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Agency Finder: Joseph Clift, General Assembly Product Management

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Agency Finder: Joseph Clift, General Assembly Product Management

  1. 1. A community-powered service that helps marketing people get a job 1
  2. 2. WHAT I’M COVERING • The problem: It’s hard to get a job at an ad agency, and the churn rate is very high • Solving the problem: Through a community-focused job finding service for marketing people • Product development: Building & launching an MVP, building a database of user-generated content, then monetising this database 2
  3. 3. THE SIZE OF THE OPPORTUNITY • £17bn adspend in UK in 2013 • 550,000 employees in marketing • 100,000 at ad agencies 3 Source: Institute for Practitioners in Advertising
  4. 4. IDENTIFYING THE PROBLEM* “The model of the way we get jobs in this industry is fundamentally broken.” 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% *Based on face-to-face interviews with nine current & potential marketing industry job applicants & a 28- person survey 4 harder easier - Ad agency employee “If I had to sum up my job search in a single word it would be – despair." - Digital agency employee Is it harder or easier than the norm to get a job in marketing?
  5. 5. FINDING & RETAINING TALENT • 28.1% annual churn rate in UK – market sizing: 28,100 5 “Churn rates at agencies are very high. This is because of salaries. You need to move to get a better one.” - Ex ad agency worker Source: Digiday
  6. 6. MARKET SIZING Individual Users Marketing jobs in the UK: 550,000 (Source: AA) Ad agency jobs in the UK: 100,000 (Source: IBIS) Annual churn rate at ad agencies: 28.1% Total: 28,100 (Sources: Advertising Association, IBIS, IPA) Students in the UK: 1,682,145 Final year students in the UK (undergrad and postgrad): 336,429 % of students studying business, communications or creative arts: Total: 46,427 (Source: HESA) 6 Corporate Users Marketing agencies in the UK: 25,000 (Source: Marketing Quotes) Companies in the market for agency services: Number of companies in the UK: 1.9m % of which with revs of £25m+ (& therefore large enough to have a marketing budget): 1% Total: 19,000 (Source: Office of National Statistics)
  7. 7. ADVERTISING PEOPLE: DIGITAL-FIRST AND YOUNG Advertising industry people’s participation in social media. Source: Heat/Fast Company 7 Ages of workers among IPA member agencies, 2013. Source: IPA
  8. 8. USER PERSONAE JACK (28, living in London) BACKGROUND • Has been in his present role at an ad agency for 18 months • Time-pressed and cash-strapped VALUES • Tech-savvy, avid social networker • Work/life balance is important to him - but is a work in progress • Liberal, cosmopolitan • Wants to be seen as quick to pick up on new trends “I need a time-saving tool for finding my next job opportunity, so that I can boost my salary.” JILL (21, studying in Kent) BACKGROUND • Final year marketing student, looking for a graduate opportunity • Overwhelmed with exam pressures and information sources VALUES • Idealistic about the future • Avid social networker (online and offline) • Wants to make a difference at a company • Wants to move to London “I need in-depth and useful information so that I can plan my job search more effectively.” 8
  9. 9. JACK’S EMPATHY MAP What do they hear? What do they think & feel? What do they see? What do they say and do? • He has his headphones on, streaming music to help him concentrate • The office is quiet as most of his colleagues are doing the same • Friends outside of work tell him often that he is unhappy and needs to move on • His boss (the head of client services) and some of his clients offer a lot of negative feedback about his ideas and general work performance, knocking his confidence. • He feels undervalued - and underpaid - at his workplace. He has financial worries: he spends over 50% of his salary on rent, and a big chunk of the remainder on essential costs • He knows from his peers, fellow marketing graduates, that one of the best ways of getting a salary boost is to switch jobs • He has a couple of meetings with recruiters and a second-round interview scheduled for the upcoming week • But he’s so busy he doesn’t have time to do proper research: while at the office it seems impossible, when at home he’s too tired to get motivated • While he must keep on top of a lot of things in his job, he wants to feel switched-on, savvy and ahead of the game - whether that means anticipating any complaints a client may have, or keeping abreast of new tech and media trends. • Crowded office • Laptop filled with notifications, upcoming meetings, new – and still unanswered – emails: he has three (very demanding) clients • He’s also checking his smartphone on his desk periodically for updates from his friends – and always somehow finds time to text back/like or comment on posts. He’s accustomed to multitasking • The brief is in an open Word document – he is trying to concentrate on it but keeps getting distracted by incoming emails Pains Gains • He’s generally silent until spoken to in the office… • …unless he is in a client meeting, where he needs to be extrovert and proactive. He aims to be solicitous with his clients and represent the agency to them • He does not share his concerns with any of the bosses at work - only with friends on the outside. Time pressure, negative and stressful atmosphere at work, money worries Quick answers, hope for the future, a competitive edge in his hunt for a better job. 9
  10. 10. HOW MARKETERS FIND A JOB Most popular research tools Most popular ways of applying 10 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Direct LinkedIn Monster Guardian Jobs Reed I was headhunted “We Googled the company, emailed them – and they didn’t get back to us. Then we found they were happy for us to come in for a chat, but we rarely anything back from them afterwards.” - Job applicant Source: TechCrunch
  11. 11. AGENCY FINDER: BUSINESS MODEL Partners Key Resources • Database of company information, aggregated information from other sources, UGC • Website and app(s) – presentation of this information Key Activities Value Proposition Customer Relationships Channels Customer Segments • Providers of comparative ad industry company data • Providers of server space • Industry trade bodies/clients/agencies • Social media platforms (social media feeds will be integrated into my platform + commenting will be via LinkedIn login) + third party social feed integration technology 1. Easy access to hard-to-find and exclusive info 2. A place to bring jobseekers & agencies together 3. A place to talk and share – a community Main costs Revenue • People looking for a job at a marketing services company – whether they already work for one or are looking to get into the industry • Companies looking for a new marketing services provider • Agencies looking to manage reputations & benchmark their performance • Email updates • In-app notifications • Social media profiles • Face-to-face meetings with corporate partners, including trade bodies, universities and data providers • Creating & designing homepage, company pages • Getting user participation in uploading comments & data about agencies • Getting participation from the agencies themselves • Engineers/UX designers • Search ads • Paying community managers to moderate comment & social sections of service • Paying freelance content creators for scraping & reusing information on company pages • Paying data providers for access to their datasets & republication fees. • Owned: Website & app(s) • Earned: PR, social media conversation about the service • Paid: Search ads/keywords • Live: Pitches & presentations at industry events • Ad revenue from app/site banners; sponsorships/media partnerships • Revenue from pro accounts • Revenue from agencies/corporate clients via data-sharing • Revenue from activating database via reports (eg, annual rankings of “top agencies” • Revenue from job listings 11
  12. 12. 12 NEEDS, FEATURES, BENEFITS NEEDS Finding a job in the industry is hard – and there is a real information gap when it comes to finding out about potential employers. FEATURES • An online platform that offers insights & updates on marketing services providers in order to help users in their job search. • Searchable company pages with useful information, from its status in the industry, to key contacts, a client list and information on what it’s like to work there. • Pages are populated either manually, dynamically (via embedded social media streams) or with UGC. BENEFITS • It makes companies comparable. • It assists the jobseeker during the research process and gives them a cutting edge over their rivals. • It offers a community platform for sharing information.
  13. 13. PRODUCT LIFE CYCLE DEVELOPMENT - • Initial market research with different types of users for the product: marketing students, people already at agencies looking for their next move, clients looking to find the right agency. • Building the MVP/bare bones version of the product: – MVP 1: Single company page, shared with key potential users/influencers to decide what information goes where on the page, viability of log-ons & sharing information as a community – MVP 2: Basic home/search page and functionality, to determine which are the most searched-for agencies INTRODUCTION - • Press release and launch of social media campaign • Launch of multiple company pages, homepage, log-in functionality • Establish relationships with agencies tracked by the product to build word of mouth further & offer data-sharing GROWTH – • Features added: follow companies, receive email updates, get lifetime login when info is shared • Seek out sponsorship opportunities with other companies, such as academic institutions that run marketing courses • Launch paid-for premium version for power users/companies with more in-depth rankings and other exclusive content 13 MATURITY - • Content push with annual “top agencies” report & associated collateral (trophies, events, print & online versions) • Add job listings functionality • Launch international version of product • Branch out into other industries such as PR & tech DECLINE - • Signals of decline: falling MAUs, subscriptions, job listings posted • Ways of preventing decline: adding additional rankings, making paywall more permeable, activating content in new ways
  14. 14. 14 FULL PRODUCT ROADMAP
  15. 15. Creation of additional company pages, informed by reaction to MVP MVP: Sample company page Homepage: Searchable by company In-page requests for Job listings UGC Annual Email Login/sign-up functionality reminders “best agency” lists Refining and expanding the rankings based on UGC Pro accounts, launch of paywall TIME TASKS Initial MVP & iteration Building & leveraging database Monetisation 15 PRODUCT ROADMAP Redesign of company pages, informed by reaction to MVP Data-sharing with corporate partners
  16. 16. Creation of additional company pages, informed by reaction to MVP MVP: Sample company page Homepage: Searchable by company In-page requests for Job listings UGC Annual Email Login/sign-up functionality reminders “best agency” lists Refining and expanding the rankings based on UGC Pro accounts, launch of paywall TIME TASKS Initial MVP & iteration Building & leveraging database Monetisation 16 PRODUCT ROADMAP Redesign of company pages, informed by reaction to MVP Data-sharing with corporate partners
  17. 17. SITE NAVIGATION 17 • Site nav is deliberately simple & flat, aimed at driving towards two user actions: Exploring the company pages or logging in • Once in a company page, they are encouraged to perform three further actions 1. Search for another company page 2. Follow company 3. Add information
  18. 18. MVP Release a single prototype “company page” that includes different types of information about an agency. Include a basic employee information form & comment function. Share with contacts at the agency, track usage via Google Analytics. 18
  19. 19. HOW THE MVP WORKS 19 Hypothesis: We believe that people will be willing to contribute sensitive market information anonymously - issues that could include salary and job satisfaction. Success criteria: • Heatmapping via Google Analytics to see which cartridges get the most engagement • # of user logins & # of users leaving comments/adding information Features prioritised: • Agency information pages • Add info/comment option
  20. 20. ALTERNATIVE/ ADDITIONAL MVP A homepage with basic search functionality Success criteria: • Review which are the top search terms to inform which additional company pages should be created first • Retention: # of searches performed per user 20 Hypotheses: 1) We believe that users are interested in a broad variety of companies over the course of the job search/research process 2) We believe that users will want to return to the site multiple times over the course of the job search/research process
  21. 21. USER JOURNEY Rest of page features: • expanded product 21 “mission statement” • introductory video, • social media buttons • Email/phone contacts.
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  23. 23. Creation of additional company pages, informed by reaction to MVP MVP: Sample company page Homepage: Searchable by company In-page requests for Job listings UGC Annual Email Login/sign-up functionality reminders “best agency” lists Refining and expanding the rankings based on UGC Pro accounts, launch of paywall TIME TASKS Initial MVP & iteration Building & leveraging database Monetisation 23 PRODUCT ROADMAP Redesign of company pages, informed by reaction to MVP Data-sharing with corporate partners
  24. 24. WHY COMMUNITY? 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% “People are obsessed with giving their opinion. It’s not a shy industry. Most people in agencies are high-energy. And you work on accounts together in small groups for 10 hours, 11 hours a day.” - Ad agency worker 24 0.0% Company culture Salary Location Ranked against peers Headcount Employee opinions Financial position Corporate structure Perks What are you looking for in an employer?
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  26. 26. BUILDING THE RANKINGS 26 • Simple multiple-choice questions; optional text comment at end • Filling in the form gets you free & full access to datasets • UGC generated via this form is anonymised, aggregated posted as: • comments on company pages • aggregated into agency rankings UGC > user verified > database > indexing tool > dynamically-generated rankings
  27. 27. OTHER DATA SOURCES FOR RANKINGS All of the above are publicly-available rankings of ad agencies, data from which could be used to supplement the UGC-derived ranking data. Click on an image to see more information on each ranking product. 27
  28. 28. EMAIL ENGAGEMENT • Users sent regular email updates by hitting the “follow” button on company pages. They have the option 28 to sign up for only certain types of agency information & frequency of contacts • All emails feature clear CTA (link back to company page) to encourage return visits.
  29. 29. Creation of additional company pages, informed by reaction to MVP MVP: Sample company page Homepage: Searchable by company In-page requests for Job listings UGC Annual Email Login/sign-up functionality reminders “best agency” lists Refining and expanding the rankings based on UGC Pro accounts, launch of paywall TIME TASKS Initial MVP & iteration Building & leveraging database Monetisation 29 PRODUCT ROADMAP Redesign of company pages, informed by reaction to MVP Data-sharing with corporate partners
  30. 30. 1) PRO ACCOUNTS • Full access to datasets = more granular information (eg, salary ranges by job role, rather than total average) • Individual users: subscription fee of £300/yr • Corporate users: consultancy services to agencies and recruiters (dynamic pricing depending on company size) 30
  31. 31. 2) CONTENT • Annual ‘agency of the year’ rankings report • Aim to achieve PR coverage, increasing the fame of the service • Activate such reports online, in print and experientially • £50 for online version, £200 for print 31
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  33. 33. 3) JOB LISTINGS • Great revenue potential (going rate £200/ad) • Natural extension of service – users come as jobseekers, so would want to apply on the site • Would require user engagement & trust, back end infrastructure, so appropriate to leave to a later phase 33
  34. 34. KPIs & METRICS ACQUISITION KPI Market reach of website Metrics: Number of MAUs for website (everyone who visited at least once) Bounce rate over time (growing? Declining?) ACTIVATION KPI Conversion rate of users to registered users Metrics: Ratio: # of registrations/logge d in users vs # of MAUs (registration = LinkedIn login or filling in online form to create an account & receive update emails) RETENTION KPI Rate of customer engagement over time Metrics: Ratio of repeat visitors vs MAUs Proportion of logged-in users who engage further (add information via online form) Open rate/CTRs on emails Performance in user surveys & NPS REFERRAL KPI Rate of earned media support per user Metrics: % of referral sources from social channels, rather than via google or direct Performance of paid search traffic vs organic search traffic REVENUE KPI Average revenue per acquisition Metrics: Ad CPMs # of job listings on site (x avg. price) – expected main source of revenue # of Pro Accounts (x avg. price) Overall value of media partnerships Overall value of data partnerships …divided by MAUs! 34
  35. 35. SCALING THE BUSINESS • International expansion • Mobile app versions of the service • Idea of a community-focused job information services scalable to other suitable industries: PR, design, tech… 35
  36. 36. WHAT I LEARNED 1. The problem is real & needs fixing 2. Big assumptions about UGC – MVP crucial 3. Major & diverse revenue opportunities 36
  37. 37. WHAT’S NEXT? Selling it in to my company. Wish me luck! 37
  38. 38. APPENDIX: FINANCIAL MODEL Assumptions Year 1 Year 2 Year 3 Average monthly visitors 50000 100000 200000 Total # accounts 25000 50000 100000 Total # pro accounts 150 300 Revenue Ad revenue Display ad revenue CPM for online display = £2; 50k PVs Y1, 100K Y2 5200 10400 20800 User revenue Subscription Subscribers paying £500 a year 75000 150000 Content revenue (reports) Y2, 150 online copies & 50 print copies sold, sales rising in line with PVs 17500 35000 Content revenue (job listings) Each job posted: £200. 10 jobs posted per week on average 104000 Partner revenue (sponsorship) 2 sponsorship deals in Y2 25000 Partner revenue (data sharing) Sharing datasets w/corporate clients 60000 120000 240000 Total revenue 65200 222900 574800 38 Costs Technology Use of cloud-based server (AWS or similar) price = Rackspace, based on average page weight x monthly PVs, site works on Wordpress; social media stream tool (Tint) analytics (Chartbeat), a/b testing (Optimizely) 1458 18116 23116 Marketing/sales Using external PR for launch, hiring full-time marketer in year 2, assuming annual cost of marketing collateral = £7500 3750 7500 37500 Staff Full-time participation of 1x developer (on staff), 1x design/ux (freelance), 1x founder/content manager (on staff), 1x sales/new biz (on staff), 1x community manager (freelance, post-launch), freelance content creators (post-launch) 105000 220000 250000 Content production (reports) Print costs £10,000; online costs £5,000 15000 15000 General & Administrative Working in shared office space (WBY, 300/month/desk), plus costs of taxes & HR, staff equipment 10800 21600 36000 Total costs 121008 282216 361616 EPITDA -55808 -59316 213184
  39. 39. APPENDIX: USER STORIES (1) Search function • As a jobseeker, I need to be able to search for agencies via the homepage, so that I can navigate the site easily – create a homepage with a usable search box – search box features auto-prompts of agencies as they type Login As a user who wants to share information and share with the community, I want to be able to log in to the site so that I can… • log in via LinkedIn (prioritise vs something else) – log in via email address – manage & change my password • As an admin, I need to ensure that the login is safe and secure – Tests to ensure password strength Responsive site • As a user who wants to use the service across screens, I want the pages to be easily readable on smartphones as well as my desktop, so that I can have a better browsing experience – Need to use HTML5 & CSS3 39
  40. 40. APPENDIX: USER STORIES (2) Apps • As a mobile user, I want to be able to access the service on my smartphone while on the move, so that I can make last-minute 40 checks – working iOS (first) and Android (second) app version of the service – App offers full search functionality but a cut-down/redesigned version of agency/company pages, prioritising info sources that get the most engagement on the desktop version • As a mobile device user, I want to be notified of changes and updates to agencies I’m interested in in a timely manner – Push notifications to appear on users’ ldevices Email updates • As a busy user, I want to be able to get email updates and notifications on companies that I want to “follow” – “follow company” buttons integrated on company pages – individual logged-in users linked to “followed” companies on database – this database then used for notification emails separate from general marketing emails – emails must feature links back to the site – in their preferences on the site, they are allowed customisability, e.g. how often they want to receive the emails – unsubscribe capability Social network integration • As a busy user, I want to keep updated with companies’ latest work in a convenient way, so that I don’t have to track them across various social media platforms. – social media streams from companies integrated on company pages of desktop version of the site – Position of streams to be determined by initial wireframes
  41. 41. APPENDIX: USER STORIES (3) Job listings • As a jobseeker, I want to be able to apply for jobs directly on the site, so that I don’t have to waste time by going to another site! – online form available to companies who submit job listings – payments system for companies • As a company posting a job, I want to be able to have access to a good pool of applicants – so I don’t have to deal with time wasters! – Only verified/logged-in users should have access to job applications UGC • As someone who wants to “pay if forward” and share information, I want to be able to easily give information about companies I’ve worked for so that I can let others know what it’s like to work for these companies – online form available to users who wish to submit this information – assurances that all information will be anonymised and aggregated – auto-login to pro account enabled for these users • As the operator of the Agency Finder service, I want to ensure that people adding UGC are who they say they are, so the information displayed on the page is credible. – Verification needed through checking information submitted by a specific user is verified via their LinkedIn profile – If the user has logged on via LinkedIn, this needs to be manually (or, ideally, dynamically) checked against their LinkedIn profile – If the user has verified via email address only, their submitted name needs to be checked against LinkedIn to ensure they really have worked at the agency, as they claim. – Only information submitted by verified users should be included in the database from which the rankings are derived 41
  42. 42. APPENDIX: STAKEHOLDERS Engineers • What they are getting from me? • Strategic direction • Timings for completion of different features/parts of the product (via the roadmap) • The voice of the consumer – market information • What are they giving me? • Building/developing product features • Bug fixes • How often do I communicate with them? • Daily at least • What formats do I use? • Email, face-to-face meetings (standups), shared PM software, eg Trello, Slack for backlog support. • The roadmap Sales & Marketing • What they are getting from me? • The product vision & timeline • Sales targets • Product performance vs KPIs • Material to sell with, eg pitch decks, information to use during cold calls, etc • What are they giving me? • In their customer-facing roles, reaction and feedback from potential and existing customers • Revenues via recruiting new customers • Revenue forecasts • How often do I communicate with them? • Daily, whether virtually or face to face • What formats do I use? • Email, Trello, Slack • Conference calls, face to face meetings
  43. 43. APPENDIX: STAKEHOLDERS Investors Customers • What they are getting from me? • The chance to invest in a scalable and (ultimately) profitable product • Initially, a pitch. Post-investment, progress updates (feature releases, performance against KPIs). • Updates on milestones and achievements • What are they giving me? • Money • Expertise/consultancy – direction • Networking and connections • How often do I communicate with them? • Via scheduled updates (check-in meetings); I am also available with answers to whatever questions they have • Address (annual?) board meetings • What formats do I use? • Email, face-to-face meetings • The product roadmap • What they are getting from me? • Market intelligence, increasing their chances of landing a job (for individual users) • Benchmarking against rivals & information about how they are viewed (for corporate customers) • Exposure to the company’s services via job listings & application • The opportunity to express their opinion & share their experiences • What are they giving me? • UGC, in the form of filling in company information about previous agency employers & comments • Ad impressions • Adding to my database • Feedback on features & bugs • We create value together by building a database with a UGC element • How often do I communicate with them? • If interactions with the site are not counted (and only direct approaches are counted) then weekly at maximum • Vis social media (official Agency Finder Twitter/Facebook/LinkedIn accounts) • What formats do I use? • Email • Website (requests for filling in survey/adding information) • Surveys
  44. 44. LIST OF SOURCES & RESOURCES Market analysis: • UK Advertising Expenditure Report (AA/Warc) • Advertising Pays 1 (Advertising Association) • The Graduate Market in 2014 (High Fliers) • Agency cartoon • Planner Survey 2012/13 • GOV.UK: Advertising market analysis • IPA Agency Census 2013 • Agencies’ talent problem (Digiday) • Number of ad agencies in UK (Marketing Quotes) • Number of ad agency workers in the UK (IBIS) • Glassdoor’s business model (CFO) • LinkedIn’s quarterly earnings • 4A’s statistics on churn rate in US • Churn rates between industries (US data) 44 Third party tech used: • LinkedIn logins • Embedded Twitter timelines • Tint: Social feed embedding • Mailchimp: email infrastructure • Wordpress: site & CMS • Rackspace: servers • Google Analytics: site metrics Public Agency Rankings sources: • Fintellect (overall financial performance) • AAR (agencies’ new business performance) • Campaign School Reports (annual grading of UK agencies) • The Gunn Report (ranking of creative awards) • Warc 100 (ranking strategy/effectiveness awards) • The Drum Adverati (ranking people working at agencies) • Ad Age Best Places To Work (ranking US company culture)

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