Polar Photo Team6

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Polar Photo Team6

  1. POLAR PHOTO Aziza Jamgerchinova Hugh LeAdrien de Bontin Team Members: Engaged Couples 16 Photographers 10 Key Partners 2 TOTAL 28
  2. • Engaged couples are willing to spend time (e.g., 2 months) to find a photographer that is right • Important factors are style/creativity, price, and personality fit Day One Result Initial Hypothesis Engaged couples need to find a photographer quickly (within a couple of weeks) and prioritize convenience among one of the main decision criteria
  3. • While there is still demand for a unique “style,” there was no interest in hiring photographers with zero wedding experience Day Two Result Initial Hypothesis To achieve non-traditional wedding photography, engaged couples want to hire fashion, art, and commercial photographers
  4. • Top-tier fashion, art, and commercial photographers have no desire for wedding photography • Novice fashion, art, and commercial photographers do not have enough experience as a professional photographer • Customer archetypes becoming more apparent through interviews Day Three Result Initial Hypothesis All fashion, art, and commercial photographers are open to photographing wedding for extra income
  5. Understanding our customer archetypes will help us shape our product-market fit Engaged CouplesPhotographers Archetype Description Well-Established • Many years of experience • Large client base that provides sustainable business Experienced and Open to New Clients • Many years of experience • Willing to expand client base • Not willing to advertise outside core-photography types (e.g., art, fashion) Up and Coming • Some years of experience • Portfolio includes some reputable brands, locations • Seeking opportunities to showcase creative talent • Building customer base Novice • Very little professional experience • Portfolio not fully developed Archetype Description On Their Own • No desire for a professional photographer • Will ask friends to help with photography On a Budget, Wants the Usual • Price >> style • Focused more on traditional style of photography Know Their Vision • Seeks photographer with specific vision in mind • Willing to pay for better quality and more experience Looking for Something New • Actively seeks non-traditional type of photography • Willingness to pay is high Target Segments
  6. • While style is important, other major factors that are on par include: – Price – Post-production presentation/control (e.g., layout of wedding book) Day Four Result Initial Hypothesis Creativity and style are the main drivers of the photographer selection process
  7. • Value proposition for Engaged Couples: – Get a greater value (i.e., lower price) for higher quality photographer – Trust in the level of quality of photographer – Ease of finding a photographer – Connection of being selected by an elite photographer • Value proposition for Photographers: – Ability to select their subject – connection to the engaged couple – Access to and income from non-core market – Flexibility in scheduling a new project – Not having to maintain separate wedding website Day Five Result Initial Hypothesis Engaged couples and photographers are interested in a new way of discovering each other Initial feedback has been positive from both customer segments
  8. Contact Us About Us How Does This Work? Engaged couples submit your story and let photographers come to you! Our select photographers have years of experience in fashion, art, and commercial photography for some of the most reputable institutions…Have your wedding be next! Photographers will bid on your wedding so you get a great photographer at a great value. Photographers • Adrien de Bontin • Steven Blank • Bob Dorf • Jay Mehta • Nina Tandon • Anne • Andy • Sameer • Aziza • Hugh • Isabella • Francois Engaged Couples: Submit Your Story Photographers: Apply to Join Our Team See Our Photographers’ Portfolios
  9. How We Met We both happened to be hiking in the Catskills when I ran into Harrison as we were crossing trails…he literally knocked me down! I was furious at first but he was so apologetic and made it up by cooking me dinner that night! What We’re Looking For in a Photographer • Landscape or outdoor experience (venue outside) • Be willing to travel to upstate NY • Looking for rustic appeal, with a modern twist Pertinent Details • Wedding: September 2nd, 2014 • Location: Upstate New York • Time Commitment: 2 Days (rehearsal dinner, wedding, and reception) Kate and Harrison More photos of Kate and Harrison Bid on Wedding Contact Us About UsHome
  10. Contact Us About UsHome Welcome back Kate and Harrison You have 4 bids for your wedding! Adrien de Bontin Bid: $3500 Contact See Bid See Gallery Isabella Trabola Bid: $4500 Contact See Bid See Gallery Francois Teneblu Bid: $5000 Contact See Bid See Gallery Alberto Minza Bid: $4000 Contact See Bid See Gallery
  11. Contact Us About UsHome
  12. • Continue to validate the current product-market fit hypotheses with engaged couples and photographers • Further test and refine revenue model • Build a demo website • Continue conversations with key partners in order to refine our “get” strategy Next Steps
  13. Appendix
  14. Key partnerships Key activities Value propositions Customer relationships Customer segments Key resources Channels Cost structure Revenue streams “We help engaged couples immortalize their wedding by creating personalized photography services” Photos that capture your personality by offering services that are convenient, diverse, and vetted based on our professional photographic experience • Individuals that desire high visual aesthetics • Convenience (and time sensitive) but still desire a high- level of quality • Desire unique / different photography (that they may not have known initially or have preconceived ideas) • Wedding Planners • Strategic Partnerships (e.g. gift registry, ring sellers) • Venues / Caterers • Social media • Word of mouth • Strategic Partners • Wedding planners • Couples (end- users) based on Convenience / time-sensitivity and Uniqueness • Photographers • Gift registry • Wedding planners • Ring Sellers • Venues • Caterers • Individuals • Studio / photo equipment • Talent • Web interface (user interface, payment system) • Photo curator • Providing initial set of edited photographs • Wedding photos • Engagements photos • Editorial (vetting) process • Relationship management • Talent recruit. / Talent mgmt. • Social media presence • Maintaining studio • Web interface • Business development • New product offerings • Rent expense (studio) • PP&E (photography equipment purchase) • Website development / maintenance • Customer / relationship acquisition (time, resources) –Labor costs • Promotional material (Moleskin wedding book examples, etc.) • Advertising costs (e.g., Strategic partnership pitches, Google/ Facebook ads) • Customer WTP (uniqueness, editorial process, convenience, strategic partnerships) • Payment process (to be researched) • Revenue streams (Fees from couples, strategic partnerships, renting studio, product offerings) DAY ONE
  15. “We help engaged couples immortalize their wedding by creating personalized photography services” Photos that capture your personality by offering services that are convenient, diverse, and vetted based on our professional photographic experience • Individuals that desire high visual aesthetics • Convenience (and time sensitive) but still desire a high- level of quality • Desire unique / different photography (that they may not have known initially or have preconceived ideas) • Wedding Planners • Strategic Partnerships (e.g. gift registry, ring sellers) • Venues/Caterers • Social media • Word of mouth • Strategic Partners • Wedding planners • Couples (end- users) based on Convenience / time-sensitivity and Uniqueness • Photographers • Gift registry • Wedding planners • Ring Sellers • Venues • Caterers • Individuals • Studio / photo equipment • Talent • Web interface (user interface, payment system) • Photo curator • Providing initial set of edited photographs • Wedding photos • Engagements photos • Editorial (vetting) process • Relationship management • Talent recruit. / Talent mgmt. • Social media presence • Maintaining studio • Web interface • Business development • New product offerings • Customer WTP (uniqueness, editorial process, convenience, strategic partnerships) • Payment process (to be researched) • Revenue streams (Fees from couples, strategic partnerships, renting studio, product offerings) • Rent expense (studio) • PP&E (photography equipment purchase) • Website development / maintenance • Customer / relationship acquisition (time, resources) –Labor costs • Promotional material (Moleskin wedding book examples, etc.) • Advertising costs (e.g., Strategic partnership pitches, Google/ Facebook ads) Art, fashion, and commercial photographers Engaged couples looking to hire a wedding photographer “We help fashion, art, and commercial photographers earn extra income by connecting them to job opportunities shooting wedding photography” • High caliber photographers • Diverse style and creative photos • Access to non- core market • Platform to advertise services • Extra income Get • Word of Mouth • Personal networks • FB, Google ads • Photo equip expos • B&H, ICP fliers Get • Word of Mouth • Theknot.com ads (wedding blogs) • FB, Google ads • Grad school fliers • Email newsletter • Web platform • Links from wedding blogs • Management fee per transaction • Sign-up fee for photographers DAY TWO
  16. • Web platform • Links from wedding blogs • Social media • Word of mouth • Photographers • Gift registry • Wedding planners • Ring Sellers • Venues • Caterers • Individuals • Talent • Web interface (user interface, payment system) • Photo curator • Providing initial set of edited photographs • Wedding photos • Engagements photos • Editorial (vetting) process • Relationship management • Talent recruit. / Talent mgmt. • Social media presence • Web interface • Business development • New product offerings • Customer WTP (uniqueness, editorial process, convenience, strategic partnerships) • Payment process (to be researched) • Revenue streams (Fees from couples, strategic partnerships, product offerings) • Website development / maintenance • Customer / relationship acquisition (time, resources) –Labor costs • Promotional material (Moleskin wedding book examples, etc.) • Advertising costs (e.g., Strategic partnership pitches, Google/ Facebook ads) Art, fashion, and commercial photographers Engaged couples looking to hire a wedding photographer “We help fashion, art, and commercial photographers earn extra income by connecting them to job opportunities shooting wedding photography” • High caliber photographers • Diverse style and creative photos • Access to non- core market • Platform to advertise services for professional services • Extra income • Maintain anonymity • Opportunity to showcase talent • Network with like- minded peers • Management fee per transaction • Sign-up fee for photographers • Additional product offerings (e.g., videography, 1-yr photos…) DAY THREE Get • Word of Mouth • Personal networks • FB, Google ads • Photo equip expos • B&H, ICP fliers Get • Word of Mouth • Theknot.com ads links (wedding blogs) • FB, Google ads • Grad school fliers • Email newsletter
  17. • Web platform • Photographers • Gift registry • Wedding planners • Ring Sellers • Venues • Caterers • Individuals (friends/family) • Wedding blogs and websites • Talent • Web interface (user interface, payment system) • Photo curator • Providing initial set of edited photographs • Wedding photos • Engagements photos • Editorial (vetting) process • Relationship management • Talent recruit. / Talent mgmt. • Social media presence • Web interface • Business development • New product offerings • Management fee per transaction • Sign-up Membership fee for photographers • Additional product offerings (e.g., videography, 1-yr photos) • Website development / maintenance • Customer / relationship acquisition (time, resources) –Labor costs • Promotional material (Moleskin wedding book examples, etc.) • Advertising costs (e.g., Strategic partnership pitches, Google/ Facebook ads, wedding blog memberships / ads) Art, fashion, and commercial photographers Engaged couples looking to hire a wedding photographer “We help fashion, art, and commercial photographers earn income by connecting them to job opportunities shooting wedding photography” • High caliber photographers • Diverse style and creative photos • Access to non- core market • Platform for professional services • Extra Income • Maintain anonymity • Opportunity to showcase talent • Network with like- minded peers DAY FOUR Get • Word of Mouth • Personal networks • FB, Google ads • Photo equip expos • B&H, ICP fliers Get • Word of Mouth • Theknot.com links (wedding blogs) • FB, Google ads • Grad school fliers • Email newsletter
  18. • Web platform • Wedding planners • Venues • Individuals (friends/family) • Wedding blogs and websites • Human o Photographers o Photo and photographer curator o Customer service rep. • Web platform • Wedding photos • Editorial process • Talent mgmt. • Talent recruitment • Social media presence • Maintain web platform • Website development / maintenance • Customer acquisition • Promotional material (Moleskin wedding book, etc.) • Advertising costs (e.g., Google/ Facebook ads, wedding blog memberships / ads) Art, fashion, and commercial photographers Engaged couples looking to hire a wedding photographer “We help fashion, art, and commercial photographers earn income by connecting them to job opportunities shooting wedding photography” • Lower price for higher caliber photographers • Trust in quality of photography • Access to non- core market • Web platform for photo services • Income • Anonymity • Showcase talent Get • Word of Mouth • Personal networks • FB, Google ads • Photo equip expos • B&H, ICP fliers Get • Word of Mouth • Theknot.com links (wedding blogs) • FB, Google ads • Grad school fliers • Email newsletter DAY FIVE Additional product offerings (e.g., videography, 1-yr photos) Management fee per transaction Management fee per transaction
  19. Interview Count and Main Takeaways Key PartnersPhotographersEngaged Couples Count 16 10 2 Takeaways • Need exists for wedding photography that is differentiated / creative • Willing to invest time to find “right” style • Concern with hiring photographers with no wedding experience • WTP for non-traditional photographers may be lower than traditional • Need exists for more income – weddings are not “extra” income • Desire for agency to provide business services (collecting $) • Would like guarantee of getting work • Customer acquisition is done mainly by WOM – commercial prof. have separate websites • Demand may not be as strong as we thought • Interviews scheduled for later this week • Less of priority until value proposition is vetted with customer segments • Will test customer channels, pricing strategy, and how to maintain partnerships Total Interviews: 28
  20. Our services are designed to address specific needs per customer segment Customer Segments Value Proposition Photographers Engaged Couples Need: More income • Additional jobs during “downtime” • Requires less than 1 week of total work Need: Time to focus on core customers • Eliminate maintaining separate wedding site • Provide access to non-core market Need: Building intrinsic value • Challenging personal creativity in a “cookie- cutter” photography market • Relate to engaged couple’s story, profiles Need: Record of a special event • Prints, digital photos, videos, etc. Need: High caliber photography at value • Desire of getting high-quality at a low price Need: Trust in outcome • Photographers are vetted • Professionals only chosen with experience
  21. Customer archetype profile: Isabella, the experienced/lifestyle photographer What Matters Been in the industry for many years, not looking to shoot weddings but open to the opportunity Key Attributes • 30 – 50 years old • Specialization in 2-3 styles (e.g., fashion, art) • <$60K per year income • Has large and diverse portfolio • Enjoys a lifestyle of working her current jobs and does not want to be known for weddings Current Needs • Platform to (anonymously) advertise for weddings • Balance uneven workload by having additional jobs • Desire to showcase creativity in a “stodgy” medium “I will show how my experience in fashion and art will give a distinctive perspective to couples that want a different style of photography”
  22. Customer archetype profile: Francois, the up-and-coming photographer What Matters Looking to expand his portfolio / reputation by showcasing his artistic talent Key Attributes • 25 – 35 years old • <$30K per year income • Has curiosity of international projects • Has ~15 professional projects with reputable clients Current Needs • Little business expertise – relies mainly on word of mouth and personal contacts for new clients • Desire to grow reputation through more commercial projects and creative shoots “I will bring a unique style to any wedding that is nothing like the norm”
  23. Customer archetype profile: Kira and Steve, the engaged couple with a set style in mind What Matters Have a preconceived notion of the style of photography and looking for the right “match” Key Attributes • No particular age range • $60K -- $125K per year income • Desires photography that is different than “normal” weddings, has an idea on type of style / creativity Current Needs • Match of photographer style to that of the couple • Trust in caliber of photographer that can deliver higher quality compared to specialized wedding photographers “We want something different than the wedding photos we have seen, we have a style in mind but haven’t found a photographer that exactly matches what we want”
  24. Customer archetype profile: Victoria and Lucian, the engaged couple looking for something new What Matters Seeking avant-garde photography that is different than any preconceived ideas Key Attributes • No particular age range • ~$125K per year income • High willingness-to-pay if style, creativity are met Current Needs • Trust that outcome will match expectations (based on portfolio and meeting with photographer) • Differentiated style of photography that matches creative taste of the couple • Some experience shooting large events “We know what we want when we see it – but we know it won’t be like any other wedding photography that we have seen”
  25. Day in the Life Of (workflow)… A professional photographer Correspond with current clients Contact network, WOM referrals Check with assistants re: future jobs Check Emails / Call Leads Majority of the day is spent on contacting or following-up on leads or referrals Shoot samples, edit, find inspiration Attend party or other networking opportunities When not shooting, less time is spent on planning future jobs or editing jobs Polar Photo solves the need of contacting potential leads by completing the customer acquisition process for a photographer Additional steps for customer acquisition
  26. The “get” strategy will initially focus on personal networks but will evolve to larger audiences Customer Segment “Get” Strategy Initial Feedback / Discussion Photographers WOM, Personal Networks • Personal networks are a primary source • Mixed response from photographers – more positive in targeted segments • Need to become involved in industry groups to gain brand equity Photo equipment expos B&H, ICP fliers and events Engaged Couples WOM, Personal Networks • Personal networks and wedding blogs are currently primary sources to target • Direct advertising on wedding blogs can be tedious and a large investment • Promotional events are only one-time • Engaged couple customer acquisition remains an important issue / risk Direct Advertising (FB, Google, wedding blogs) Email newsletter Promotional events (e.g., competition for free wedding photo.)
  27. We are targeting four main partners to attract both photographers and engaged couples Engaged Couples Photographers Friends / Family Wedding Blogs / Websites Wedding Planners Wedding Venues “Get” Strategy Key Partners
  28. Revenue will be generated through transaction fees and photographer membership fees Revenue Stream Transaction Fee Collect a percent of the price charged for the event Membership Fee Charge a membership fee to be in the agency Description Pricing Strategy and Initial Feedback • Photographer fee ranges from $2.5K - $10K • Target photographer segments are willing to work for $2.5K - $5K • Willing to pay a management fee • Data from wedding blogs (i.e., The Knot, JuneBug weddings) is that membership fees cost $1,800 - $5,700 per year • Willing to pay a membership fee – but would need a guarantee that a job will be secured • Membership fee may not have to be paid until first job is completed • Polar Photo will manage all business related activities between couple and photographer As of Day 4
  29. Polar Photo’s target market is $3M of a $143M available market in New York Total US Market • 2,118,000 marriages in 2011… • …6.8% of US population (per K) • Assume 20% hire photographer • Assume $10,000 per wedding** New York City Market • 71,401 marriages in 2011 • Assume 20% hire photographer • Assume $10,000 per wedding** Polar Photo Target Market • Assume 2% market penetration • Equates to ~285 weddings/year Market Sizing DiscussionWedding Photography Market (2011, $M) 3 Total Market (US) Available Market (NYC) 4,236 143 Target Market **based on day one interviews

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