Download - Kadeau columbia univ jan 2014
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Team 30 Fabio Bergamo Tanay Jaipuria Zanella
Lean Launch Pad 2013.02.17DAY 5
26 interviews today101 total interviews (+ 30 surveys)
Find the perfect jewelry for that special someone
u.n.k(previous name)
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Original Idea: u.n.k
Consumers: Value Proposition:
Provide affordable unique and innovative design luxury jewelry to consumers
Designers: Value Proposition:
Easy association with a strong brand and possibility to focus on design
Customer Segment:◦ Female◦ Urban areas◦ <35 (possibly up to 55)◦ Young professionals
Customer Segment:◦ 3D designers◦ Young professionals /
students◦ Worldwide (english
speakers)
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Learnings – Day 1
What we did:
Interviewed 15 woman aged 25 to 35 years
Interviewed two designers
Posted job opportunity for designers
What we learned:
Major learnings
Additional learnings
Uniqueness is not important (!)
Design is a key quality
Consumers get and give jewelry more as a gift
Designers are interested in selling through new jewelry website
Failed hypothesis
Confirmed hypothesis
New learning
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Key Partners Value PropositionKey Activities Customer Relationships
Customer Segments
ChannelsKey Resources
Revenue StreamsCost Structure
• Designers• Production factory• Call center• Bloggers
• Advertise• Design jewelry• Curate (select)• Produce (highlight: polishing)• Packaging Consumers
• Affordable few-of-a-kind luxury jewelry• Unique and innovative design• Possibility to remove other pieces of a bought jewelry from the market
GET• Online Ad • Blogs• Designers network
KEEP• Reward program•Mailing/Catalog
GROW• Referral program
Consumers• Female• Urban areas•<35 (possibly up to 55)• Young professionals
Online•Website• Fashion Blogs• Onlide ads / social media
OfflineFashion MagazinesFashion ExpositionsPop up store (Christmas)
•Web Platform• Designers network• Production partner (production methodolgy / technology)
• Fixed Operational costs for platform development and maintenance• Fixed Operational Overhead costs (rent, utilities, etc.)• Fixed Operational costs for marketing and advertising• Variable costs associated with raw material and production/delivery• Variable costs associated with designs• Variable costs associated with customer care
• Product sale
Designers• 3D designers• Young professionals / students•Worldwide (english speakers)Designers
• Easy association with a strong brand• Access to fashion consumers• Possibility to focus on design (we do all the mkting, finance, production and distribution)
• Provide affordable unique luxury jewelry to consumers and association with strong brand to aspiring designers
Canvas – Day 1
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PIVOT!!!!
Went back to the drawing board and decided to target a pain that we also face
Men aged from 25-35 who wanted to buy jewelry for their significant others/mothers/friends as gifts but didn’t have the
money to go for a Premium brand (Tiffany’s/Cartier) didn’t know how and where to choose
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New idea: KadeauConsumers: Value Proposition: Quick,
convenient and credible way for men to find a jewelry gift for that special someone and generate ‘wow effect’ with affordable price ($50-150)
Designers: Value Proposition: Quick
association with a NY brand, access to fashion consumers and focus only on design (% fee over sales)
Customer Segment:◦ 3D designers◦ Young professionals /
students◦ Freelancer◦ Worldwide
Customer Segment:◦ Male◦ 25-40 years◦ Urban professionals◦ Income: $50k-150k /
year◦ Online shoppers (e.g.
clothes, shoes)
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$$$$
34 suggestions found
Too many options?
Answer 3 more questions to help us help you.
Ok, I want to answer.
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$$$$
34 suggestions found
Too many options?
Answer 3 more questions to help us help you.
Ok, I want to answer.
$$$$
34 suggestions found
Too many options?
Answer 3 more questions to help us help you.
Find the perfect jewelery to that special someone! Extra question 1/3
What hair style is more like her?
I don’t know. Next!
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08 suggestions found
Are you satisfied?
No, I want to
start over.
Yes, save this
profile please.
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Great Choice! Do you want to add a matching piece?
Uptown #2by Westdesing$75
Steel Stoneby GenderC&Gender$80
Total$155$140
Total$160$144
Pith #2by Duertnam$80
Yes, but I want to look for other options
10%discount
10%discount
No, thanks. Lets proceed to packaging.
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Ok. Now let’s make the perfect packaging:
Love You Love You Love You Love You
Love You Love You Love You Love You
Love YouXXX
Love You Love You Love You Love You Love You Love You Love You Love You
Love You
XXX
Simple Packaging$4
Packaging + Photo$9
Packaging +Message$7
Packaging + Photo + Message$12
Pith #2by Duertnam$80
No thanks, I don’t want a special packaging I want only a regular pouch.
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Great. Now is write that special words
Write your message: Choose the style:
Show me more styles
Need help?
Yes!Please get me some
inspiration!
Check your preview:
Ok, I am done.Let’s move.
To my eternal love,
This is just a simple way….
To my eternal love,
This is just a simple way….
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Here is the final result. Now go and impress that woman!
To my eternal love,
This is just a simple way to express my eternal desire.
Love, Matt….
Are you satisfied?
Yes, please take me to
the checkout
Not yet, take me back so I can change
it.
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Key Partners Value PropositionKey Activities Customer Relationships
Customer Segments
ChannelsKey Resources
Revenue StreamsCost Structure
•Designers• Production factory• Call center• Bloggers / Local Media
• Advertise•Design jewellery• Curate (select)• Produce (highlight: polishing)• Packaging
Consumers•Unique few-of-a-kind luxury jewellery• Innovative design and quality • Possibility to remove other pieces of a bought jewellery from the market
GET•Online Ad • Blogs / Media Buzz•Designers network
KEEP• Reward program•Special occasions / dates reminders
GROW• Referral program
Consumers• Female•Urban areas•<35 years• Young professionals• Fashion consumer
Online•Website (sales channel)• Fashion Blogs•Online ads / social media
OfflineFashion MagazinesFashion ExpositionsPop up store (Christmas)
•Web Platform•Designers network• Production partner (production methodology / technology)
• Platform development and maintenance•Marketing and advertising• Raw material and production/delivery•Designs• Customer care
• Product sale
•Pricing: high-end fashion jewelry ($100 to $800, entry price
Designers• 3D designers• Young professionals / students•Unemployed or Freelancer•Worldwide (english speakers)
Designers•Quick association with a NY strong brand• Access to fashion consumers• Possibility to focus on design (we do all the mkting, finance, production and distribution)
• Alternative choice for gift $50-150 jewelry •Quick and convenient way to find a gift jewelry•Generate ‘wow effect’ with low effort and affordable price
•Male• 25-35 years•Urban professionals• Looking to give a jewelry as a gift but cannot afford fine jewlery
•Online Ad• Social Media Ad•Media Buzz
Canvas – Day 2
• Reward program• Special occasions / date reminders
•Website • Social media
• Pricing: $50 to $150
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Learnings – Day 2
What we did:
Interviewed 32 men aged 25 to 45 years
Competitors analysis
Market size analysis
What we learned:
Major learnings
Additional learnings
Men also would value a lot a premium packaging
There is a sweet spot on the market for $50-$150 jewelry
Failed hypothesis
Confirmed hypothesis
New learning
Men struggle and would enjoy a recommendation platform to buy jewelry
Man would consider to buy jewelry online within this price range
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Key Partners Value PropositionKey Activities Customer Relationships
Customer Segments
Channels
Key Resources
Revenue Streams
Cost Structure
•3D designers•3D printers (Production factory)•Call center•Bloggers / Local Media / Pinterest
•Design jewellery•Curate•Produce•Package•Advertise
Consumers•GET: Online and social media, men’s magazines•KEEP: reward program, 6-month discounts, special occasions reminders•GROW: referral program
Online direct sales, social media and customer service
•Web Platform•Designers network•Production partner (production methodology / technology)
•Raw material and production/delivery•Designers (% fee over sales)•Platform development and maintenance•Marketing and advertising•Customer care
•Product sale•Pricing: $50 to $150
Designers•3D designers•Young professionals / students•Unemployed or Freelancer•Worldwide
Designers•Quick association with a NY brand•Access to fashion consumers•Focus only on design (% fee over sales)
Consumers•Quick and convenient way for men to find a jewelry gift for that special someone and generate ‘wow effect’ with affordable price ($50-150)
Consumers•Male•25-35 40 years•Urban professionals• Income: $50k-150k / year•Online shoppers
Designers•GET: design schools, odesk, freelancer’s portals•KEEP: reward program, career program
Online (web site) and costumer
service
Canvas – Day 3
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Learnings – Day 3
What we did:
1st half of the MVP for the website
Interviewed 14 men aged 25 to 40 years, two designers and a 3D printer house
Jobs posting results on oDesk
What we learned:
Major learnings
Additional learnings
Credibility is a key concern of men about the recommendation tool
Value proposition is attractive to designers (Get: on freelancers portals)
Failed hypothesis
Confirmed hypothesis
New learning
Men search on the web on Google for jewelry
Printed men’s magazine wouldn’t work
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Key Partners Value PropositionKey Activities Customer Relationships
Customer Segments
Key Resources
Revenue Streams
Cost Structure
•3D designers•3D printers•Bloggers / Local Media / Pinterest
•Curate•Produce•Package•Advertise
Consumers•GET: Online and social media, magazines•KEEP: reward program, 6-month discounts, special occasions reminders•GROW: referral program, crossell
•Web Platform•Designers network•Production partner (production methodology / technology)
•Raw material and production/delivery•Designers (% fee over sales)•Platform development and maintenance•Marketing and advertising, customer care
•Product sale•Pricing: $50 to $150
Designers•3D designers•Young professionals / students•Freelancer•Worldwide
Designers•Quick association with a NY brand•Access to fashion consumers•Focus only on design (% fee over sales)
Consumers•Quick, convenient and credible way for men to find a jewelry gift for that special someone and generate ‘wow effect’ with affordable price ($50-150)
Consumers•Male•25-40 years•Urban professionals• Income: $50k-150k / year•Online shoppers (e.g. clothes, shoes)
Designers•GET: design schools, odesk, freelancer’s portals•KEEP: reward program, career program
Canvas – Day 4
Channels
Online direct sales, social media and customer service
Online (web site) and costumer
service
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Learnings – Day 4
What we did:
Website and physical MVP
Interviewed 10 men, 15 women and a 3D printer house
What we learned:
Major learnings
Additional learnings
Several inputs on the packaging and recommendation tool
Women really like the packaging with personalized message inside
Failed hypothesis
Confirmed hypothesis
New learning
It is possible to use 3D printing to: on-demand, high quality (Cartier and Tiffany starting to use) and cost effectively
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Key Partners Value PropositionKey Activities Customer Relationships
Customer Segments
Key Resources
Revenue Streams
Cost Structure
•3D designers•3D printers•Bloggers / Local Media / Pinterest
•Curate•Produce•Package•Delivery•Advertise
Consumers•GET: Online and social media, magazines•KEEP: 6-month discounts, special occasions reminders•GROW: referral program, crossell
•Web Platform•Designers network•Production partner (production methodology / technology)
•Raw material and production/delivery•Designers (% fee over sales)•Platform development and maintenance•Marketing and advertising, customer care
•Product sale•Pricing: $50 to $150
Designers•3D designers•Young professionals / students•Freelancer•Worldwide
Designers•Quick association with a NY brand•Access to fashion consumers•Focus only on design (% fee over sales)
Consumers•Quick, convenient and credible way for men to find a jewelry gift for that special someone and generate ‘wow effect’ with affordable price ($50-150)
Consumers•Male•25-40 years•Urban professionals• Income: $50k-150k / year•Online shoppers (e.g. clothes, shoes)
Designers•GET: design schools, odesk, freelancer’s portals•KEEP: reward program, career program
Canvas – Day 5
Channels
Online direct sales, social media and customer service
Online (web site) and costumer
service
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Going Forward: Customer Segments
Designers
3D printers
Costumers
What How
- Develop an MVP of the “suggestion” tool roadmap
- Reinforce our validation of our value proposition for men
- Customer discovery about “wow effect” features
- Test if freelancer young professionals / students designers can be a source of quality designs for fashion and innovative 3D jewelries
- Reinforce our validation of our value proposition for designers
- Validate that 3D printing is strategically better than handcraft in terms of quality, cost and flexibility
- Test offering mom’s and pop’s jewelry pieces
- Create a step-by-step. Test MVPs with customers (men and women), jewelry designers and fashion bloggers.
- “Stay out of the building” talking to men to better understand reasons, motivations and concerns of buying jewelry (online)
- “Stay out of the building” talking to women to better understand factors that create such effect. Test product MVP with them
- Start recruiting designers through job posting, design schools fairs and courses, odesk
- “Stay out of the building” talking to potential providers, better understand economics for freelancer designers
- Stay out of the building” interviewing jewelries, designers, 3D providers
- Contact them, test interest and product quality and design
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Going Forward: Corporate
Financials
Corporate
What How
- Search for a trustworthy jewelry marketing/designer specialist (co-founder, consultant or employee)
- Search for a programmer (third-party or employee)
- Refine cost structure
- Calculate CAC and LTV
- Test $50-150 price range
- Contact our friends' and our own network
- Contact our friends' and our own network
- Contact 3D providers and request for quotes. Test commission model (% revenues) with designers.
- Refine our cost structure and define our price. Prepare a complete market survey around pricing by visiting B&M and online jewelries.
- Show MVP to potential customers and ask for money
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INTERVIEWS Previous Day 1 Day 2 Day 3 Day 4
Costumers 3 15 32 14 25
Designers / Partners 2 3 2
External advisors 5
TOTAL 8 17 32 17 27
“Get out of the Building” Results
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Value PropositionProblem Solution
Features on Value Proposition
Young men that want to give a
Jewelry as a gift for a special someone
…
1. ..spend too much time looking and don’t know what to buy…
2. … and have limited affordable options to generate ‘wow effect’
A jewelry that…
1. … helps the men to find the right jewelry among its portfolio…
2. … has affordable and well designed pieces …
3. …and helps him with features to generate the ‘wow effect’
1. Jewelry recommendation algorithm (based on his special someone`s profile)
2. Large offering of $50 to $150 well designed pieces
3. Premium packaging, love messages inside the package, personalization options
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Online through website
Channel
Get Strategy Customers: Online ads on Facebook and
Google Designers: design schools, odesk,
freelancer’s portals
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Sale of Jewelry ◦ Customer buys jewelry from website◦ We outsource the 3-d printing of it and have it
packaged◦ Pay a commission to the designer (% of list price
of design)◦ The difference between price we sell at our COGS
(commission to designer + 3d printing + packaging) is our profit on the piece
Revenue Model
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Archetypes
Bill Matt Roberto
26 years old professional in Banking
$150k / year
33 years old professional in Healthcare$80k / year
37 years old Architect
$100k / year
Workaholic, loves to travel and is on his 1st serious
relationship
Goes out at night to top clubs and is a NFL fanatic
On weekends goes jogging and spend time with
friends
Talented manager, extremely busy, recently
married
Enjoy his time with his wife going to concerts and
theater shows, likes NBAOn weekends he goes out
to nice restaurants and spend time with his family
Owns his own business, has a busy agenda, is
married and has a 6 years old daughter
Very little free time mostly spent helping his wife with
his daughter
Spend weekends visiting family and going out on
parks and other activities with his wife and daughter
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Market Size
US Jewelry Market
$70Bn Men 25-35 years, urban areas, buying $50-150Jewelry= $2.0 Bn
Target market= $5m
Sample available market
Total Available Market
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Competition
Multiple items No online gift
recommendation tools
B&M / Online Jewelry
Retailers
3D Product Marketplac
es
Online Jewelry
Retailers
High-end
Mid/Low
High-end
Mid/Low
No jewelry specialization Cheap products No online
recommendation tool
Gift idea websites
No jewelry specialization No customer focus (e.g.
men, women, kids, etc)