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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
  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)