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Seecure Columbia
Seecure aimed to provide personalized security solutions for security-conscious women through a wearable camera product. However, hypothesis testing revealed key issues: the value proposition did not effectively alleviate customers' security pains; customers were unfamiliar with the product and unwilling to pay the proposed price; and defining the target customer segment of "security-conscious professional women" proved challenging. Based on feedback, the company will explore pivoting to other customer segments like joggers and law enforcement.
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Seecure Columbia
- 1. January 15, 2016 Seecure Total# of interviews: 50
- 2. - 2 - Peopledo not have ‘peace of mind’ with respect to their security Problem These habits are inadequate and have negative consequences on: • Savings: relying on car services rather than public transportation • Health: avoiding jogging at night • Time: lengthening commute by taking better lit routes • Livelihood: realtors avoid holding open houses in higher risk neighborhoods • Overall Wellbeing: avoiding desirable activities for fears of safety Lastly, these habits are ineffective in protecting people from security risks Security is of great importance to society. We avoid risk and invest in security solutions to achieve ‘peace of mind’. However, we do not attain this ‘peace of mind’ for three reasons 1) Security guards are not present everywhere 2) When guards are present, one questions their trustworthiness 3) Human intuition has its limitations Our personalized approach to security enables people to live their lives confidently. Whenever they feel unsafe, they can have the people they trust the most looking after them These limitations prompt the rise of personalized security solutions. Personalized security solutions like GPS applications are ineffective in mitigating security risks Consequence
- 3. - 3 - •Customer creates an event via iPhone or Android application and designates a Virtual Keeper (VK) • The VK logs onto the application and observes 360 degrees of video around the customer • VK and customer receive information regarding crime rates in area • If the VK identifies a critical security risk, the VK activates a siren to deter the assailant • Algorithm will notify VK and customer of impending security risks • Video, audio, timestamp and GPS information is stored in cloud database • Customer wears two to three small pins. Each pin has an 8 millimeter camera, camera sensor, Bluetooth/WiFi chip, and battery • Each camera streams video, audio and orientation information (from G-sensor) to the phone using WiFi connection from camera to HotSpot on the phone Hardware Software The product consists of • 360 degree view provided by wearable cameras • Virtual keeper • Algorithm to predict security risk • Remote siren on application If people are not distracted by security fears, they will achieve gains in savings, time, career, health, and safety. Seecure will alleviate security fears and empower customers to live confidently
- 4. - 4 - Customerreceives automated notification that someone is approaching quickly Customer creates a security event on their smartphone and selects virtual keeper VK logs in on application VK observes 360 degree view as customer enters parking lot VK triggers siren on customer and blinking light END Customer enters parking lot Assailant approaches customer as customer nears car VK contacts authorities with details of attack Customer attaches pin to front of shirt and pin to back of shirt and activates both pins Customer prepares to enter parking lot after work Customer Virtual Keeper START Customer enters parking lot at night with Seecure
- 5. - 5 - Corepremises remain the same Core Premises 1) People value security algorithm 2) People have adopted painful habits to mitigate security risk Approach 1) Security algorithm - 1 year of video required for algorithm to be operational - Initial adopters need to provide video - Prospective customers were asked about product without mentioning algorithm - Interest in product significantly declined without mentioning algorithm 2) Pain points - Probed habits to mitigate security risks - Determined habits negatively affect time, money, and overall wellbeing However, we needed to - Narrow security conscious women customer segment - Solidify value proposition for segment - Identify optimal sales channels - Prepare get strategy Goals
- 6. Value Propositions CustomerRelationships Customer SegmentsKey Activities Key Partners Key Resources Channels Cost Structure Revenue Streams Suppliers such as Qualcomm, Sony, Freescale, DH Gate. Manufacturer TBD Distributor TBD Customer Service TBD Sales Universities Real Estate Agencies Law Enforcement Manufacturing Distribution & Fulfillment Customer Relationships Algorithm Development Product Bluetooth / Wi-Fi chip; Image sensor; Controller; Camera Operations Distribution / Fulfillment capacity Marketing Existing customers Talent Algorithm development Women confront risk of sexual assault in daily routine - Inconvenient, time- consuming, and ineffective habits - Dissatisfied with current security solutions Seecure empowers women with wearable camera and predictive analytics - Customer attaches a wearable camera to clothes - Designates a friend via on smartphone to monitor 360 degrees of video footage - Friend can counsel the customer, contact the authorities, or trigger a siren - Algorithm notifies the customer of impending security risks MVP will include 360 degree camera, virtual keeper, remote alarm, and cloud storage. Direct Materials from Suppliers Direct Labor from Manufacturer Direct Labor from In-Sourced Team SG&A R&D Hardware for $200 at point of sale Monthly subscription for $9.99 Licensing of algorithm Customer growth through: - Geographic expansion - Secondary applications - Influencer endorsements - Social Media - B2B sales Crowdfunding Influencer endorsements Social Media Targeted blogs Outside sales Customer acquisition costs are $18.50 B2B - Law Enforcement - Military - Real Estate Agencies B2C - Security Conscious - Women - Female joggers - Seniors with cognitive impairment - Special needs children - Children aged 6-12 - Travelers Target - Age: 25 to 54 - Income: >$30K / household - Phone: iPhone/Android - Residence: metropolitan - Behavior: call loved ones when they feel unsafe Our intention from the beginning was to only focus on security-conscious women. As a result, we omitted these potential future segments from the canvas. The Algorithm – key element of the value proposition from the beginning
- 7. - 7 - 7 Day1 Day 5 • Focused on 1 subgroup— security conscious female professionals as customer segment • Solidified value proposition in absence of algorithm - Algorithm requires 1 year of video footage and is not factored into initial purchases • Assessed features that customers prize most • Identified most effective sales channels given new market • Mapped out purchasing funnel • Struggled to identify characteristics that delineate security conscious women • Failed to generate any orders for product • Exploring pivot to other customer segments based on customer feedback - Joggers - Law Enforcement • Incorporated the algorithm in the Value Proposition • Identified security conscious women as customer segment with 4 subgroups - Joggers - Students - Professionals - Real Estate Agents Summary of progress by day 1 2- 4 5
- 8. Value Propositions CustomerRelationships Customer SegmentsKey ActivitiesKey Partners Key Resources Channels Cost Structure Revenue Streams Suppliers such as Qualcomm, Sony, Freescale, DH Gate. Manufacturer TBD Fulfillment Amazon Customer Service TBD Sales Universities Real Estate Agencies Manufacturing Distribution & Fulfillment Customer Relationships Product Bluetooth / Wi-Fi chip; Image sensor; Controller; Camera Operations Distribution / Fulfillment capacity Sales & Marketing Existing customers Talent Women have developed inconvenient habits to mitigate the risk of assault in their daily lives. Seecure provides women with ‘peace of mind’ by having the people they trust the most to look after them. The MVP consists of a wearable camera, deterrent, and a software application. Hardware for $200 at point of sale Monthly subscription for $9.99 Dedicated e-commerce Google Play Store / Apple App Store Direct Sales to Prof. Service Organization Direct Sales to Airport/Train Station Electronics Retailers Security Conscious Women Professionals Archetype - Age: 25 to 54 - Income: >$30K / household - iPhone/Android - Behavior: call loved ones when they feel unsafe - Situational: jogging at night, walking home from work - Biggest fear: sexual assault Business Model Days 2 to 4 Variable - Direct Material - Direct Labor Overhead - Customer service - Cloud Hosting - Cloud Operation - SG&A - R&DCAC Get Crowdfunding Airport Retailer Support Prof. Firms Support Key Influencers Keep Blogs Promotions Grow Virtual Keepers provide viral loop by expanding community Identified 4 sales channels. Received positive feedback from Airport Electronic Store Failed on the Willingness to Purchase Test: less than 20% would purchase the product.
- 9. - 9 - JobsPains Gains •Inconvenience to yourself and others - Calls friends and family when feeling unsafe - Messages family and friends upon arrival - Shares GPS location with family and friends - Requests escorts to your vehicle • Dependence: inability to do what you wish • Fear: physical and emotional pains of assault Pains Gains • Time - Removes need to call family and/or friends when feeling unsafe - Retrieving car in parking lot • Independence: users can do what they wish • Assault prevention: deter attacks effectively • Peace of mind: reduces anxiety of user and family Jobs • Ability to proceed in day without distractions of fear • Reducing time spent on security precautions • Deterring potential assault Customer Map for Professional Women
- 10. - 10 - Gain Creators •Inconvenience to you and others: - Removes need to call family when you feel unsafe - Removes need to message family/friends upon arrival - Removes need to share GPS location with family/friends - Removes need for escorts to vehicles • Fear: alleviates anxiety of you and others • Peace of Mind: increased confidence in daily routine • Assault prevention: reduces likelihood of assault • Virtual Keeper • Remote Alarm • Panic button • 360 degree camera • Cloud storage • Crime analytics Pain Relievers Gain Creators Product Value Map for Professional Women
- 11. - 11 - 11 PainRelievers • Cost • Inconvenience • Fear Gain Creators • Assault prevention • Peace of mind Products and Services • Virtual Keeper • Remote Alarm • Panic button • 360 degree camera • Cloud storage Pains • Cost • Inconvenience • Fear • Dependence Gains • Time • Independence • Assault prevention • Peace of Mind Jobs • Ability to proceed in day without distractions of fear • Feeling confident throughout day • Ability to deter attacks Value Proposition Customer Segments • Seecure is geared to alleviate the inconveniences of calling family and/or friends when you feel unsafe and quell the fears of assault • Seecure is geared to providing customers with peace of mind and preventing assaults Inconvenience Fear Assault Prevention Peace of Mind Value Proposition Canvas for Professional Women
- 12. - 12 - •Age: 25 to 54 • Employed: yes • Income: >$60K / household • Phone: iPhone/Android • Residence: metropolitan • Behavior: call loved ones when they feel unsafe • Routine Situation: walking home from work • Fear: sexual assault Customer Archetype • Age: 25 to 54 • Employed: yes • Income: >$60K / household • Phone: iPhone/Android • Residence: suburban • Behavior: call loved ones when they feel unsafe • Routine Situation: retrieving car from parking lot • Fear: sexual assault JenniferTiffany
- 13. - 13 - SalesStrategy Web Dedicated e-commerce on proprietary website Platform app store for Apple and Android Physical Direct sales to airport and train station electronics retailers Physical Direct sales to professional service organizations Web • Wearable security cameras are a new market - If consumers are not actively searching, 2-step distribution is unnecessary • Direct sales to airport / train stations electronics retailers will target travelling professional women - Target customers feel unsafe in unfamiliar locations • Direct sales to professional service organizations will target professional women working late - Target customers cannot leave work at desired time - Target customers feel unsafe walking home late at night when it is dark Channels Considerations Revenue will be derived from sale of camera at $200 and monthly subscription fee at $9.99 Sales will be derived from 4 channels. Our competitors utilize similar channels (dedicated e-commerce, application store, direct sales to real estate agents, and direct sales to nursing on demand services)
- 14. - 14 - GetStrategy Awareness Interest Consideration Purchase • Crowdfunding: 60 day IndieGogo campaign • Retailer Support: support staff at airport/train station electronics retailers • Human Resources: discussions with professional service organization HRs • Influencers: video endorsements from prominent women professionals Awareness • Similar Users Targeting: remarketing campaigns for visitors to site and viewers of IndieGogo / influencer videos • Retailer Demonstrations: support staff demonstrate video at stand in airport/train stations electronics retailers • Company Communications: HR releases survey to staff gauging interest Interest • Retailer Trial: 14 day free trial for airport / train station retailers • Professional Service Trial: 14 day free trial for professional service organization HR departments Consideration
- 15. - 15 - HypothesisTesting Results Parameter Hypothesis Results Analysis Value Proposition Security conscious women will prioritize virtual keeper and remote alarm as most important features Fail; Panic button is thus far most important feature 1) Numerous panic buttons exist in marketplace. Seecure fails to achieve competitive advantage. 2) Absence of algorithm undermines customers’ interest in product Customer Segment Security conscious women have pains with respect to mitigating security risks Pass - Over 50% call their loved ones when they feel unsafe - Over 50% share their GPS location - Over 70% message family and friends upon arrival 1) Customer acknowledged these habits as inconvenient 2) Pains exist with respect to time, money, fear and general wellbeing Value Proposition Security conscious women will see Seecure as alleviating pains associated with mitigating security risks Fail - Over 50% of customers acknowledged habits as inconvenient but reasonably effective 1) Pains exist for customers 2) Seecure is not an effective pain reliever for many 3) Those who would use Seecure mostly see it as relieving anxieties instead of effectively deterring assaults
- 16. - 16 - HypothesisTesting Results Parameter Hypothesis Results Analysis Get Strategy Wearable security cameras are a new market Pass; customers were unfamiliar with the use of wearable cameras to deter security risks 1) Competitors have not gained market share 2) Prospective customers are unfamiliar with algorithm 3) Limit sales channels 4) Reduce customer acquisition costs Revenue Customers are willing to pay $200 for hardware and $9.99/month for subscription Fail; 0 would purchase product 1) Price is elastic with respect to security but interviewees guage price poorly Sales Channel Airport/Train Station electronics retailers would be effective channel Pass; manager at airport electronics retailer indicated interest but suggested demo is required 1) New market suggests that prospective customers need to be guided in product’s application 2) Support staff at retailer is required • Challenging to discern ‘security conscious professional women’; market may be too small • New York City may not be good market for ‘security conscious professional women’, as people feel relatively safe • PR and customer backlash may emerge if incidents occur while using the product • Many interviewees refused to use product but indicated they would use product in other applications (e.g. elderly parents, children aged 6-12, etc) • Algorithm is most valuable feature • Customer discovery feedback suggests we should pivot to other customer segments; we will explore joggers and law enforcement in separate iterations Lessons Learned