects Acquisition cost per organizer$14$12$10 $8 $6 $4 $2 $0 Year 1 Year 2 Year 3 Year 4 Year 5
    25. Gross Margin Analysis Year 1 Year 2 Year 3 Year 4 Year 5Population of US 300,000,000 300,000,000 300,000,000 300,000,000 300,000,000Percent of US unmarried 44% 44% 44% 44% 44%Percent of target population who clicks 1% 2% 6% 8% 10%Conversion rate (percent who sign-up) 10% 10% 12% 14% 15%Usage rate (percent who organize a mingle) 10% 12% 15% 16% 18%New Organizers 13,200 31,680 142,560 236,544 356,400Participants 105600 253,440 1,140,480 1,892,352 2,851,200Participants turned Organizers 10,560 25,344 114,048 189,235Existing Organizers 0 6,600 19,140 80,850 158,697Total organizers 13,200 48,840 187,044 431,442 704,332% Returning 50% 50% 50% 50%% Participants turned Organizers 10% 10% 10% 10%Number of participants per mingle 8 8 8 8 8Number of mingles organized per year 2 2 2 2 2Mingle revenuePercent of mingles paying fee 0% 0% 0% 0% 0% $Charge per mingle organized through site $ 4.99 $ 4.99 $ 4.99 $ 4.99 4.99Total mingle revenue $ - $ - $ - $ - $ -Delivery revenuePercent of mingles ordering delivery thru site 15% 15% 15% 15% 15% $Average order amount per person $ 5 $ 5 $ 5 $ 5 5Commission on order 2% 3% 4% 5% 5% $Total delivery revenue $ 3,168 $ 17,582 $ 89,781 $ 258,865 422,599
    26. Group in-restaurant revenuePercent of mingles hosting event in-restaurantthrough site 10% 10% 10% 10% 10%Average order amount per person $ 20 $ 20 $ 20 $ 20 $ 20Commission on order 5% 10% 15% 15% 15%Total in-restaurant revenue $ 21,120 $ 156,288 $ 897,811 $ 2,070,922 $ 3,380,795Ad RevenueNumber of visits/yr 1,425,600 3,030,720 9,416,352 14,011,536 18,834,658Ad revenue CPM $4 $4 $4 $4 $4Number of ads site 5 5 5 5 5Yearly ad revenue $ 28,512 $ 60,614 $ 188,327 $ 280,231 $ 376,693Total yearly revenue $ 52,800 $ 234,485 $ 1,175,919 $ 2,610,018 $ 4,180,087Average revenue/organizer $ 4.0 $ 4.8 $ 6.3 $ 6.0 $ 5.9CostsCPC $ 0.12 $ 0.10 $ 0.08 $ 0.06 $ 0.04Average cost to accquire $ 12 $ 5 $ 3 $ 1 $ 1Total Ad expense $ 158,400 $ 264,000 $ 633,600 $ 633,600 $ 528,000Gross Margin $ (105,600) $ (29,515) $ 542,319 $ 1,976,418 $ 3,652,087
    27. What would it take to be a $10M/Yrrevenue business• 20% usage rate• 10 people per mingle• Each organizer conducting 3 mingles/year• 55% organizers return YoY• 20% participants turned organizers
    28. Google Adwords Lillian-can you make this pretty 208 clicks in 7 days Avg. CPC = $0.22

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