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)

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)

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

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

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

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)

$$$$

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.

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!

08 suggestions found

Are you satisfied?

No, I want to

start over.

Yes, save this

profile please.

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.

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.

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….

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.

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

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

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

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

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

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

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

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

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

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

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

Online through website

Channel

Get Strategy Customers: Online ads on Facebook and

Google Designers: design schools, odesk,

freelancer’s portals

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

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

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

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)