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Nudge E245 final presentation

The document summarizes the team's idea evolution from week 1 to week 2 of their project. In week 1, they proposed a Middle East travel booking portal but received feedback that the value propositions and customer segments were too broad. In week 2, they pivoted to a social travel planning platform focused on group travel and influential customers seeking easy trip planning. However, further research found the market to be crowded and hypercompetitive.

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Interviews: 252 Partner: 10 Survey: 76 Team Dynamo Final Presentation
THE TEAM Megh Gautam Al Hassan Hleileh MS&E MS MBA 2  BTech in IT  MA in POL PICTURE PICTURE ECON SOC H Hung Le Elika Mahdavi MS&E MS MS&E MS  BS in EE/CS  BS in Indus.Eng. PICTURE PICTURE
TABLE OF CONTENTS 1. Overview of our idea evolution 2. Our journey from week 1 to week 8 3. Current Idea  Archetype  Product vision  Partner  Channel & Demand Creation  Competitive Landscape  Market Sizing 4. Lesson learned and what next
IDEA EVOLUTION THROUGH PIVOT 1 2 3 4 5 6 7 8 Travel Social Ex-pat Safe Travel inspiration - Nudge to enrich life booking travel travel travel Social platform that portal for planning portal to portal for nudges people to Middle Middle US inspire and enrich Easterns East travelers their life to M.E. Focus Competition Market size Market Scalability Customer Customer size Market size Insights Insights Research
Interviews: 20 1 Travel booking portal for Middle Easterns
WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Middle East focused Travel booking portal Hotels  Middle East focused platform price Product Development Lowest Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore  Offer a booking platform with group discounts and flash-sales Car rentals Promotion companies hotels; airlines; car rentals Experiential UI Social Validation identification Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy  Ramp up strategy through social conversations Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior  Preserve memories of travel through photo sharing and quotes (Study groups) Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) Young families Best education for kids Cultural experience Lack of focus in value propositions Web and mail Trendy destinations Advertising Market understanding Social Media  Too broad a platform Best in class product Word of Mouth Relationship with Referrals partners Customer call centers  Too many value propositions Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents Conventions (CES) customers Market sizing problem Best Actionable deals Relevant locations Young couples Business Schools Trendsetting behavior (Study groups)  The method we used was a top-down approach Young families Best education for kids Cultural experience  We didn’t use net numbers (gross) Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Relationship with  The lesson here is that if we were to do it Word of Mouth Referrals partners again we would use bottom up / net figures Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Lack of focus in customer segments Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with We were not focused on a Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car specific customer segment Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals – too broad. Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Our interview base was Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) biased towards our network – needed a better sample. Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Key learning Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single  Focus is crucial – be it in your value proposition or in your customer Deal listings State Tourism Sourcing deals Acquisition, retain Create a Community Multiple options Cross pollination Events (Parties!) Divergent origins Social media savvy segmentation Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior  Market sizing – Use bottom up whenever possible (Study groups) Young families Best education for kids  Get out of the building – in spirit and in action. Avoid bias Cultural experience Trendy destinations Web and mail Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
Interviews: 20 1 2 Travel Social booking travel portal for planning Middle Easterns Customer focus
WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Pivot to social travel planning for group traveling Social Networks Through Acquisition Customer our mentors, we really dug into our customers insights Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels  They were telling us that they didn’t just want to go to the Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents middle east Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings  They wanted a seamless, social and enjoyable travel Best Actionable deals Young couples Car rentals experience from A-Z Relevant locations Create a Community Trendsetting behavior Promotion companies Social Validation Young families State Tourism Conventions (CES)  We pivoted to The Middle Easts travel booking portal with a Best education for kids Cultural experience ramp up focused on influential who want easy and Word of Mouth Trendy destinations Social Media Market understandingtrip planning pleasurable Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Word of Mouth Trendy destinations Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Trendy destinations Word of Mouth Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes What was the problem? Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines When research for potential partners, we learned of several existing Lowest price Pilots Social media savvy Events competitors with similar product Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals  crowded Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids  hypercompetitive Conventions (CES) Cultural experience Trendy destinations Word of Mouth Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Key learning Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Airlines  We should have looked at the competitive landscape earlier Travel agents Sourcing deals Experiential UI Lowest price identification Pilots Divergent origins Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples  We should have spoken to industry / domain experts earlier Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Word of Mouth Trendy destinations Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
Interviews: 64 1 2 3 Travel Social Ex-pat booking travel travel portal for planning portal to Middle Middle Easterns East Competition
WEEK 3 – EX-PAT TRAVELING Week 3 New Remain Remove Pivot to Ex-pat Community Travel Portal We pivoted back to the original idea knowhow and on Trustedcustomer segment the affluent Social Networks Customer Acquisition Local with focus one relationships Young and Hotels Customer Retention content Successful partnerships High disposable incomes Business Schools Product Dev Willing to explore  A travel planner for Ex-Pat Easy and pleasurablefrequently(Parties!) Middle-East & Travel agents students who Relationship with key Events visit the partnerstrip planning Young and single other major cities. Travel Publications Sourcing deals Best inventory Divergent origins Airlines Social media savvy Events  We want to capture & publish their travel experience. Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
WEEK 3 – EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Travel Publications Sourcing deals Best inventory Divergent origins Airlines Social media savvy Events Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
WEEK 3 – EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes What was the problem? Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Travel Publications Sourcing deals Best inventory Divergent origins Airlines We interviewed 64 people and found: Social media savvy Events Deal listings Young couples  The market was too small Trendsetting behavior  There is little homogeneity in customer needs Word of Mouth  Too low frequency of travel to justify target Social Media market Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
WEEK 3 – EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes Key learning Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Airlines  Market sizing is crucial Travel Publications Sourcing deals Best inventory Divergent origins Social media savvy Events Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
Interviews: 33 Survey: 46 1 2 3 4 Travel Social Ex-pat Safe booking travel travel travel portal for planning portal to portal for Middle Middle US Easterns East travelers to M.E. Market size
WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Pivot to US Traveler Portal to Middle East Social Networks We expanded our market proposition US Customer Acquisition Safety to entire Trusted relationships Young and the affluent Alumni Associations Hotels travel market Customer Retention Product Development Local knowhow and content Successful partnerships High disposable incomes Willing to explore Business Schools Relationship with key Community/Group Travel agents  Platform to facilitate Americans to partners Sourcing deals Travel -MBA Students Travel Publications travel to the Middle-East pleasurable Easy and Airlines trip planning Events Best inventory Deal listings Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Young affluent market Social Networks Customer Acquisition We surveyed 46 people and Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels Product Development interview 33 more content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals  Young & Affluent Americans Travel Publications Easy and pleasurable Airlines trip traveling to the Middle East planning Events need local insight. Best inventory Deal listings  We’ll be the trusted source! Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships Young and the affluent Alumni Associations Customer Retention Local knowhow and Successful partnerships High disposable incomes Hotels Product Development content Willing to explore Business Schools Relationship with key Community/Group Travel agents partners Travel -MBA Students Sourcing deals Travel Publications Easy and pleasurable Airlines trip planning Events Best inventory Deal listings Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Launched website with full basic booking functionalities Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels Ebtism.com went liveProduct Development content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore  Full basic functionalities (login, browse deals and book trips) Sourcing deals Travel Publications Easy and pleasurable Airlines trip planning Events  4 sourced deals from agencies Best inventory Deal listings  42 GSB students booked Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Deals selection Exclusive login Value proposition Ability to book trips Maintaining relationships (real sourcing) Refunds
WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels What was the problem? Product Development content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals We spoke to Christos Stergiou, and pleasurable truegreece.com (Greece Travel Publications Easy founder of Airlines Analogue) trip planning Events Best inventory Deal listings  10 years of development  $5M idea Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels Key learning Product Development content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals Market size need to be VENTURE SCALE Travel Publications Easy and pleasurable Airlines trip planning Events Best inventory We want to DISRUPT the Travel Space. Deal listings Let’s Re-think the Entire Idea! Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
Interviews: 17 Survey: 10 1 2 3 4 5 Travel Social Ex-pat Safe Social booking travel travel travel platform portal for planning portal to portal for that Middle Middle US nudges Easterns East travelers people to to M.E. travel Market size
WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Pivot to travel inspiration Social Networks We pivot to a brand new market Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations  Inspire people to travelproposition Safety more Relationship with key MBA Students Travel agents partners Local knowhow and Business Schools through recommendation content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore  Relevant based on social graph and travel history Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Inception of Nudge by looking at the competitive landscape Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Revised later Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Sizeable potential market Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Bottom-up estimation Successful partnerships Travel Websites Product Development Alumni Associations TAM = $900MSafety proposition Relationship with key MBA Students Travel agents Business Schools partners Local knowhow and content  Market = population x nudgethe affluent Young and Hotels Sourcing deals Community/Group frequency x CTR x CPCdisposable incomes High Travel Willing to explore SAM = $373M  With leads revenue sharing model, TAM is based on assumptions of nudges frequency SOM = $267M and conversion Word of Mouth Social Media User data Human Capital  Target market is justifiable with an Relationship with partners annual revenue of $267 million with 31% market penetration Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Mock up of the product for customer interview Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
Interviews: 52 + 3 partners 1 2 3 4 5 6 Travel Social Ex-pat Safe Travel inspiration - booking travel travel travel Social platform that portal for planning portal to portal for nudges people to Middle Middle US inspire and enrich Easterns East travelers their life to M.E.
WEEK 6 – TRAVEL NUDGE Week 6 Paying partner side End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Customer Acquisition Successful partnerships Travel Websites Product Development Relationship with key Leads partners Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
WEEK 6 – TRAVEL NUDGE Week 6 Paying partner side End-user side Remove Partner Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Reach out to Travelocity (Jim Hornthal) Customer Retention Customer Acquisition Successful partnerships Travel Websites Product Development Relationship with key Leads partners  Customer insights differed  Technological challenges (e.g. cookies)  Revenue share instead of lead generating Reach out to Expedia and Bookingmarkets Word of Mouth Social Media User data  Confirm revenue share model (5% - 10%) and we Human Capital Relationship with partners even got a standard term Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
WEEK 6 – TRAVEL NUDGE Week 6 Paying partner side End-user side Remove The customers value relevance of nudges Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Then we went out of the building to interview 50partnerships Customer Retention Customer Acquisition Successful Travel Websites people at Stanford Mall Product Development Relationship with key Leads partners  What prevents people from traveling is time, not imagination or laziness (seasonal)  People don’t want to be nudged too often (1 per month) Word of Mouth  Referrals from close friends more valuable Social Media User data than referrals from strangers Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
Interviews: 16 1 2 3 4 5 6 7 Travel Social Ex-pat Safe Travel inspiration - Nudge to booking travel travel travel Social platform that enrich portal for planning portal to portal for nudges people to life Middle Middle US inspire and enrich Easterns East travelers their life to M.E. Market size
Week 7 WEEK 7 - NUDGE Expand from travel to include activity nudges Social Networks  Customer Acquisition our nudges to include We expanded Enrichment (Activities + Trusted relationships Students Travel Websites Event Websites activities, events, social Acquisition Customer Retention Product Development Travel) reminders than just travels Customer Successful partnerships Graduates Young Families University Events Relationship with key Merchants  Keep user more engaged with relevant frequent nudges Websites partners Enrichment (Travel) Travel Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers The customers want diverse nudges We went out of the building to interview 20 people Word of Mouth  People also want to be nudged in other User data Social Media things than just travel Human Capital Relationship with partners  Mobile is the most effective medium to increase engagement Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
Interviews: 15 Partners: 7 Pilot nudges: 20 1 2 3 4 5 6 7 8 Travel Social Ex-pat Safe Travel inspiration - Nudge to enrich life booking travel travel travel Social platform that portal for planning portal to portal for nudges people to Middle Middle US inspire and enrich Easterns East travelers their life to M.E.
YOUTUBE VIDEO
Week 5 Paying partner side NUDGE End-user side Remove Creating NUDGE nudge /nəj/ Acquisition Social Networks Travel Websites Customer Customer Retention Enrichment (Travel) Leads Trusted relationships Successful partnerships Online travelers Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students verb: Travel agents partners Local knowhow and to push slightly or gently, especially with the elbow, to get someone's and the affluent Business Schools content Young Hotels Sourcing deals Community/Group High disposable incomes attention, prod someone into action, etc. Travel Willing to explore noun: a slight or gentle push or jog, especially with the elbow. Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
Week 8 Paying partner side WEEK 8 (FINAL) End-user side Remove Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Travel Websites Word of Mouth User data Social Media Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
CUSTOMER ARCHETYPES Ashley Clair Alex  Age: 26  Age: 28  Age: 38  Stanford Student  Works at mobile start-up in  Married, 1 child (4 y.o. Clay)  Worked in Hollywood San Francisco, originally  Investment professional in  Loves Adventures from Montana New York  Wants to be nudged  Single & dating  Volunteer coach for son’s relevantly, and inspired!  Plays soccer, runs hockey team marathons  Commutes for work to  Likes to cook/host dinner Manhattan every day with friends when possible  Goes out of town to the country for break once/month with his family
NUDGE TYPES Nudges Discovering from friends nudges as a social push OCCURING EVENTS (REALITY) Highest conversion social push serendipity rate nudges EVENTS YOU ARE nudge DESIRE AWARE OF (SUBCONSCIOUS) (CONSCIOUS)
SIMULATED NUDGE We did a pilot to test how many people sign up for nudge  103 people try the product  42 people left email (41% signup for service rate) “ This is awesome! I love it!! Just told me to walk the dish today! phenomenal “ and stunning all in one shot!! Love the product idea! ” ” “ As long as there is transparency between advertisers, the suggestion database and its users, this is an innovative idea. Otherwise, it is a rather subversive tool for consumer and social trends. An interesting concept either way! ”
SIMULATED NUDGE We carefully selected people we know to send them tailored nudges We sent tailored nudge to 25 people with 40% conversion rate  10 people actually like the nudge and go  4 people may take the trip in the future NUDGE: "it's 4 months  11 people didn’t response till you graduate, take your best friend out for a coffee at Coupa, and share some of the good NUDGE: "Visit the Rodin Sculpture Garden times you have had at this week and get inspired. Located next to GSB" the Cantor Arts Center but accessible at all hours, the Rodin Sculpture Garden houses one of the largest collection of Rodin sculptures”
RECOMMENDING PLATFORM Input Model Crowd-sourced Social nudging Computational  Matrix factorization Data mining  Collaborative Social networks filtering Past behaviors Curated Geography Time Context-based Customized user preference
PARTNERS Partner Gifts Event + Activities Revenue University sharing Events (CPA) Restaurants Travel
Week 7 DEMAND CREATION Days Views Unique Clicks CTR CPC 3 273,380 120,173 82 0.030% $0.38 Facebook Ad Engage Like CPC Facebook 60 898 46 83 Free Fan Page YouTube 7 370 Video Unique Avg time Bounce rate Website 30 900 430 2:22min 62%
COMPETITIVE LANDSCAPE Inspiration Planning Sharing Q&A Community Flash Deal Reminder
INCOME STATEMENT Local beta at California Go global ! Stanford Universities Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 User growth projection 2,000 20,000 50,000 500,000 1,000,000 2,000,000 4,000,000 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Revenues Advertising N/A N/A N/A N/A N/A N/A N/A Rev. Share * $10,000 $100,000 $250,000 $2,500,000 $5,000,000 $10,000,000 $20,000,000 Total Revenue $10,000 $100,000 $250,000 $2,500,000 $5,000,000 $10,000,000 $20,000,000 Cost of Sales Customer Acquisition $60 $600 $1,500 $15,000 $30,000 $60,000 $120,000 Advertising & Promotions $1,000 $1,000 $1,000 $3,000 $3,000 $3,000 $3,000 Total Cost of Sales $1,060 $1,600 $2,500 $18,000 $33,000 $63,000 $123,000 Gross Profit $8,940 $98,400 $247,500 $2,482,000 $4,967,000 $9,937,000 $19,877,000 Expenses Development ** $645,000 $645,000 $645,000 $940,000 $1,115,000 $1,290,000 $1,465,000 Hosting $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 Other Wages *** $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Travel $5,000 $5,000 $5,000 $10,000 $10,000 $15,000 $15,000 Office + Utilities $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 Total Expenses $763,250 $763,250 $763,250 $1,063,250 $1,238,250 $1,418,250 $1,593,250 Net Income ($754,310) ($664,850) ($515,750) $1,418,750 $3,728,750 $8,518,750 $18,283,750
LESSON LEARNED  Focus is key – segmentation is important  Market sizing is crucial!!!!  There is nothing more important than good team environment and culture  Mentorship is hugely important, we couldn’t have got where we are without our Mentors help  We should be open to pivot – even at an earlier stage and trade off: The need to be loyal to our old ideas vs. new innovations that could solve problems based on our customer insights  Distilling insights and listening to experiments  Looking past ourselves  We have a heightened awareness of confirmation bias and try and assuage that in our different experiments
WHAT’S NEXT Incubators
CRITICAL SUCCESS MILESTONES NEXT 6 MONTHS  Initiate Cohort Analysis  Expand Beta testing to entire Stanford Campus  Test Gamification iteration and Badges  Develop machine learning and curation technology and resources to enable scalability  Hire key resources (software developer, data scientist, marketing, business development, social animal) and space
THANK YOU Special thanks to the teaching team and our mentors Steve Blank Jon Feiber Ann Miura-Ko Alan Chiu – Mentor Ethan Kurzweil – Mentor
APPENDICES
MARKET SIZING ANNUAL Target Nudges Conver = × Penetration × × × CPA MARKET SIZE Population a week sion x 50 200 mil1 3/week 5% $7 TAM = $3.5B Everyone SAM = $2.5M Student + Young SOM = $500M 20% market share 1: US population from 15 – 55 year olds
WEBSITE http://blooming-water-9486.herokuapp.com/
New WEEK 1 Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
New WEEK 2 Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Hotels Product Development Best inventory Events (Parties!) Willing to explore Business Schools Relationship with key Travel agents partners Convenient Brand awareness/ Young and single Airlines Sourcing deals Experiential UI identification Divergent origins Events Lowest price Pilots Social media savvy Deal listings A/B testing Multiple options Cross pollination Best Actionable deals Young couples Car rentals Relevant locations Trendsetting behavior Promotion companies Create a Community State Tourism Social Validation Young families Conventions (CES) Best education for kids Cultural experience Word of Mouth Trendy destinations Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
New WEEK 3 Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes Business Schools Product Development Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Travel Publications Sourcing deals Best inventory Divergent origins Airlines Social media savvy Events Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
New WEEK 4 Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels Product Development content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals Travel Publications Easy and pleasurable Airlines trip planning Events Best inventory Deal listings Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
Paying partner side WEEK 5 End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
Paying partner side WEEK 6 End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Customer Acquisition Successful partnerships Travel Websites Product Development Relationship with key Leads partners Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
Paying partner side WEEK 7 End-user side Remove Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
Paying partner side WEEK 8 (FINAL) End-user side Remove Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Travel Websites Word of Mouth User data Social Media Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships

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Nudge E245 final presentation

  • 1.
    Interviews: 252 Partner: 10 Survey:76 Team Dynamo Final Presentation
  • 2.
    THE TEAM Megh Gautam Al Hassan Hleileh MS&E MS MBA 2  BTech in IT  MA in POL PICTURE PICTURE ECON SOC H Hung Le Elika Mahdavi MS&E MS MS&E MS  BS in EE/CS  BS in Indus.Eng. PICTURE PICTURE
  • 3.
    TABLE OF CONTENTS 1.Overview of our idea evolution 2. Our journey from week 1 to week 8 3. Current Idea  Archetype  Product vision  Partner  Channel & Demand Creation  Competitive Landscape  Market Sizing 4. Lesson learned and what next
  • 4.
    IDEA EVOLUTION THROUGHPIVOT 1 2 3 4 5 6 7 8 Travel Social Ex-pat Safe Travel inspiration - Nudge to enrich life booking travel travel travel Social platform that portal for planning portal to portal for nudges people to Middle Middle US inspire and enrich Easterns East travelers their life to M.E. Focus Competition Market size Market Scalability Customer Customer size Market size Insights Insights Research
  • 5.
    Interviews: 20 1 Travel booking portal for Middle Easterns
  • 6.
    WEEK 1 –MAKE MY DREAM Week 1 New Remain Remove Middle East focused Travel booking portal Hotels  Middle East focused platform price Product Development Lowest Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore  Offer a booking platform with group discounts and flash-sales Car rentals Promotion companies hotels; airlines; car rentals Experiential UI Social Validation identification Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy  Ramp up strategy through social conversations Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior  Preserve memories of travel through photo sharing and quotes (Study groups) Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 7.
    WEEK 1 –MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 8.
    WEEK 1 –MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) Young families Best education for kids Cultural experience Lack of focus in value propositions Web and mail Trendy destinations Advertising Market understanding Social Media  Too broad a platform Best in class product Word of Mouth Relationship with Referrals partners Customer call centers  Too many value propositions Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 9.
    WEEK 1 –MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents Conventions (CES) customers Market sizing problem Best Actionable deals Relevant locations Young couples Business Schools Trendsetting behavior (Study groups)  The method we used was a top-down approach Young families Best education for kids Cultural experience  We didn’t use net numbers (gross) Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Relationship with  The lesson here is that if we were to do it Word of Mouth Referrals partners again we would use bottom up / net figures Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 10.
    WEEK 1 –MAKE MY DREAM Week 1 New Remain Remove Lack of focus in customer segments Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with We were not focused on a Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car specific customer segment Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals – too broad. Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Our interview base was Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) biased towards our network – needed a better sample. Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 11.
    WEEK 1 –MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Key learning Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single  Focus is crucial – be it in your value proposition or in your customer Deal listings State Tourism Sourcing deals Acquisition, retain Create a Community Multiple options Cross pollination Events (Parties!) Divergent origins Social media savvy segmentation Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior  Market sizing – Use bottom up whenever possible (Study groups) Young families Best education for kids  Get out of the building – in spirit and in action. Avoid bias Cultural experience Trendy destinations Web and mail Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 12.
    Interviews: 20 1 2 Travel Social booking travel portal for planning Middle Easterns Customer focus
  • 13.
    WEEK 2 –SOCIAL TRIP PLANNING Week 2 New Remain Remove Pivot to social travel planning for group traveling Social Networks Through Acquisition Customer our mentors, we really dug into our customers insights Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels  They were telling us that they didn’t just want to go to the Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents middle east Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings  They wanted a seamless, social and enjoyable travel Best Actionable deals Young couples Car rentals experience from A-Z Relevant locations Create a Community Trendsetting behavior Promotion companies Social Validation Young families State Tourism Conventions (CES)  We pivoted to The Middle Easts travel booking portal with a Best education for kids Cultural experience ramp up focused on influential who want easy and Word of Mouth Trendy destinations Social Media Market understandingtrip planning pleasurable Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 14.
    WEEK 2 –SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Word of Mouth Trendy destinations Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 15.
    WEEK 2 –SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Trendy destinations Word of Mouth Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 16.
    WEEK 2 –SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes What was the problem? Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines When research for potential partners, we learned of several existing Lowest price Pilots Social media savvy Events competitors with similar product Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals  crowded Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids  hypercompetitive Conventions (CES) Cultural experience Trendy destinations Word of Mouth Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 17.
    WEEK 2 –SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Key learning Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Airlines  We should have looked at the competitive landscape earlier Travel agents Sourcing deals Experiential UI Lowest price identification Pilots Divergent origins Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples  We should have spoken to industry / domain experts earlier Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Word of Mouth Trendy destinations Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 18.
    Interviews: 64 1 2 3 Travel Social Ex-pat booking travel travel portal for planning portal to Middle Middle Easterns East Competition
  • 19.
    WEEK 3 –EX-PAT TRAVELING Week 3 New Remain Remove Pivot to Ex-pat Community Travel Portal We pivoted back to the original idea knowhow and on Trustedcustomer segment the affluent Social Networks Customer Acquisition Local with focus one relationships Young and Hotels Customer Retention content Successful partnerships High disposable incomes Business Schools Product Dev Willing to explore  A travel planner for Ex-Pat Easy and pleasurablefrequently(Parties!) Middle-East & Travel agents students who Relationship with key Events visit the partnerstrip planning Young and single other major cities. Travel Publications Sourcing deals Best inventory Divergent origins Airlines Social media savvy Events  We want to capture & publish their travel experience. Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 20.
    WEEK 3 –EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Travel Publications Sourcing deals Best inventory Divergent origins Airlines Social media savvy Events Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 21.
    WEEK 3 –EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes What was the problem? Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Travel Publications Sourcing deals Best inventory Divergent origins Airlines We interviewed 64 people and found: Social media savvy Events Deal listings Young couples  The market was too small Trendsetting behavior  There is little homogeneity in customer needs Word of Mouth  Too low frequency of travel to justify target Social Media market Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 22.
    WEEK 3 –EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes Key learning Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Airlines  Market sizing is crucial Travel Publications Sourcing deals Best inventory Divergent origins Social media savvy Events Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 23.
    Interviews: 33 Survey: 46 1 2 3 4 Travel Social Ex-pat Safe booking travel travel travel portal for planning portal to portal for Middle Middle US Easterns East travelers to M.E. Market size
  • 24.
    WEEK 4 –US TRAVEL TO Middle East Week 4 New Remain Remove Pivot to US Traveler Portal to Middle East Social Networks We expanded our market proposition US Customer Acquisition Safety to entire Trusted relationships Young and the affluent Alumni Associations Hotels travel market Customer Retention Product Development Local knowhow and content Successful partnerships High disposable incomes Willing to explore Business Schools Relationship with key Community/Group Travel agents  Platform to facilitate Americans to partners Sourcing deals Travel -MBA Students Travel Publications travel to the Middle-East pleasurable Easy and Airlines trip planning Events Best inventory Deal listings Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 25.
    WEEK 4 –US TRAVEL TO Middle East Week 4 New Remain Remove Young affluent market Social Networks Customer Acquisition We surveyed 46 people and Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels Product Development interview 33 more content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals  Young & Affluent Americans Travel Publications Easy and pleasurable Airlines trip traveling to the Middle East planning Events need local insight. Best inventory Deal listings  We’ll be the trusted source! Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 26.
    WEEK 4 –US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships Young and the affluent Alumni Associations Customer Retention Local knowhow and Successful partnerships High disposable incomes Hotels Product Development content Willing to explore Business Schools Relationship with key Community/Group Travel agents partners Travel -MBA Students Sourcing deals Travel Publications Easy and pleasurable Airlines trip planning Events Best inventory Deal listings Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 27.
    WEEK 4 –US TRAVEL TO Middle East Week 4 New Remain Remove Launched website with full basic booking functionalities Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels Ebtism.com went liveProduct Development content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore  Full basic functionalities (login, browse deals and book trips) Sourcing deals Travel Publications Easy and pleasurable Airlines trip planning Events  4 sourced deals from agencies Best inventory Deal listings  42 GSB students booked Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Deals selection Exclusive login Value proposition Ability to book trips Maintaining relationships (real sourcing) Refunds
  • 28.
    WEEK 4 –US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels What was the problem? Product Development content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals We spoke to Christos Stergiou, and pleasurable truegreece.com (Greece Travel Publications Easy founder of Airlines Analogue) trip planning Events Best inventory Deal listings  10 years of development  $5M idea Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 29.
    WEEK 4 –US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels Key learning Product Development content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals Market size need to be VENTURE SCALE Travel Publications Easy and pleasurable Airlines trip planning Events Best inventory We want to DISRUPT the Travel Space. Deal listings Let’s Re-think the Entire Idea! Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 30.
    Interviews: 17 Survey: 10 1 2 3 4 5 Travel Social Ex-pat Safe Social booking travel travel travel platform portal for planning portal to portal for that Middle Middle US nudges Easterns East travelers people to to M.E. travel Market size
  • 31.
    WEEK 5 –TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Pivot to travel inspiration Social Networks We pivot to a brand new market Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations  Inspire people to travelproposition Safety more Relationship with key MBA Students Travel agents partners Local knowhow and Business Schools through recommendation content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore  Relevant based on social graph and travel history Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 32.
    WEEK 5 –TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Inception of Nudge by looking at the competitive landscape Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Revised later Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 33.
    WEEK 5 –TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 34.
    WEEK 5 –TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Sizeable potential market Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Bottom-up estimation Successful partnerships Travel Websites Product Development Alumni Associations TAM = $900MSafety proposition Relationship with key MBA Students Travel agents Business Schools partners Local knowhow and content  Market = population x nudgethe affluent Young and Hotels Sourcing deals Community/Group frequency x CTR x CPCdisposable incomes High Travel Willing to explore SAM = $373M  With leads revenue sharing model, TAM is based on assumptions of nudges frequency SOM = $267M and conversion Word of Mouth Social Media User data Human Capital  Target market is justifiable with an Relationship with partners annual revenue of $267 million with 31% market penetration Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 35.
    WEEK 5 –TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Mock up of the product for customer interview Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 36.
    Interviews: 52 +3 partners 1 2 3 4 5 6 Travel Social Ex-pat Safe Travel inspiration - booking travel travel travel Social platform that portal for planning portal to portal for nudges people to Middle Middle US inspire and enrich Easterns East travelers their life to M.E.
  • 37.
    WEEK 6 –TRAVEL NUDGE Week 6 Paying partner side End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Customer Acquisition Successful partnerships Travel Websites Product Development Relationship with key Leads partners Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
  • 38.
    WEEK 6 –TRAVEL NUDGE Week 6 Paying partner side End-user side Remove Partner Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Reach out to Travelocity (Jim Hornthal) Customer Retention Customer Acquisition Successful partnerships Travel Websites Product Development Relationship with key Leads partners  Customer insights differed  Technological challenges (e.g. cookies)  Revenue share instead of lead generating Reach out to Expedia and Bookingmarkets Word of Mouth Social Media User data  Confirm revenue share model (5% - 10%) and we Human Capital Relationship with partners even got a standard term Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
  • 39.
    WEEK 6 –TRAVEL NUDGE Week 6 Paying partner side End-user side Remove The customers value relevance of nudges Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Then we went out of the building to interview 50partnerships Customer Retention Customer Acquisition Successful Travel Websites people at Stanford Mall Product Development Relationship with key Leads partners  What prevents people from traveling is time, not imagination or laziness (seasonal)  People don’t want to be nudged too often (1 per month) Word of Mouth  Referrals from close friends more valuable Social Media User data than referrals from strangers Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
  • 40.
    Interviews: 16 1 2 3 4 5 6 7 Travel Social Ex-pat Safe Travel inspiration - Nudge to booking travel travel travel Social platform that enrich portal for planning portal to portal for nudges people to life Middle Middle US inspire and enrich Easterns East travelers their life to M.E. Market size
  • 41.
    Week 7 WEEK 7 - NUDGE Expand from travel to include activity nudges Social Networks  Customer Acquisition our nudges to include We expanded Enrichment (Activities + Trusted relationships Students Travel Websites Event Websites activities, events, social Acquisition Customer Retention Product Development Travel) reminders than just travels Customer Successful partnerships Graduates Young Families University Events Relationship with key Merchants  Keep user more engaged with relevant frequent nudges Websites partners Enrichment (Travel) Travel Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 42.
    Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 43.
    Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers The customers want diverse nudges We went out of the building to interview 20 people Word of Mouth  People also want to be nudged in other User data Social Media things than just travel Human Capital Relationship with partners  Mobile is the most effective medium to increase engagement Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 44.
    Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 45.
    Interviews: 15 Partners: 7 Pilot nudges: 20 1 2 3 4 5 6 7 8 Travel Social Ex-pat Safe Travel inspiration - Nudge to enrich life booking travel travel travel Social platform that portal for planning portal to portal for nudges people to Middle Middle US inspire and enrich Easterns East travelers their life to M.E.
  • 46.
  • 47.
    Week 5 Paying partner side NUDGE End-user side Remove Creating NUDGE nudge /nəj/ Acquisition Social Networks Travel Websites Customer Customer Retention Enrichment (Travel) Leads Trusted relationships Successful partnerships Online travelers Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students verb: Travel agents partners Local knowhow and to push slightly or gently, especially with the elbow, to get someone's and the affluent Business Schools content Young Hotels Sourcing deals Community/Group High disposable incomes attention, prod someone into action, etc. Travel Willing to explore noun: a slight or gentle push or jog, especially with the elbow. Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 48.
    Week 8 Paying partner side WEEK 8 (FINAL) End-user side Remove Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Travel Websites Word of Mouth User data Social Media Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 49.
    CUSTOMER ARCHETYPES Ashley Clair Alex  Age: 26  Age: 28  Age: 38  Stanford Student  Works at mobile start-up in  Married, 1 child (4 y.o. Clay)  Worked in Hollywood San Francisco, originally  Investment professional in  Loves Adventures from Montana New York  Wants to be nudged  Single & dating  Volunteer coach for son’s relevantly, and inspired!  Plays soccer, runs hockey team marathons  Commutes for work to  Likes to cook/host dinner Manhattan every day with friends when possible  Goes out of town to the country for break once/month with his family
  • 50.
    NUDGE TYPES Nudges Discovering from friends nudges as a social push OCCURING EVENTS (REALITY) Highest conversion social push serendipity rate nudges EVENTS YOU ARE nudge DESIRE AWARE OF (SUBCONSCIOUS) (CONSCIOUS)
  • 51.
    SIMULATED NUDGE We dida pilot to test how many people sign up for nudge  103 people try the product  42 people left email (41% signup for service rate) “ This is awesome! I love it!! Just told me to walk the dish today! phenomenal “ and stunning all in one shot!! Love the product idea! ” ” “ As long as there is transparency between advertisers, the suggestion database and its users, this is an innovative idea. Otherwise, it is a rather subversive tool for consumer and social trends. An interesting concept either way! ”
  • 52.
    SIMULATED NUDGE We carefullyselected people we know to send them tailored nudges We sent tailored nudge to 25 people with 40% conversion rate  10 people actually like the nudge and go  4 people may take the trip in the future NUDGE: "it's 4 months  11 people didn’t response till you graduate, take your best friend out for a coffee at Coupa, and share some of the good NUDGE: "Visit the Rodin Sculpture Garden times you have had at this week and get inspired. Located next to GSB" the Cantor Arts Center but accessible at all hours, the Rodin Sculpture Garden houses one of the largest collection of Rodin sculptures”
  • 53.
    RECOMMENDING PLATFORM Input Model Crowd-sourced Social nudging Computational  Matrix factorization Data mining  Collaborative Social networks filtering Past behaviors Curated Geography Time Context-based Customized user preference
  • 54.
    PARTNERS Partner Gifts Event + Activities Revenue University sharing Events (CPA) Restaurants Travel
  • 55.
    Week 7 DEMAND CREATION Days Views Unique Clicks CTR CPC 3 273,380 120,173 82 0.030% $0.38 Facebook Ad Engage Like CPC Facebook 60 898 46 83 Free Fan Page YouTube 7 370 Video Unique Avg time Bounce rate Website 30 900 430 2:22min 62%
  • 56.
    COMPETITIVE LANDSCAPE Inspiration Planning Sharing Q&A Community Flash Deal Reminder
  • 57.
    INCOME STATEMENT Local beta at California Go global ! Stanford Universities Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 User growth projection 2,000 20,000 50,000 500,000 1,000,000 2,000,000 4,000,000 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Revenues Advertising N/A N/A N/A N/A N/A N/A N/A Rev. Share * $10,000 $100,000 $250,000 $2,500,000 $5,000,000 $10,000,000 $20,000,000 Total Revenue $10,000 $100,000 $250,000 $2,500,000 $5,000,000 $10,000,000 $20,000,000 Cost of Sales Customer Acquisition $60 $600 $1,500 $15,000 $30,000 $60,000 $120,000 Advertising & Promotions $1,000 $1,000 $1,000 $3,000 $3,000 $3,000 $3,000 Total Cost of Sales $1,060 $1,600 $2,500 $18,000 $33,000 $63,000 $123,000 Gross Profit $8,940 $98,400 $247,500 $2,482,000 $4,967,000 $9,937,000 $19,877,000 Expenses Development ** $645,000 $645,000 $645,000 $940,000 $1,115,000 $1,290,000 $1,465,000 Hosting $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 Other Wages *** $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Travel $5,000 $5,000 $5,000 $10,000 $10,000 $15,000 $15,000 Office + Utilities $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 Total Expenses $763,250 $763,250 $763,250 $1,063,250 $1,238,250 $1,418,250 $1,593,250 Net Income ($754,310) ($664,850) ($515,750) $1,418,750 $3,728,750 $8,518,750 $18,283,750
  • 58.
    LESSON LEARNED  Focus is key – segmentation is important  Market sizing is crucial!!!!  There is nothing more important than good team environment and culture  Mentorship is hugely important, we couldn’t have got where we are without our Mentors help  We should be open to pivot – even at an earlier stage and trade off: The need to be loyal to our old ideas vs. new innovations that could solve problems based on our customer insights  Distilling insights and listening to experiments  Looking past ourselves  We have a heightened awareness of confirmation bias and try and assuage that in our different experiments
  • 59.
  • 60.
    CRITICAL SUCCESS MILESTONES NEXT 6 MONTHS  Initiate Cohort Analysis  Expand Beta testing to entire Stanford Campus  Test Gamification iteration and Badges  Develop machine learning and curation technology and resources to enable scalability  Hire key resources (software developer, data scientist, marketing, business development, social animal) and space
  • 61.
    THANK YOU Special thanksto the teaching team and our mentors Steve Blank Jon Feiber Ann Miura-Ko Alan Chiu – Mentor Ethan Kurzweil – Mentor
  • 62.
  • 63.
    MARKET SIZING ANNUAL Target Nudges Conver = × Penetration × × × CPA MARKET SIZE Population a week sion x 50 200 mil1 3/week 5% $7 TAM = $3.5B Everyone SAM = $2.5M Student + Young SOM = $500M 20% market share 1: US population from 15 – 55 year olds
  • 64.
  • 65.
    New WEEK 1 Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 66.
    New WEEK 2 Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Hotels Product Development Best inventory Events (Parties!) Willing to explore Business Schools Relationship with key Travel agents partners Convenient Brand awareness/ Young and single Airlines Sourcing deals Experiential UI identification Divergent origins Events Lowest price Pilots Social media savvy Deal listings A/B testing Multiple options Cross pollination Best Actionable deals Young couples Car rentals Relevant locations Trendsetting behavior Promotion companies Create a Community State Tourism Social Validation Young families Conventions (CES) Best education for kids Cultural experience Word of Mouth Trendy destinations Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 67.
    New WEEK 3 Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes Business Schools Product Development Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Travel Publications Sourcing deals Best inventory Divergent origins Airlines Social media savvy Events Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 68.
    New WEEK 4 Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Local knowhow and Successful partnerships Hotels Product Development content Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals Travel Publications Easy and pleasurable Airlines trip planning Events Best inventory Deal listings Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 69.
    Paying partner side WEEK 5 End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 70.
    Paying partner side WEEK 6 End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Customer Acquisition Successful partnerships Travel Websites Product Development Relationship with key Leads partners Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
  • 71.
    Paying partner side WEEK 7 End-user side Remove Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 72.
    Paying partner side WEEK 8 (FINAL) End-user side Remove Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Travel Websites Word of Mouth User data Social Media Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships

Editor's Notes

  • #7 PlatformExpedia kind ofSocial Angle to gain customersPost processing
  • #8 Dense canvasToo many things100 week analogy
  • #9 Trying to be – Too broad a platformBy having – Too many value propositionsKey lesson learned - focus
  • #10 Key lesson learned about market sizing
  • #11 Bias was the key lesson learnedVery broadFocus was missing