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Wedding planning
- 1. Ajay Narasimmamoorthy weddingknot.com
- 2. PROBLEM Ø Indian wedding à Bigger, be4er, more lucra:ve Ø Less :me, more planning Ø Call for efficient, less :me consuming planning SOLUTION Ø Social plaForm to aid with wedding planning and prepara:ons Ø Medium for users to communicate with vendors Ø One stop shop for all wedding resources with minimal effort
- 3. CUSTOMERS WHERE DO YOU FIND THEM? Ø UHH.. PRETTY MUCH EVERYWHERE!! Ø People who are about to be married Ø Friends helping out with wedding planning Ø Parents of bride / groom
- 4. CUSTOMER INTERVIEW QUESTIONS Ø What kind of services do you find most challenging during a wedding / wedding planning? Bartending (3) Floral / Stage DecoraFons (10) Catering (8) Photographers (12) Ø Would you go out and go look for event planners or for services like floral decorators? Photographers? Bartenders? Or prefer service offered to you? Services offered to me (12) Go out and enquire for some services (8) A bit of both (13) Ø Would you be willing to pay for services / planning ? Yes (8) No (12) Depends on the cost (13) Ø Are you using a wedding planner? Yes (21) No (12) Ø What do you dislike in a wedding planning ? Trying to get the best in everything (12) Going to reach out to lot of people and no response (12) Trying to find something within budget (23) Catering Photographers Stage DecoraFons Bartending Services offered to me Go out & enquire bit of both Yes No Depends on cost Yes No Try to get best in everything Reach out to vendors and no response Trying to fit in budget
- 5. MARKET SIZING • No. of Indian marriages in a year: 10 million • Indian wedding market worth: $16 billion • Gold and diamond jewelry market worth: $9 billion • Apparel market (wedding) worth: $1.5 billion • DesFnaFon wedding favorites: Goa, Jaipur and Udaipur • Average DesFnaFon wedding cost: $300,000 • Wedding cost in metropolitan ciFes: Between $35,000 -‐ $115,000
- 6. USER STORIES • User sign up / Login page • Profile / Account crea:on • Filter op:ons • Blog, User stories, Experience • Reviews / Ra:ng • Inquiry / Email op:on • Chat op:on • Photo upload • Recommenda:on system • Friend Request op:on • Adver:sing for vendors / Claiming business
- 7. COMPETITIVE ANALYSIS Vendor Sizing Shopping Visitors D WEDMEGOOD 20,000 X 200,000 free PLANNING WALE 6500 X 500 free INDEAR 4500 300 freemium
- 8. S W T Strengths • Wedding planning on the go. • Early breakthrough market • Different vendor opFons to compare. • Social pla[orm to interact directly with vendors without the necessity to meet in person. • Target audience – Global market since wedding is Universal Opportunities • Ability to expand user base and vendor list. • Opportunity to conquer global market • Scope to partner with Pinterest, Instagram • Less compeFFon means more scope to grow and expand faster. Threats • CompeFtors’ edge • Easy compeFFon • Bigger threat if vendor lisFngs are limited. O Weaknesses • Easy compeFFon • Sustainability of user base • Ability of tradiFonal users to adapt • Uncertainty over subscripFon based model SWOT ANALYSIS
- 9. Cost Structure • MarkeFng • Web service fee • Infrastructure development • MarkeFng • Customer acquisiFon Revenue Streams • SubscripFon fee • Vendor commission fee • Vendor Ad sales Problem • People have to waste Fme in travel or finding contacts to make reservaFon or booking • Don’t have a direct point of contact or reliable resource to make reservaFon or booking • Cannot reach to people someFmes or have to wait to make a booking. Solu:on • A social pla[orm that helps the wedding planning and preparaFons easy by having a medium between the ones gecng married and the service providers. • One stop shop with minimal effort Key Metrics • SALES: Annual sales, Annual margin, Conversion rate, CompeFFve pricing • MARKETING: Unique visitors, Quality of product reviews, Subscribers, Facebook, twieer, pinterest fans. Unique Value Proposi:on • Direct interacFon between customers and service providers • Ability to view their works and por[olio and directly hear reviews through first hand connecFons Unfair Advantage • One consolidated place containing all wedding resources Channels • MarkeFng through facebook and other social pal[orms. • Friends and contacts • Posters, Online adverFsements Customer Segments • Couples who are gecng married • Friends / Parents of couples who are gecng married PRODUCT MARKET LEAN CANVAS MODEL
- 10. User Persona -‐ 1 Profile Chand Gender Male Age 29 OccupaFon Consultant at Deloiee Character Intelligent, enthusiasFc, bold, persevering, achiever. DescripFon Chand is a 29 year old consultant based out of Bangalore, India. Chand is a workaholic who has 60 – 70 work hours every week. And Chand is hardly at home over the weekends spending Fme going on adventures, partying hard or working on his start up ideas. Chand recently got engaged to his girlfriend and he has his wedding coming up in the next six months. Chand wants to have a big fat Indian wedding which he has always dreamt of. Unfortunately Chand has to plan his wedding for the most part since his girlfriend is out on a business trip to London for 3 months. Goals Chand wants to: § view the vendors’ por[olios, read reviews about the vendors, and get in touch with minimal work. § interact with other people who has gone through the same vendors and hear about their work first hand. § be able to view the photos and read blogs about the wedding stories § save the preferred wedding décor ideas, FrustraFon • Unable to pick the best ones that would fall under his budget. • Not able to get hold of vendors as they don’t return calls or respond to emails. • Unable to find more vendor opFons to choose from in his city
- 11. User Persona -‐ 2 Profile Shruthi Gender Female Age 27 OccupaFon Sokware Engineer Character Social, Always on the mobile, AcFve and EnergeFc DescripFon Shruthi is a 27 year old sokware professional based out of California. Shruthi is engaged to her long Fme boy friend and has her wedding in 4 months. Shruthi has an acFve lifestyle maintaining her work life balance and only gets Fme during the weekends to plan for her wedding. Since her wedding is in India, Shruthi’s accessibility to reach out to vendors in India can only be done through email / phone interacFon. Since Shruthi is acFve on social mediums like Facebook, Twieer, Pinterest, she has all the right ideas in mind that she wants for her wedding and has gathered informaFon about all the ideas but doesn’t have or know the right resources to contact or talk to in order to implement her ideas at her wedding. Goals Shruthi wants to: § Get in touch with various vendors to talk about her wedding ideas. § Be able to shortlist the vendors and pick the best one that she thinks could be the best opFon to implement her wedding ideas. § Check out por[olios of vendors, look at different wedding photos, save others’ wedding décor ideas, bridal wear selecFon, etc. FrustraFon • Unable to pick the best ones that would fall under his budget. • Not able to get hold of vendors as they don’t return calls or respond to emails. • Unable to find more vendor opFons to choose from in his city
- 12. METRICS • Average monthly, quarterly and yearly sales • Conversion rate • New customer order sales vs Returning customer order sales • CompeFFve pricing • Unique visitors vs Returning visitors • Page views per visit • Facebook / Twieer followers and fans • Number and quality of reviews • Brand or display adverFsing intake rates Sales KPIs MarkeFng KPIs
- 13. METRICS • Number of potenFal customers and vendors who visit the site • Number of users who download the app • Vendor inquiry to enroll and subscribe to the app • Successful user sign up by giving facebook / google credenFals • App users who refer the app to other friends who could be potenFal customers • Average purchases through referral from vendors who use the app • Repeat visitor trying to help a friend / family member • User subscripFon fee • Vendor adverFsement, commission fee per purchase AcquisiFon AcFvaFon Referral RetenFon Revenue
- 14. PRICING – ASSUMPTIONS & CALCULATIONS Dev/ QA 2 $12,000 / yr $24,000 UX/UI 1 $10,000 /yr $10,000 MarkeFng 2 $10,000 /yr $20,000 Sales 1 $10,000 /yr $10,000 Data Analyst 1 $12,000 /yr $12,000 IT 1 $8,000 /yr $8,000 Ops 1 $10,000 yr $10,000 • Sojware Licensing -‐ $2000 per month -‐ $24,000 /yr • Cleaning/ Janitor charges -‐ $10,000 /yr • Electricity -‐ $500 per month -‐ $6,000 /yr SAMPLE CALCULATIONS • 10 million marriages every year • 2% user downloads the app à 200,000 users • 20% of paid users à 40,000 paid users • $10.99 premium fee * 40,000 users à $439,600 • 10,000 vendors in 1st year • 10% of vendors get orders thro’ app à1000 vendors • 5% commission on each vendor order *1000 vendors à $50,000
- 15. Year 1 2 3 4 5 Total Revenue through User SubscripFon $200,000.00 $550,000.00 $990,000.00 $1,760,000.00 $2,750,000.00 Total Revenue through Vendor commission fee $50,000.00 $112,500.00 $187,500.00 $225,000.00 $350,000.00 Total Revenue $250,000.00 $662,500 $1,177,500.00 $1,985,000.00 $3,100,000.00 TYPE OF COST EXPENSES fixed Salaries $94,000 $150,000 $250,000 $350,000 $450,000 fixed Benefits $50,000 $100,000 $150,000 $200,000 $300,000 fixed MarkeFng $20,000 $100,000 $150,000 $200,000 $300,000 fixed Development/QA $20,000 $60,000 $100,000 $150,000 $250,000 variable Office Misc Expenses ( Beverages, Food, Office ParFes, etc.) $5,000 $10,000 $20,000 $40,000 $60,000 fixed Office Infrastructure / Set up -‐ Furniture, Interior, etc $5,000 $10,000 $20,000 $30,000 $50,000 fixed Domain hosFng $100 $100 $200 $300 $400 variable Sokware license fee $12,000 $24,000 $40,000 $50,000 $70,000 fixed Server/ Storage service fee $200 $400 $600 $800 $1,000 variable Office Space Rent $12,000 $24,000 $40,000 $40,000 $50,000 variable Computer / Laptop Devices $20,000 $40,000.00 $60,000.00 $70,000.00 $90,000.00 fixed Admin / IT $5,000 $10,000 $10,000 $15,000 $30,000 variable Electricity / UFlity $6,000 $12,000 $15,000 $20,000 $30,000 T&E $12,000 $20,000 $30,000 $50,000 $70,000 SUBTOTAL $261,300 $560,500 $885,800 $1,216,100 $1,751,400 Profit -‐$11,300.00 $102,000 $291,700.00 $768,900.00 $1,348,600.00 Five year projecFons – Worst Case Scenario YEAR 1 2 3 4 5 USER DOWNLOADS IN % 1% (100,000) 2%(200,000) 3%(300,000) 4%(400,000) 5%(500,000)
- 16. Five year projecFons – Best Case Scenario 1 2 3 4 5 Total Revenue through User SubscripFon $2,000,000.00 $13,200,000.00 $30,800,000.00 $38,500,000.00 $53,900,000.00 Total Revenue through Vendor commission fee $50,000.00 $112,500.00 $187,500.00 $225,000.00 $350,000.00 Revenue $2,050,000.00 $13,312,500 $30,987,500.00 $38,725,000.00 $54,250,000.00 TYPE OF COST EXPENSES fixed Salaries $94,000 $150,000 $250,000 $350,000 $450,000 fixed Benefits $50,000 $100,000 $150,000 $200,000 $300,000 fixed MarkeFng $20,000 $100,000 $150,000 $200,000 $300,000 fixed Development/QA $20,000 $60,000 $100,000 $150,000 $250,000 variable Office Misc Expenses ( Beverages, Food, Office ParFes, etc.) $5,000 $10,000 $20,000 $40,000 $60,000 fixed Office Infrastructure / Set up -‐ Furniture, Interior, etc $5,000 $10,000 $20,000 $30,000 $50,000 fixed Domain hosFng $100 $100 $200 $300 $400 variable Sokware license fee $12,000 $24,000 $40,000 $50,000 $70,000 fixed Server/ Storage service fee $200 $400 $600 $800 $1,000 variable Office Space Rent $12,000 $24,000 $40,000 $40,000 $50,000 variable Computer / Laptop Devices $20,000 $40,000.00 $60,000.00 $70,000.00 $90,000.00 fixed Admin / IT $5,000 $10,000 $10,000 $15,000 $30,000 variable Electricity / UFlity $6,000 $12,000 $15,000 $20,000 $30,000 T&E $12,000 $20,000 $30,000 $50,000 $70,000 SUBTOTAL $261,300 $560,500 $885,800 $1,216,100 $1,751,400 Profit $1,788,700.00 $12,752,000 $30,101,700.00 $37,508,900.00 $52,498,600.00 YEAR 1 2 3 4 5 USER DOWNLOADS IN % 5% (500,000) 20%(2,000,000) 40%(4,000,000) 50%(5,000,000) 70%(7,000,000)
- 17. BEST CASE VS WORST CASE -‐$500,000.00 $0.00 $500,000.00 $1,000,000.00 $1,500,000.00 $2,000,000.00 $2,500,000.00 $3,000,000.00 $3,500,000.00 1 2 3 4 5 Dollars Year WORST CASE Profit Revenue $0.00 $10,000,000.00 $20,000,000.00 $30,000,000.00 $40,000,000.00 $50,000,000.00 $60,000,000.00 1 2 3 4 5 Dollars Year BEST CASE Profit Revenue
- 18. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter • Customer Support • Blog share • Chat messenger • Filter options • Search vendors. • Recommendation system • Advertising for Vendors / campaigns • Adding Friends Data Science/ analytics. • Mobile App • Photo upload. • Basic Account set up. • User sign up page • Reviews / Rating • Vendor Portal • Vendor Inventory • Payments • Basic Screen Wireframing • Hosting • Security • Improve UX • Increase sales • Expand platforms • Improve UX ROADMAP
- 19. ROADMAP 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Dev / QA / UX Wireframing Review/ Ra:ng Ops Marke:ng R & D Improve UX • Hosting • Data Center Increase the performace of nodes • Advertising Campaigns • Market Research • SECURITY • DATA ANALYSIS • MARKET RESEARCH • DATA ANALYTICS • Vendor Advertising • Vendor Campaigns Vendor / User sign up Chat messenger Customer support Mobile app Feature Improvements Eg. Blog posts Recommenda:on system • Improve Ads • Increase SALES
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