polar photo team6

POLAR PHOTO

Aziza Jamgerchinova Hugh LeAdrien de Bontin

Team Members:

Engaged Couples16

Photographers10

Key Partners2

TOTAL 28

• Engaged couples are willing to spend time (e.g., 2 months) to find a photographer that is right

• Important factors are style/creativity, price, and personality fit

Day One ResultInitial Hypothesis

Engaged couples need to find a photographer quickly (within a couple of weeks) and prioritize convenience among one of the main decision criteriaFAILED

• While there is still demand for a unique “style,” there was no interest in hiring photographers with zero wedding experience

Day Two ResultInitial Hypothesis

To achieve non-traditional wedding photography, engaged couples want to hire fashion, art, and commercial photographersFAILED

• Top-tier fashion, art, and commercial photographers have no desire for wedding photography

• Novice fashion, art, and commercial photographers do not have enough experience as a professional photographer

• Customer archetypes becoming more apparent through interviews

Day Three ResultInitial Hypothesis

All fashion, art, and commercial photographers are open to photographing wedding for extra incomeFAILED

Understanding our customer archetypes will help us shape our product-market fit

Engaged CouplesPhotographers

Archetype Description

Well-Established• Many years of experience• Large client base that

provides sustainable business

Experienced and Open to New

Clients

• Many years of experience• Willing to expand client base• Not willing to advertise

outside core-photography types (e.g., art, fashion)

Up and Coming

• Some years of experience• Portfolio includes some

reputable brands, locations• Seeking opportunities to

showcase creative talent• Building customer base

Novice• Very little professional

experience• Portfolio not fully developed

Archetype Description

On Their Own

• No desire for a professional photographer

• Will ask friends to help with photography

On a Budget, Wants the Usual

• Price >> style• Focused more on traditional

style of photography

Know Their Vision

• Seeks photographer with specific vision in mind

• Willing to pay for better quality and more experience

Looking for Something New

• Actively seeks non-traditional type of photography

• Willingness to pay is high

Target Segments

• While style is important, other major factors that are on par include:– Price– Post-production presentation/control (e.g., layout of wedding book)

Day Four Result

Initial Hypothesis

Creativity and style are the main drivers of the photographer selection processFAILED

• Value proposition for Engaged Couples:– Get a greater value (i.e., lower price) for higher quality photographer– Trust in the level of quality of photographer– Ease of finding a photographer– Connection of being selected by an elite photographer

• Value proposition for Photographers:– Ability to select their subject – connection to the engaged couple– Access to and income from non-core market– Flexibility in scheduling a new project– Not having to maintain separate wedding website

Day Five Result

Initial Hypothesis

Engaged couples and photographers are interested in a new way of discovering each other

Initial feedback has been positive from

both customer segments

Contact Us About Us

How Does This Work?Engaged couples submit your story and let photographers come to you!

Our select photographers have years of experience in fashion, art, and commercial photography for some of the most reputable institutions…Have your wedding be next!

Photographers will bid on your wedding so you get a great photographer at a great value.

Photographers

• Adrien de Bontin

• Steven Blank• Bob Dorf• Jay Mehta• Nina Tandon• Anne• Andy• Sameer• Aziza• Hugh• Isabella• Francois

Engaged Couples:Submit Your Story

Photographers:Apply to Join Our Team

See Our Photographers’ Portfolios

How We MetWe both happened to be hiking in the Catskills when I ran

into Harrison as we were crossing trails…he literally knocked me down! I was furious at first but he was so apologetic and

made it up by cooking me dinner that night!

What We’re Looking For in a Photographer• Landscape or outdoor experience (venue outside)• Be willing to travel to upstate NY• Looking for rustic appeal, with a modern twist

Pertinent Details• Wedding: September 2nd, 2014• Location: Upstate New York• Time Commitment: 2 Days (rehearsal dinner, wedding, and

reception)

Kate and Harrison

More photos of Kate and Harrison

Bid on Wedding

Contact Us About UsHome


Welcome back Kate and Harrison

You have 4 bids for your wedding!

Adrien de Bontin

Bid: $3500

Contact

See Bid

See Gallery

Isabella Trabola

Bid: $4500

Contact

See Bid

See Gallery

Francois Teneblu

Bid: $5000

Contact

See Bid

See Gallery

Alberto Minza

Bid: $4000

Contact

See Bid

See Gallery

• Continue to validate the current product-market fit hypotheses with engaged couples and photographers

• Further test and refine revenue model

• Build a demo website

• Continue conversations with key partners in order to refine our “get” strategy

Next Steps

Appendix

Key partnerships Key activities Value propositions Customer relationships Customer segments

Key resources Channels

Cost structure Revenue streams

“We help engaged couples immortalize their wedding by creating personalized photography services”

Photos that capture your personality by offering services that are convenient, diverse, and vetted based on our professional photographic experience

• Individuals that desire high visual aesthetics• Convenience

(and time sensitive) but still desire a high-level of quality• Desire unique /

different photography (that they may not have known initially or have preconceived ideas)

• Wedding Planners• Strategic

Partnerships (e.g. gift registry, ring sellers) • Venues / Caterers• Social media• Word of mouth

• Strategic Partners• Wedding

planners• Couples (end-

users) based on Convenience / time-sensitivity and Uniqueness

• Photographers• Gift registry • Wedding

planners• Ring Sellers• Venues• Caterers• Individuals

• Studio / photo equipment• Talent• Web interface

(user interface, payment system)• Photo curator• Providing initial

set of edited photographs

• Wedding photos• Engagements photos• Editorial (vetting)

process • Relationship

management • Talent recruit. / Talent

mgmt.• Social media presence• Maintaining studio• Web interface • Business development• New product offerings

• Rent expense (studio)• PP&E (photography equipment purchase)• Website development / maintenance• Customer / relationship acquisition (time, resources) –Labor costs• Promotional material (Moleskin wedding book examples, etc.)• Advertising costs (e.g., Strategic partnership pitches, Google/

Facebook ads)

• Customer WTP (uniqueness, editorial process, convenience, strategic partnerships)• Payment process (to be researched)• Revenue streams (Fees from couples, strategic

partnerships, renting studio, product offerings)

DAY ONE

“We help engaged couples immortalize their wedding by creating personalized photography services”

Photos that capture your personality by offering services that are convenient, diverse, and vetted based on our professional photographic experience

• Individuals that desire high visual aesthetics• Convenience

(and time sensitive) but still desire a high-level of quality• Desire unique /

different photography (that they may not have known initially or have preconceived ideas)

• Wedding Planners• Strategic

Partnerships (e.g. gift registry, ring sellers) • Venues/Caterers• Social media• Word of mouth

• Strategic Partners• Wedding

planners• Couples (end-

users) based on Convenience / time-sensitivity and Uniqueness



• Studio / photo equipment• Talent• Web interface






mgmt.• Social media presence• Maintaining studio• Web interface • Business development• New product offerings


partnerships, renting studio, product offerings)

• Rent expense (studio)• PP&E (photography equipment purchase)• Website development / maintenance• Customer / relationship acquisition (time, resources) –Labor costs• Promotional material (Moleskin wedding book examples, etc.)• Advertising costs (e.g., Strategic partnership pitches, Google/

Facebook ads)

Art, fashion, and commercial

photographers

Engaged couples looking to hire a

wedding photographer

“We help fashion, art, and commercial photographers earn

extra income by connecting them to

job opportunities shooting wedding

photography”

• High caliber photographers• Diverse style and

creative photos

• Access to non-core market• Platform to

advertise services• Extra income

Get• Word of Mouth• Personal networks• FB, Google ads• Photo equip expos• B&H, ICP fliersGet• Word of Mouth• Theknot.com ads

(wedding blogs)• FB, Google ads• Grad school fliers• Email newsletter

• Web platform• Links from

wedding blogs

• Management fee per transaction• Sign-up fee for photographers

DAY TWO

• Web platform• Links from

wedding blogs• Social media• Word of mouth



• Talent• Web interface






mgmt.• Social media presence• Web interface • Business development• New product offerings


partnerships, product offerings)

• Website development / maintenance• Customer / relationship acquisition (time, resources) –Labor costs• Promotional material (Moleskin wedding book examples, etc.)• Advertising costs (e.g., Strategic partnership pitches, Google/

Facebook ads)


photographers




extra income by connecting them to


photography”


creative photos

• Access to non-core market• Platform to

advertise services for professional services• Extra income• Maintain

anonymity• Opportunity to

showcase talent• Network with like-

minded peers

• Management fee per transaction• Sign-up fee for photographers• Additional product offerings (e.g.,

videography, 1-yr photos…)

DAY THREE

Get• Word of Mouth• Personal networks• FB, Google ads• Photo equip expos• B&H, ICP fliersGet• Word of Mouth• Theknot.com ads links


• Web platform



(friends/family)• Wedding blogs

and websites• Talent• Web interface






mgmt.• Social media presence• Web interface • Business development• New product offerings

• Management fee per transaction• Sign-up Membership fee for photographers• Additional product offerings (e.g., videography, 1-yr

photos)

• Website development / maintenance• Customer / relationship acquisition (time, resources) –Labor costs• Promotional material (Moleskin wedding book examples, etc.)• Advertising costs (e.g., Strategic partnership pitches, Google/

Facebook ads, wedding blog memberships / ads)


photographers




income by connecting them to


photography”


creative photos

• Access to non-core market• Platform for

professional services• Extra Income• Maintain

anonymity• Opportunity to

showcase talent• Network with like-

minded peers

DAY FOUR

Get• Word of Mouth• Personal networks• FB, Google ads• Photo equip expos• B&H, ICP fliersGet• Word of Mouth• Theknot.com links


• Web platform

• Wedding planners• Venues• Individuals

(friends/family)• Wedding blogs

and websites

• Humano Photographerso Photo and

photographer curator

o Customer service rep.

• Web platform

• Wedding photos• Editorial process • Talent mgmt. • Talent

recruitment• Social media

presence• Maintain web

platform

• Website development / maintenance• Customer acquisition• Promotional material (Moleskin wedding book, etc.)• Advertising costs (e.g., Google/ Facebook ads, wedding

blog memberships / ads)


photographers




income by connecting them to


photography”

• Lower price for higher caliber photographers• Trust in quality of

photography

• Access to non-core market• Web platform for

photo services• Income• Anonymity• Showcase talent

Get• Word of Mouth• Personal networks• FB, Google ads• Photo equip expos• B&H, ICP fliersGet• Word of Mouth• Theknot.com links


DAY FIVE

Additional product offerings (e.g., videography, 1-yr photos)

Management fee per transactionManagement fee per transaction

Interview Count and Main Takeaways

Key PartnersPhotographersEngaged Couples

Count 16 10 2

Takeaways • Need exists for wedding photography that is differentiated / creative• Willing to invest time to

find “right” style• Concern with hiring

photographers with no wedding experience• WTP for non-traditional

photographers may be lower than traditional

• Need exists for more income – weddings are not “extra” income• Desire for agency to

provide business services (collecting $)• Would like guarantee of

getting work• Customer acquisition is

done mainly by WOM – commercial prof. have separate websites• Demand may not be as

strong as we thought

• Interviews scheduled for later this week• Less of priority until

value proposition is vetted with customer segments• Will test customer

channels, pricing strategy, and how to maintain partnerships

Total Interviews: 28

Our services are designed to address specific needs per customer segment

Customer Segments Value Proposition

Photographers

Engaged Couples

Need: More income• Additional jobs during “downtime”• Requires less than 1 week of total work

Need: Time to focus on core customers• Eliminate maintaining separate wedding site• Provide access to non-core market

Need: Building intrinsic value• Challenging personal creativity in a “cookie-

cutter” photography market• Relate to engaged couple’s story, profiles

Need: Record of a special event• Prints, digital photos, videos, etc.

Need: High caliber photography at value• Desire of getting high-quality at a low price

Need: Trust in outcome• Photographers are vetted• Professionals only chosen with experience

Customer archetype profile:Isabella, the experienced/lifestyle photographer

What MattersBeen in the industry for many years, not looking to

shoot weddings but open to the opportunity

Key Attributes• 30 – 50 years old• Specialization in 2-3 styles (e.g., fashion, art)• <$60K per year income• Has large and diverse portfolio• Enjoys a lifestyle of working her current jobs and

does not want to be known for weddings

Current Needs• Platform to (anonymously) advertise for weddings• Balance uneven workload by having additional jobs• Desire to showcase creativity in a “stodgy” medium

“I will show how my experience in fashion and art will give a distinctive perspective to couples that want a different style of photography”

Customer archetype profile:Francois, the up-and-coming photographer

What MattersLooking to expand his portfolio / reputation by

showcasing his artistic talent

Key Attributes• 25 – 35 years old• <$30K per year income• Has curiosity of international projects• Has ~15 professional projects with reputable clients

Current Needs• Little business expertise – relies mainly on word of

mouth and personal contacts for new clients• Desire to grow reputation through more

commercial projects and creative shoots

“I will bring a unique style to any wedding that is nothing like the norm”

Customer archetype profile: Kira and Steve, the engaged couple with a set style in mind

What MattersHave a preconceived notion of the style of

photography and looking for the right “match”

Key Attributes• No particular age range• $60K -- $125K per year income• Desires photography that is different than “normal”

weddings, has an idea on type of style / creativity

Current Needs• Match of photographer style to that of the couple• Trust in caliber of photographer that can deliver

higher quality compared to specialized wedding photographers

“We want something different than the wedding photos we have seen, we have a style in mind but haven’t found a photographer that exactly matches what we want”

Customer archetype profile: Victoria and Lucian, the engaged couple looking for something new

What MattersSeeking avant-garde photography that is different

than any preconceived ideas

Key Attributes• No particular age range• ~$125K per year income• High willingness-to-pay if style, creativity are met

Current Needs• Trust that outcome will match expectations (based

on portfolio and meeting with photographer)• Differentiated style of photography that matches

creative taste of the couple• Some experience shooting large events

“We know what we want when we see it – but we know it won’t be like any other wedding photography that we have seen”

Day in the Life Of (workflow)…A professional photographer

Correspond with current clients

Contact network, WOM referrals

Check with assistants re: future jobs

Check Emails / Call Leads

Majority of the day is spent on contacting or following-up on leads or referrals

Shoot samples, edit, find inspiration

Attend party or other networking opportunities

When not shooting, less time is spent on planning future jobs

or editing jobs

Polar Photo solves the need of contacting potential leads by completing the customer

acquisition process for a photographer

Additional steps for customer acquisition

The “get” strategy will initially focus on personal networks but will evolve to larger audiences

Customer Segment “Get” Strategy Initial Feedback / Discussion

Photographers

WOM, Personal Networks

• Personal networks are a primary source• Mixed response from photographers –

more positive in targeted segments• Need to become involved in industry

groups to gain brand equity

Photo equipment expos

B&H, ICP fliers and events

Engaged Couples

WOM, Personal Networks

• Personal networks and wedding blogs are currently primary sources to target

• Direct advertising on wedding blogs can be tedious and a large investment

• Promotional events are only one-time• Engaged couple customer acquisition

remains an important issue / risk

Direct Advertising (FB, Google, wedding blogs)Email newsletter

Promotional events (e.g., competition for free wedding photo.)

We are targeting four main partners to attract both photographers and engaged couples

EngagedCouples Photographers

Friends / Family

Wedding Blogs / Websites

Wedding Planners

WeddingVenues

“Get” Strategy Key Partners

Revenue will be generated through transaction fees and photographer membership fees

RevenueStream

TransactionFee

Collect a percent of the price charged

for the event

MembershipFee

Charge a membership fee to

be in the agency

Description Pricing Strategy and Initial Feedback

• Photographer fee ranges from $2.5K - $10K• Target photographer segments are willing to

work for $2.5K - $5K• Willing to pay a management fee

• Data from wedding blogs (i.e., The Knot, JuneBug weddings) is that membership fees cost $1,800 - $5,700 per year

• Willing to pay a membership fee – but would need a guarantee that a job will be secured

• Membership fee may not have to be paid until first job is completed

• Polar Photo will manage all business related activities between couple and photographer

As of Day 4

Polar Photo’s target market is $3M of a $143M available market in New York

Total US Market• 2,118,000 marriages in 2011…• …6.8% of US population (per K)• Assume 20% hire photographer• Assume $10,000 per wedding**

New York City Market• 71,401 marriages in 2011• Assume 20% hire photographer• Assume $10,000 per wedding**

Polar Photo Target Market• Assume 2% market penetration• Equates to ~285 weddings/year

Market Sizing DiscussionWedding Photography Market (2011, $M)

3

Total Market (US) Available Market (NYC)

4,236

143

Target Market

**based on day one interviews

polar photo team6

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