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Silver Concierge Stanford 2016

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agile, business model, corporate innovation, customer development, lean, lean startup, lean launchpad, stanford, steve blank, video, engr 245

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Silver Concierge Stanford 2016

  1. Initial business idea: Phone-based on-demand concierge service for older adults Lessons learned presentation | 120 interviews John Deniston MBA1 Deborah Stamm MBA1 Quinlan Jung MS CS Eli Bildner MBA1 Suzanne Adatto MBA2/ MA Ed. Silver Concierge
  2. Total available market (TAM): Americans age 75+ not living in nursing homes or other full-care facilities (US Census, US Dept. of HHS) ~18.1M in the beginning, we had a lot of ideas...
  3. Total available market (TAM): Americans age 75+ not living in nursing homes or other full-care facilities (US Census, US Dept. of HHS) ~18.1M But then we SPOKE with customers and tested hypotheses with our MVP Would you call us to order transportation and meals?
  4. Total available market (TAM): Americans age 75+ not living in nursing homes or other full-care facilities (US Census, US Dept. of HHS) ~18.1M most of our hypotheses, it turns out, were wrong* *though a few were right
  5. Total available market (TAM): Americans age 75+ not living in nursing homes or other full-care facilities (US Census, US Dept. of HHS) ~18.1MThis is the story of how we moved from fiction to fact
  6. The outline Initial needfinding week 0 week 1 week 2 week 3 Continued needfinding tested value prop (Landing Page) prep’d MVP & recruited participants week 4 pilot MVP (Meals, online shopping) week 5 refine MVP (+ Rides & Groceries) week 6 refine acquisition Little House + B2B Channels week 7 pivot nerdwallet for senior care | B2B service for assisted living week 8 MVP feedback structured diagnostic quiz vs open-ended chat week 9 MVP feedback caregiver needfinding and MVPs Chapter 1: Silver Concierge Chapter 1 Chapter 2: B2B Chapter 3: CareCoach
  7. chapter 1: silver concierge
  8. customer = adult children key value proposition: access to on- demand services
  9. chapter 1: silver concierge week 3: 41 interviews - target user ≠ economic buyer - “seniors” ≠ a customer archetype - being a caregiver is hard - lack of access to services is a problem — & others are noticing Even before we launched our MVP, we’d learned a lot about our business.
  10. Competitive landscape
  11. chapter 1: silver concierge week 3: 41 interviews MVP #1: Silver Concierge
  12. chapter 1: silver concierge week 4: 54 interviews We get lots of interest from caregivers, but sign up only one older adult user This is wonderful — I’m going to tell all of my friends!
  13. chapter 1: silver concierge week 4: 54 interviews What we probably should have done... Let’s do in-depth interviews with the caregivers and older adults we weren’t able to convert!
  14. chapter 1: silver concierge week 4: 54 interviews What we did instead... Let’s pilot for another week!
  15. chapter 1: silver concierge week 4: 54 interviews (John working his charm with the good people of The Little House)
  16. chapter 1: silver concierge week 5: 71 interviews But not even John’s charm can get us to product-market fit...
  17. chapter 1: silver concierge week 5: 71 interviews Customer (“care coordinator”) Customer acquisition Call to concierge Service delivery On-demand service providers Medical providers & case managers Friends & peers Senior communities
  18. “The handoff between older adults and children, unless the older adult is really incapacitated, is basically impossible.” - Laura Connors, ED Beacon Hill Village “My grandmother is hugely stubborn and will not change anything unless she absolutely has to.” - Remote caregiver in Pennsylvania
  19. Gain Creators Customer Jobs Independence - Eat healthy meals - Get safe rides - Human connection - Lack awareness of current solutions - Don’t want to be “needy” - Senior care solutions expensive - Tech solutions complicated & lack help - Lack of trust is major barrier - Desire personal, human interaction User Segment - Empowering (can use on own) - Easy; no new tech required (phone) - Trusted; satisfaction guaranteed - Responsive & schedulable - Affordable, clear pricing - Provides human touch Products & Services Phone access to: - Meal delivery - Ride services - Access to previously unknown resources, incl those otherwise unreachable by phone - Reduce life pressures; create convenience - Enable budgeting w/clear, predictable pricing - Preserve independence; reduce anxiety about aging - Trusted & guaranteed; reduce uncertainty - Remove barrier of tech adoption - Provide human connection Customer Jobs Peace of mind - Busy & balancing priorities - Geographic separation - Lack of tech adoption by senior - Crisis-driven solution finding - Senior care solutions expensive - Reduced anxiety over care - Reduced schedule burden - Increased connection to senior - Predictable spending Gains Users Buyers Pains Gains Pains Gain Creators Pain Relievers Our value propositions simply weren’t resonating...
  20. Gain Creators Customer Jobs Independence - Eat healthy meals - Get safe rides - Human connection - Lack awareness of current solutions - Don’t want to be “needy” - Senior care solutions expensive - Tech solutions complicated & lack help - Lack of trust is major barrier - Desire personal, human interaction User Segment - Empowering (can use on own) - Easy; no new tech required (phone) - Trusted; satisfaction guaranteed - Responsive & schedulable - Affordable, clear pricing - Provides human touch Products & Services Phone access to: - Meal delivery - Ride services - Access to previously unknown resources, incl those otherwise unreachable by phone - Reduce life pressures; create convenience - Enable budgeting w/clear, predictable pricing - Preserve independence; reduce anxiety about aging - Trusted & guaranteed; reduce uncertainty - Remove barrier of tech adoption - Provide human connection Customer Jobs Peace of mind - Busy & balancing priorities - Geographic separation - Lack of tech adoption by senior - Crisis-driven solution finding - Senior care solutions expensive - Reduced anxiety over care - Reduced schedule burden - Increased connection to senior - Predictable spending Gains Users Buyers Pains Gains Pains Gain Creators Pain Relievers Tech isn’t as big a barrier to adoption as we thought; but trust is huge
  21. “[They] do not want to do anything that will shut them in the house more. Independence is not just about access to basic needs, it is about getting out and being a part of the larger world.” - Bay Area Caregiver
  22. Gain Creators Customer Jobs Independence - Eat healthy meals - Get safe rides - Human connection - Lack awareness of current solutions - Don’t want to be “needy” - Senior care solutions expensive - Tech solutions complicated & lack help - Lack of trust is major barrier - Desire personal, human interaction User Segment - Empowering (can use on own) - Easy; no new tech required (phone) - Trusted; satisfaction guaranteed - Responsive & schedulable - Affordable, clear pricing - Provides human touch Products & Services Phone access to: - Meal delivery - Ride services - Access to previously unknown resources, incl those otherwise unreachable by phone - Reduce life pressures; create convenience - Enable budgeting w/clear, predictable pricing - Preserve independence; reduce anxiety about aging - Trusted & guaranteed; reduce uncertainty - Remove barrier of tech adoption - Provide human connection Customer Jobs Peace of mind - Busy & balancing priorities - Geographic separation - Lack of tech adoption by senior - Crisis-driven solution finding - Senior care solutions expensive - Reduced anxiety over care - Reduced schedule burden - Increased connection to senior - Predictable spending Gains Users Buyers Pains Gains Pains Gain Creators Pain Relievers “Improved” access to services doesn’t mitigate concerns about aging — it amplifies them!
  23. “I don’t want to be a part of a service where I wouldn't know the driver.” - Older adult, Palo Alto
  24. chapter 2: silver concierge (b2b)
  25. chapter 2: b2b concierge week 6: 84 interviews Hypothesis: If caregivers won’t intermediate to deliver Silver Concierge to older adults, perhaps elder living companies and facilities might….
  26. chapter 2: b2b concierge week 6: 84 interviews Independent-living facilities, senior apartments, and 55+ villages will want to partner with us to outsource service delivery
  27. chapter 2: b2b concierge week 6: 84 interviews Volunteers are enough to fill most of our service requests... sounds interesting, but we’re only doing a few Uber rides a month...
  28. chapter 2: b2b concierge week 7: 96 interviews Positive feedback, but no one is really grabbing this out of our hands...
  29. chapter 2: b2b concierge week 7: 96 interviews (PIVOT)
  30. chapter 3: CareCoach | the pivot
  31. chapter 3: CareCoach week 7: 96 interviews What we knew - Older adults often don’t think there’s a problem - Acquiring older adults as users is really hard (high CAC) - Service provision doesn’t address loneliness/isolation - Extreme price sensitivity - High-touch service important => unit economics tough - Caregivers are overwhelmed, overworked, and want support
  32. Research and mastery of latest senior-tech and pricing Logistics of on-demand response to questions Product and service providers AARP Senior Activity Centers Senior-housing advisory+referral services Caregiver Cara is 40-50 with a parent who is 75-90 and still living independently but starting to struggle Cara is employed, busy and has children of her own Cara is overwhelmed Cara is worried about affording care Our customers are product and service providers (uber, lyft, nursing homes, gadgets) hoping to reach caregivers and seniors Personalized, expert support to help you navigate caring for an older loved one Trusted resource would reduce time and stress associated with “becoming an expert” caregiver Transparent pricing Emotional need- Guilt and fear Acquisition via web search Mommy blogs Caregiver blogs Hospitals Senior-housing advisory+referral services Employees committed to providing gold-standard content and service Effective branding Get: “acquire via online search Keep: quality product, emails on latest tech advances/products Grow: Viral loop is critical; “up-sell” to consulting services Referral fee from service providers “Premium” personalized coach/consultant (could build in house or partner with other service) Biggest cost driver (unit economics/variable costs) is customer acquisition chapter 3: CareCoach week 7: 96 interviews CareCoach BMC
  33. What we found… - Local knowledge critical (scalability challenge) - Acquisition is still challenging (caregivers don’t necessarily look online) - “There are so many things I know I should be doing, I don’t even know where to start.” - BUT: Huge, pressing pain points around being a caregiver chapter 3: CareCoach week 8-9: 118 interviews
  34. Focus on Caregivers so what comes next?
  35. We didn’t find product-market fit. But we uncovered a whole lot of lessons.
  36. THANK YOU the teaching team: steve, steve, and jeff our wonderful mentors: justin wickett & mar hershenson our LLP classmates our interviewees, testers, and supporters
  37. Silver Concierge Appendix: Market Sizing and Customer Relationship Funnel
  38. The Opportunity Total available market (TAM): Americans age 75+ not living in nursing homes or other full-care facilities (US Census, US Dept. of HHS) ~18.1M Served available market (TAM): ...living in urban and major suburban areas (50%) with access to family or friend caregivers (65%) (US Admin. on Aging, Institute on Aging ) ~5.9M Target market: ...with household incomes of >$50,000 (49%) (US Admin. on Aging) ~2.9M
  39. Get our B2C Customer Relationships Keep GrowAcquire: Online Advertising Traditional Advertising: Radio, print (AARP) Activate: Create account + pay first monthly fee CAC:$100 LTV Revenue: $3,900 LTV Profit: $1,060* Parent/Child connection Deals from partners Upsell: Additional Services (if partner revenue model) Premium: In-person; Tech support Cross-Sell: Lead-generation for other products+ services: Evolve home Modification, Lindycare *Lifetime @ 4 years
  40. Get our B2B2C Customer Relationships Keep GrowAcquire: Direct Sales to Independent Living communities Partnerships with Senior Centers Activate: Activated accounts with communities CAC:$16,800 LTV Revenue: $457,500 LTV Profit: $97,500* Sales leverage Bulk pricing Upsell: Additional services Tech support Cross-Sell: Lead-generation for the independent communities from outside customers? *Lifetime @ 5 years
  41. CareCoach Appendix: What would be next
  42. What (would be) next: TurboTax for Caregivers Customer: Caregivers Pain: “Holy Cow, I now need to take care of my parent, I don’t even know where to start or what to do” Pain reliever: A trusted platform to guide caregivers who are just getting started and perhaps to help manage their finances as their loved ones age further. Revenue: Advertisement (likely through placement and lead generation rather than banner ads). Potential to upsell for finance management (fee basis) in future product iteration.

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