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pig-e-bank
The document summarizes insights from a lean launchpad session focused on developing an online financial management platform for kids and their parents. Key findings include a desire for an easy way to manage piggy banks, concerns about children's online spending, and a need for schools to be involved to drive adoption. The document outlines potential customer segments, partnerships, and next steps for product development and customer discovery.
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pig-e-bank
- 1. LEAN LAUNCHPAD DAY 5 Team: Amit Beesen AlexBuckley Monique Sofo Yan Wang
- 2. Pembroke parent gets$8K Xbox bill after son racks up charges 'There will never be another Xbox system — or any gaming system — in my home’ CBC News January 12, 2017 Lance Perkins
- 3. DAY 5 SUMMARY 14new customer insights 68 total customer insights Pivoted to new version of business model and customer segments
- 4. #1: Kids wantan easy online way to receive, transfer, and manage their piggy banking. #2: Parents want an easier way to pay for their kids field trips, one-off fundraising requests from schools. #3: Kids and parents would be excited to use an online platform to receive and request gifts, donate to charity, save pocket money, and gain financial literacy. DAY1: OUR HYPOTHESIS
- 5. DAY 1: BUSINESSMODEL 6. Key Partners • E-Payment Processors • Schools - potential customers as well as agents to market the product to kids • School Vendors – customers as well as agents to offer added value to our product • Charities – customers as well as marketing agents • Banks – customers to offer banking services to kids as early customers and a source of revenue 7. Key Activities • Software Development • E-Payment Services • Merchandizing • Banking 1. Value Proposition Kids: • Managing piggy-bank online • Ease of receiving or giving gifts/charities • Ease of organizing projects/events & share expenses Parents: • Help parents to monitor kids finances and teach kids money management • Small expenses for school events • Back-to-school purchases Schools: • Ease of collecting donations by PTA etc. • Schools service providers paid via this platform Charities: • A cheaper access to funds donated by kids Banks: • Access to early customers * Cross-border Cash Gifts 4. Customer Relationships • Schools, kids, and parents will be interconnected • Banks will be willing to maintain the relationships • Charities will be willing to participate • School caterers can be approached via schools • Likes of Amazon will be willing to participate once we have a critical mass 2. Customer Segments • Kids • Parents • Schools • School Vendors • Charities • Banks 8. Key Resources • Banking Services License • E-Payment Provider • Collaboration with schools • Collaboration with charities • Financing for take-off • Collaboration with the likes of Amazon for school supplies 3. Channels • Schools • Parent Teacher Associations • Social Media 9. Cost Structure • Software Development and maintenance • Marketing • Payment Processing 5. Revenue Streams • Ease of gifting loved ones – convenience fee by friends and family • Charities will pay for cost of fund generation • In-App merchandise will pay a part of otherwise CC costs • Banks can pay for early customer acquisition • Schools service providers will pay service fee • Exchange fee for cross-border payments
- 6. Pig-e-Bank Master Pig-e-Bank Allowance Pig-e-Bank Mission Relatives Parents Friend DAY1: BUSINESS MODEL SchoolsCharities Kids
- 7. DAYS 1-2: CUSTOMERSEGMENTS Kids • 6-17 years old • Private and public school attendees • Urban and suburban areas in the Tri-State Area (initially) • iPad- or smartphone equipped Parents • Parents of kids from 6-17 years old • Marginal and middle class parents • Urban and suburban areas in the Tri-State Area (initially) • iPad- or smartphone equipped Relatives • Grandparents, aunts, uncles, godparents and other relatives of kids from 6-17 years old • iPad- or smartphone equipped • May be physically distant from kids (interstate, overseas)
- 8. #1: Kids wantan easy online way to receive, transfer, and manage their piggy banking. #2: Parents want an easier way to pay for their kids field trips, one-off fundraising requests from schools. #3: Kids and parents would be excited to use an online platform to receive and request gifts, donate to charity, save pocket money, and gain financial literacy. DAYS 2-4: HYPOTHESIS TESTS Kids aren’t getting sufficient money to require daily, weekly, or regular use of an online piggy bank. BUT market is already saturated and parents wouldn’t download an app or use a service to manage this unless directed by the school (i.e. would need schools to be customers). Numerous disparate high-quality platforms already available. Kids and parents are unwilling to download another app that they’d need to use regularly to gain benefit. HYPOTHESIS REASONSVALID? ✓
- 9. DAYS 2-4 CUSTOMERDISCOVERY KEY LEARNINGS: PARENTS PAIN POINTS… “I’m somewhat concerned about my older kids spending money online. If there was an easy way to monitor their spending, I’d do it. But, I can’t be bothered downloading and populating ANOTHER app.”
- 10. DAYS 2-4 CUSTOMERDISCOVERY KEY LEARNINGS: PARENTS PAIN POINTS… “My tween boys were spending a ridiculous amount on music, games, and other games and music online, thanks to birthday gifts and weekly allowance. I didn’t realize just how much until I added all the accounts together.”
- 11. DAYS 2-4 CUSTOMERDISCOVERY KEY LEARNINGS: PARENTS PAIN POINTS… “My 15-year old son spent $200+ on an online MMORPG game in November unbeknownst to me. I’d approved his monthly subscription and because my credit card was logged in, he bought in-game additions without my permission anyway.”
- 12.
- 13. DAY 4-5 PIVOT KeyInsights: • Our product was unlikely to be taken up by customers BUT… • It could be adapted to solve a major pain point for parents of OLDER kids to control gaming spending
- 14. Parent-controlled, reloadable electronic balancefor online entertainment
- 15. Pembroke parent gets$8K Xbox bill after son racks up charges 'There will never be another Xbox system — or any gaming system — in my home’ CBC News January 12, 2017 Lance Perkins
- 16. Kids • 11-16 yearsold, predominantly boys • Private and public school attendees • Urban and suburban areas in the Tri-State Area (initially) • iPad- or smartphone equipped Parents • Men and women, 30-56 • Kids of 11-16 year old boys • Marginal and middle-upper class parents • Urban and suburban areas in the Tri-State Area (initially) • Tech-equipped but not tech-savvy BUSINESS MODEL: DAY 5
- 17. PRODUCT MARKET FIT:DAY 5 PRODUCTS & SERVICES PAIN RELIEVERS GAIN CREATORS GAINS CUSTOMER JOBS PAINS Software that makes it easy for parents to set-up allowance for digital spending Metrics to track gaming spending Avoids credit card risks for parents Easy for parents to monitor spending Budgeting - pre- paid amounts set- up for spending No need to monitor app or requests (email alerts) Monitoring kids spending Approving individual game spend Parents will know what kids have spent money on One-stop shop for all digital spending Risk of overpaying and racking up large amounts for games
- 18. BUSINESS MODEL: DAY5 FriendParents PlayMint Master Relatives
- 19. BUSINESS MODEL: DAY5 6. Key Partners • E-payment processors • Gaming companies • PTA groups • School counsellors • Local politicians & governments • Banks 7. Key Activities • Software development • E-payment services • Banking • PR & Marketing 1. Value Proposition • Monitor kids online spending • Avoid unwanted charges • Secure holdings • Teach kids money management 4. Customer Relationships GET: PTA & community groups, social media, influencer marketing, PR campaigns KEEP: Email metrics, competitions, rewards GROW: Amazon and other third-party merchandise sales, new state legislation 2. Customer Segments Parents • Marginal to upper- middle class • Males and females aged 30 – 56 • Urban and suburban areas in U.S. and Canada • 11-16 year old sons • Daily tech-users but not tech-savvy 8. Key Resources • Banking services license • E-Payment Provider • Financing • Development team • Third-party e- commerce providers 3. Channels • Parent Teacher Associations • Schools • Social Media • Gaming sites 9. Cost Structure • Software development and maintenance • Marketing • Payment Processing 5. Revenue Streams • Subscriptions paid by parents • White label software add-on for gaming companies • Ease of gifting loved ones – convenience fee paid by friends and family
- 20. NEXT STEPS • Morecustomer discovery: Survey children of older age range to identify key drivers and motivation • Partner discovery: Outreach to gaming companies to learn more about points based discount opportunities, security offerings, API integration potential • Test cost structure and revenue options • MVP development
- 21. DISTRIBUTION CHANNELS • AppStore • Website Pig-e-Bank Parents Web & App Platform Email DirectRelatives or Friend Children