hot spot columbia

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Business model canvas template

Connor BoginMBAThomas GaubertIEOR MS&ETroy HodgesEEESam JonesMBAPranav NageshIEOR MS&EMeasuring real-time crowd sizes in public places and empowering users to make more informed decisions every time they leave the homeTotal Interviews Performed: 119Interviews Since Last Class: 24

Day 1

HotSpot Business Model Canvas Day 1 Key Partners

Venues we use bouncers/staff as source of data

Venues we create a marketplace in which they are the suppliers

Google / other data providers to obtain historic and real-time location information and occupancy levels

Hardware providers for tracking occupancy and crowd information Key Activities

Offer an application, which allows people to see how busy venues are (either historically at a given time or in real-time)Facilitate better venue decision making in any given cityProvide a marketplace that enables venues to communicate directly with potential customers Value Propositions

Problem - Right now we have no way of knowing which venues are busy on an aggregated, real-time basis

Solution We will:

More concisely and accurately inform people which venues are best for their needs

Aggregate the location info of users to enable venues to better understand customers and serve them Customer Relationships

Engagement based on customer desire for optimal venue information

Very limited requirements from a support perspective Customer Segments

Generally this has mass-market appeal we will target the 21-30 demographic

Initial customer segment will working professionals without families between age 24-28 Channels

Distribute product through a smartphone app Key Resources

Publically available map, geographic, and venue informationUser location data Cost Structure

Upfront development of UI/UXCollection of traffic and occupancy dataMarketing to acquire usersScaling product and processes to support growing user baseHeadcount for technical and sales team Revenue Streams

Online marketplace between users and venues commission model taking % of transaction feeAdvertisements in-appSale of data to SMBs and financial firms

Over the next five days, we tested hypotheses across the business model canvas by performing 119 interviewsmeans hypothesis passed

means hypothesis failed

Day 2

HotSpot Business Model Canvas Day 2 Key Partners

Venues we plan to provide information for a wide range of venues, each with their own unique information which will be valuable to different customer segments. Venues if we create a marketplace in which they are the suppliers our app will provide the platform for direct sales / marketing efforts. Google / other data providers to obtain historic and real-time location information and occupancy levelsHardware providers for tracking occupancy and crowd information Key Activities

Offer an application, which allows people to see how busy venues are (either historically at a given time or in real-time) and provide useful information about such venues.Provide a marketplace that enables venues to communicate directly with potential customers Value Propositions

Problem - Right now we have no way of knowing which venues are busy on an aggregated, real-time basis. Solution We will:More concisely and accurately inform people which venues are best for their needsVenues: additional sales channel & marketing avenue, analytics will enable venues to better understand customers and serve themUsers: One stop shop for users which provides crowd information, venue information, reviews, uber transport options, and merchandise purchase opportunities and deals. Customer Relationships

Engagement based on customer desire for optimal venue informationVery limited requirements from a support perspective

Customer Segments

Generally this has mass-market appeal we will target the 21-30 demographicInitial customer segment will working professionals without families between age 24-28We have broadened our customer segment as we have widened our target market and demographic. Our product has a much wider application and customers will be self segmented depending on their specific requirement

Channels

Distribute product through a smartphone appDistribute the product through an online web offering in addition Key Resources

Publically available map, geographic, and venue informationUser location dataActive input from both users and venue staff Cost Structure

Upfront development of UI/UXCollection of traffic and occupancy data. Storage data costs. Google API Key.Marketing to acquire usersScaling product and processes to support growing user baseHeadcount for technical and sales team Revenue Streams

Online marketplace between users and venues commission model taking % of transaction feeAdvertisements in-appSale of data to SMBs and financial firms

HotSpot Petal Diagram

HotSpotSocialReviewersSearchMapsReservationsCrowd-sizingSoftwareCrowd-sizingHardware

11222

112Conducted meetingContacted

7

HotSpot Market Size

TAM160MSAM80MTarget Market20MTotal Available Market200M smartphone users in US in 201680% of the US population lives in urban and suburban areas, and we believe these populations would gain value from using this productTAM in US market is 160M Served Available Market50% of TAM leverages digital tools to inform public destination decision makingAs a reference, Yelp has 80M unique monthly US visitorsSAM in US market is 80MTarget MarketAssuming 25% penetration of the SAM in a 3 year periodAs a reference, this would mean achieving 25% of Yelps penetrationTarget Market is 20M

8

HotSpot Type of BusinessWe leverage existing technology, aggregate passive data feeds, and add incremental user generated data inputs We are building a technology-enabled startup

A wide range of people want to know historical population density in public venuesUsers are increasingly interested in this information if it is accurate in real timeUsers will want this data delivered through an interactive application123

9

Day 3

HotSpot Business Model Canvas Day 3 Key Partners

Venues we plan to provide information for a wide range of venues, each with their own unique information which will be valuable to different customer segments. Venues if we create a marketplace in which they are the suppliers our app will provide the platform for direct sales / marketing efforts. Google / other data providers to obtain historic and real-time location information and occupancy levelsHardware providers for tracking occupancy and crowd information Key Activities

Offer an application, which allows people to see how busy venues are (either historically at a given time or in real-time) and provide useful information about such venues.Provide a marketplace that enables venues to communicate directly with potential customers Value Propositions

More concisely and accurately inform people which venues are best for their needsVenues: additional sales channel & marketing avenue, analytics will enable venues to better understand customers and serve themUsers: One stop shop for users which provides crowd information, venue information, reviews, uber transport options, and merchandise purchase opportunities and deals. Customer Relationships

Engagement based on customer desire for optimal venue informationVery limited requirements from a support perspectiveCustomer relationship for each sub sector of product offering should be different Most efficient call to action is social adoption amongst friends and peersCustomer Segments

We have broadened our customer segment as we have widened our target market and demo. Our product has a much wider application and customers will be self segmented depending on their specific requirementWe need to narrow down to a core following who find the greatest value as an initial hook nightlifeWe have segmented the bar/club market into 3 segments: Undergraduate and graduate students/ white collar professionals / creative professional Key Resources

Publically available map, geographic, and venue informationUser location dataActive input from both users and venue staff Channels

Distribute product through a smartphone appDistribute the product through an online web offering in addition Cost Structure

Upfront development of UI/UXCollection of traffic and occupancy data. Storage data costs. Google API Key.Marketing to acquire usersScaling product and processes to support growing user baseHeadcount for technical and sales team Revenue Streams

Online marketplace between users and venues commission model taking % of transaction feeAdvertisements in-appSale of data to SMBs and financial firms

MuseumsRetail ShopsGrocery StoresRestaurantsBars and ClubsHotSpot Identifying Our Focus Areas

HotSpotis a tool for your lifeThrough interviews, we have identified bars and clubs as the most relevant and underserved venues for measuring crowd size

But WHO are our target customers at bars and clubs?

UntestedUntested

12

HotSpot Customer Segments and Product / Market FitIn the bar and club venue category, we have identified three target customer segments

Customer SegmentValue Proposition

Undergradand GradStudentsWhite Collar YoungProfessionalsCreativeYoungProfessionalsStudents with active social lives and excitement to experience new places in the cityAge 18-29Limited disposable incomeLow loyalty to specific venuesIn search of the right vibeProfessionals with high stress jobs and a work hard, play hard attitudeAge 22-28High disposable incomeWillingness to spend for the right thingProfessionals with highly creative jobs in fashion, marketing, and mediaAge 18-26Medium disposable incomeGoal to find trendy, understated venuesIdentify the right place based on:Crowd Size Crowded but not overwhelmingPrice $, $$Location Near campusVibe Beer bar, dive barIdentify the right place based on:Crowd Size Hottest spots in the city, packed or exclusivePrice $$$, $$$$Location Trendiest hoodsVibe Night clubs, craft cocktail barsIdentify the right place based on:Crowd Size Medium to large crowdPrice $$, $$$Location Hipster hoodsVibe Alternative longue, dive bar with taxidermy

13

Day 4

HotSpot Business Model Canvas Day 4 Key Partners

Venues we plan to provide information for a wide range of venues, each with their own unique information which will be valuable to different customer segments. Venues if we create a marketplace in which they are the suppliers our app will provide the platform for direct sales / marketing efforts. Google / other data providers to obtain historic and real-time location information and occupancy levelsHardware providers for tracking occupancy and crowd information Key Activities

Offer an application, which allows people to see how busy venues are (either historically at a given time or in real-time) and provide useful information about such venues.Provide a marketplace that enables venues to communicate directly with potential customersProvide unique in-app offerings which vary according to venue type Value Propositions

More concisely and accurately inform people which venues are best for their needsVenues: additional sales channel & marketing avenue, analytics will enable venues to better understand customers and serve themUsers: One stop shop for users which provides crowd information, venue information, reviews, uber transport options, and merchandise purchase opportunities , dealsFor bars / clubs incorporate new core value propositions for this segment: HotSpot Recommends, In-App Specials, Real time Picture Feeds Customer Relationships

Engagement based on customer desire for optimal venue informationVery limited requirements from a support perspectiveCustomer relationship for each sub sector of product offering should be different Most efficient call to action is social adoption amongst friends and peersCustomer Segments

Our product has a much wider application and customers will be self segmented depending on their specific requirementInitial focus: core following who find the greatest value in nightlifeWe have segmented the bar/club market into 3 2 segments: Undergraduate / graduate students and white collar professionals / creative professional working young professionals Key Resources

Publically available map, geographic, and venue informationUser location dataActive input from both users and venue staff Channels

Distribute product through a smartphone appDistribute the product through an online web offering in addition Cost Structure

Upfront development of UI/UXCollection of traffic and occupancy data. Storage data costs. Google API Key.Marketing to acquire usersScaling product and processes to support growing user baseHeadcount for technical and sales team Revenue Streams

Online marketplace between users and venues commission model taking % of transaction feeAdvertisements in-appSale of data to SMBs and financial firms

HotSpot Channels and Get Strategy

Distribution Channels

Previous Hypothesis: Mobile App OnlyRevised Hypothesis: Mobile App and WebPeople care most about making crowd-sized based decisions on the go; to do this, they will use a mobile appUsers will plan ahead and use computers50% of mobile Yelp searches happen through mobile web, not appGet Strategy

Deeply penetrate single geography New York CityLeverage existing networks across students and working professionalsCreate referral incentivesCAC: