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something-something-something.com. Formerly “Personal Libraries”. Week 7 Canvas. Upwardly mobile young professionals making $2-10K of discretionary online purchases a year (excluding travel). FB/TW posts from users you know Company blog, FB, TW accounts.

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something something something com

something-something-something.com

Formerly “Personal Libraries”

week 7 canvas
Week 7 Canvas

Upwardly mobile young professionals making $2-10K of discretionary online purchases a year (excluding travel)

FB/TW posts from users you know

Company blog, FB, TW accounts

Bloggers and Media targeting customer segment

Retail marketing partners

IE/FF/Chrome teams

Affiliate Program Providers

FB/TW posts from cartpop users you know

Discover online goods recommended by friends at the lowest possible price from trusted vendors

Affiliate program

SEO/SEM/SM

IE/FF/Chrome App Stores

Developers

Marketers

AWS Infrastructure

SEM

Eng & Marketing OpEx

Affiliate program fees

Licensing

Subscription fees

Ad revenue

week 8 social shopping
Week 8: Social Shopping

FB/TW posts from users you know

Company blog, FB, TW accounts

Bloggers and Media targeting customer segment

Retail marketing partners

IE/FF/Chrome teams

Affiliate Program Providers

FB/TW posts from cartpop users you know

MVP: Trusted Advice

on products tailored to your needs by people and groups relevant to you.

Pat the Professional

Upwardly mobile, $2-10K discretionary purchases/year (excluding travel)

Affiliate program

SEO/SEM/SM

IE/FF/Chrome App Stores

Developers

Marketers

AWS Infrastructure

SEM

Eng & Marketing OpEx

Affiliate program fees

Licensing

Subscription fees

Ad revenue

slide4

Feedback this Week

Teaching Team

Mentors

What experience and expertise does the team bring to this problem?

What are your unique insights into the problem?  What unmet needs that matter (offer the consumer tangible value) are you seeking to fulfill? 

Who else is trying to do this, and what is unique/interesting about their approach, and what is deficient?

What is the scale?  If you win this category, how big is the company? 

Who wins and who loses if you are successful? 

  • You need to review what you did with Personal Libraries and redo as much as possible for Wantio
slide5

Customer Segment: Professional-class consumers shopping frequently online

  • Pat the Professional
  • Upwardly mobile professional (some Grad Students)
  • Salary: $40,000 – 150,000/year
  • Finance, Consulting, PR, Marketing
  • Follows fashion/technology trends
  • Spends $1-15K on discretionary items online
  • Purchased online in last 30 days
  • Demographics
  • Male/female, aged 18-35
  • Minimum bachelors from expensive school
  • Traits:
  • Ideas from blogs & shopping websites
  • Values celebrity trends & friends’ opinions
  • Wants high ticket items at lowest price
  • Event-driven shopper—new release or sale
  • Motivation
  • Craves new products
  • Hates tedious work
  • Identifies as influencer among friends
  • Fears being cheated online
  • Behavior
  • Spends 5 hour+ monthly hearing about products
  • Shares online and in person about products he loves
  • Budget
  • $2-10K+/year in discretionary online purchases
  • “The XXX is awesome, I really want one. I know I just bought the YYY, but it’s probably time to upgrade.”

~5.9M “Pat the Professionals” in US

Drawn from top 1/3 of 17.8M frequent online shoppers

17.8M based on 40.2M Professionals (2008 Census) * 0.762 US Internet Penetration (Nielsen 2010Q1) * 0.58 consumers shopping online in last month (Nielsen 2010Q1)

Online Recommendation Market Opportunity (conservative strawman #s)

Assuming 10% share, 5% affiliate fees

Top Shoppers (~$7B/year spend): ~ $35M/year

Professional-class frequent shoppers (~$1.8B/year): ~ $9M/year

Other Professional-class shoppers ($0.7B/year): ~3.5M/year

Source: US Bureau of Labor Statistics

slide6

Customer Segment: Top shoppers spend a lot of money

~$7B spent by Top US Shoppers/yearBased on 918K top shoppers (given top 3% of professionals shopping online) * $7,625/year online spend1

1vetted against $1072 average weekly wage (US Census) * 2.84 weeks salary spent per month (given 51-75%, 75% spend levels) * 0.2 after tax discretionary income ratio

50%+ of monthly spending for Top Shoppers happens online

slide7

Customer Segment: US distinctly different from rest of world in key areas

Comparison shopping and aggregators less popular in US than in rest of world

US most likely to share positive experiences online vs. rest of world

slide8

Customer Segment: Reviews & popularity highly disproportionate across products

slide9

Category Exploration, Research & Interviews / Potential Partners

  • Books (2009: ~$40B retail, ~$24B wholesale, APA)
  • Head of mobile strategy at major US publisher
  • - Print in massive decline, eBooks exploding, players trapped in “merchandising” mindset
  • Electronics (2009: $171B, CEA)
  • Entrepreneur with multiple successful affiliate marketing businesses, specializing in electronics
  • High instances of fraud; affiliate programs monitor partners very closely, have pricing power
  • Recreational Boating (2009: $10B, BI)
  • Entrepreneur in recreational boat market
  • Referrals major influencer of purchase decisions in $10B/year market
  • 7M new, 1.3M used boats sold in ‘07, vs. 3.2M new, 1M used sold in ‘09
  • Elite Fashion
  • Startup helps consumers share shopping “finds” and facilitate purchase from vendor network
  • Higher EdCo-Founder of leading GMAT prep site (small business ~150K UVs/M)
  • 200K GMAT test takers, 10-15x considering (GMAC)
  • Paid Video ContentHedge fund manager on analysis of Netflix
  • Can develop strong partner relationships monetizing remnant inventory

Recreational Boating

slide10

Category Exploration, Research & Interviews / Potential Partners

  • Books (2009: ~$40B retail, ~$24B wholesale, APA)
  • Head of mobile strategy at major US publisher
  • - Print in massive decline, eBooks exploding, players trapped in “merchandising” mindset
  • Electronics (2009: $171B, CEA)
  • Entrepreneur with multiple successful affiliate marketing businesses, specializing in electronics
  • High instances of fraud; affiliate programs monitor partners very closely, have pricing power
  • Recreational Boating (2009: $10B, BI)
  • Entrepreneur in recreational boat market
  • Referrals major influencer of purchase decisions in $10B/year market
  • 7M new, 1.3M used boats sold in ‘07, vs. 3.2M new, 1M used sold in ‘09
  • Elite Fashion
  • Startup helps consumers share shopping “finds” and facilitate purchase from vendor network
  • Higher EdCo-Founder of leading GMAT prep site (small business ~150K UVs/M)
  • 200K GMAT test takers, 10-15x considering (GMAC)
  • Paid Video ContentHedge fund manager on analysis of Netflix
  • Can develop strong partner relationships monetizing remnant inventory

Recreational Boating

slide11

TheFancy.com : People connected via Objects

Phone call with founder Joe Einhorn

  • 10,000 users, 100 million objects in database
  • Vision: Wherever you are on the web or in the world, if you see something you like you can express it & learn more, Target user: anyone who owns / buys
  • Most content is given free to user (without sign up), Avg unique visitor views 20 pages, priority is to get users viewing & publishing on the site
  • No formal user acquisition process, want to keep user visits organic
  • Early adopters / active users rewarded with titles, ex: editor in chief, art director
  • Partners:
    • 1. Media companies, journalists who discover cool things
    • 2. Stores that sell the same or similar items
slide13

Customer Segment: Stanford Survey Results (n=40)

People spend more than they think

slide14

Customer Segment: Stanford Survey Results (n=40)

People love a discount, but aren’t price conscious

slide15

Customer Segment: Focus on young & affluent

Young (18-34), affluent women ($50K-80K+)

Young (18-34), affluent men ($50K-80K+)

BENCHMARK: Gawker Media crowd (~19M UV/month)

week 8 social shopping1
Week 8: Social Shopping

FB/TW posts from users you know

Company blog, FB, TW accounts

Bloggers and Media targeting customer segment

Retail marketing partners

IE/FF/Chrome teams

Affiliate Program Providers

FB/TW posts from cartpop users you know

MVP: Trusted Advice

on products tailored to your needs by people and groups relevant to you.

Pat the Professional

Upwardly mobile, $2-10K discretionary purchases/year (excluding travel)

Affiliate program

SEO/SEM/SM

IE/FF/Chrome App Stores

Developers

Marketers

AWS Infrastructure

SEM

Eng & Marketing OpEx

Affiliate program fees

Licensing

Subscription fees

Ad revenue

slide18

Value Proposition: How to create “Trusted Advice”?

Preference

Purchase

People

Self-selected people and groups join for shared advice relevant to their “micro-communities”

INCENTIVES: access (“insider” community), reciprocation (dialog, Q&A)

FIRST COMMUNITIES: MBAs, Stanford, shopping bloggers

Expression of preference (tweet, FB, blog, Q&A, etc.)

INCENTIVES: reputation (likes/ratings, associations), ease of use (tools & templates)

FIRST FEATURES: “Click to blog” on products; auto-product research

Buy relevant items quickly & easily from vetted vendors

INCENTIVES: auto-analysis (price, tax & shipping comparison), implicit endorsement (insiders “connected” with product)

FIRST PRODUCTS: MBA Admission Books

Hypotheses

Pat the Professional

Shared Wishlist

Books

MBA students/prospects

Shared Purchases

Electronics

Shopping Enthusiasts

Experiments

Recommendations

Q&A

Favorite Vendors

slide22

Experiment 1: Community Recommendations (MBAs + Admission Books)

Expanding APRU (strawman numbers)

Developing Community

slide24

What’s Next

FB/TW posts from users you know

Company blog, FB, TW accounts

Bloggers and Media targeting customer segment

Retail marketing partners

IE/FF/Chrome teams

Affiliate Program Providers

FB/TW posts from cartpop users you know

MVP: Trusted Advice

on products tailored to your needs by people and groups relevant to you.

Pat the Professional

Upwardly mobile, $2-10K discretionary purchases/year (excluding travel)

?

Affiliate program

SEO/SEM/SM

IE/FF/Chrome App Stores

Developers

Marketers

AWS Infrastructure

SEM

Eng & Marketing OpEx

Affiliate program fees

Licensing

Subscription fees

Ad revenue

slide26

Takeaways

  • What experience and expertise does the team bring to this problem?
    • Large scale perspective - Former Windows Live manager experienced running multi-million user services
    • Rapid development - Engineer experienced in rapid development with open source community & web tools
    • Early stage experience – Serial web entrepreneur in niche lead gen business, 100K+ high quality UVs/month
    • Data-driven design - Seasoned project manager focused on high speed research, analytics and usability
  • What are your unique insights into the problem?
  • What unmet needs that matter (offer the consumer tangible value) are you seeking to fulfill? 
  • Who else is trying to do this, and what is unique/interesting about their approach, and what is deficient?
  • What is the scale?  If you win this category, how big is the company? 
  • Who wins and who loses if you are successful?