learnings from week 3
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GiftlessThe easier way to find personal and meaningful gifts
Paul HayesAdam Neumann
We had our business model challenged by David Whiteman
(Director of Marketing for Getprice)
Consumer will be messy, expensive and
difficult - B2B will be far easier (we’ll even be a case study for you - juicy
150,000+ list)Paul Adam
Andrew Birt to the rescue
• Start with a consumer play but be open to the idea of a B2B model longterm.
• Starting with consumers will make it easier to sell to enterprises later
• Still try and use GetPrice’s offer of being the case study
Equity splits, vesting, accounting & legals
• Use Zero cloud accounting
• have a plain english memorandum of understanding
• agree to everything BEFORE going to a lawyer
• Have debt agreements
• Know that everything can and will change when you get investment
Learn from your Competitors
Look for common themes
LOOK FOR COMMON THEMES
Match to blog demographics
How to find your demographic through Facebook advertising
Step 1) Create a demographic neutral facebook advertising
campaign focused on the problem you are trying to solve.
Step 2) Measure the demographics from the CTR
6 top level goals for demo day
1) Know our COCA & LTVC & AARRR metrics2) 100 gift recommendations purchased - any means possible3) Have an advisory board - committed (People before money)4) Vocal # of evangelists (5 evangelists)5) Have a plan for X months to the future (Our iceberg slide)6) Be able to demonstrate traction in a specific vertical
Actionable actions for the next few weeks
1) Run a $50 FB campaign, know CTR & signup percentage2) Setup the affiliate links for Amazon & Red Balloon3) Identify 5 possible advisory round candidates4) Recruit 1 evangelist5) Write a 3 page marketing plan6) Identify our demographic
Users that signup with Facebook
First Time Visits
+10 visits in 90 days
+3 visits in 90 days
Made at least one visit from this channel
prior to conversion
Last touch before conversion
x users
x users
x users
x users
x users
x users
SEO SEMSocialReferralDirect
Acquisition - # users that visits site (track growth over time)# users that don’t abandon
Activation - Signs up with facebookHappy first visit - Stays on site for more than 90 seconds - clicks through to the details lightbox of at least one gift
Retention - Repeat visitor - 3+ visits in 90 days
Referral - Refers 1+ users who visit the siteRefers 1+ users who activate Measure Facebook share, likes, tweets, pins, pluses
Revenue - Users who generate minimum level of revenueUsers who generate break even level of revenuetrack value of 1 user (Paid advertising Google adWords & Facebook advertising)
Get your app out there
User testing at this stage is extremely important.
Doesn’t matter if it’s buggy, slow, doesn’t look great or is missing vital features.
Some people won’t use the app solely because of it currently requires FB login.
Already people are asking for reminders that happen 3-4 weeks before important events.
gift recommendation engineA huge wall to climb
Userbility Testing
People didn’t realise you could drill down on the persons likes. We added an explore gifts button
Userbility Testing
The quick suggestions were adding more negative value than positive so we have hidden them.
People love being able to drill down by interest, they really like the budget filter and to be able to filter by categories, though it doesn’t work well enough just yet.
Most importantly, even at this early in the product development stage, we have received validation that people want to search for gifts based on peoples interests.
incorporating takes time
And you need to take the time to get it right first time
Vesting agreementsShareholder agreements
Expectations of each otherIP assignment
Taxation issues caused by vesting
PR with Sammartino
We now have over 20 different angles for PR. We used our learnings to score an interview with www.powerretail.com.au
GiftlessSocial Gift Recommendations
Paul HayesAdam Neumann