town meeting: feb 16, 2012
DESCRIPTION
Town meeting slidesTRANSCRIPT
10
20
30
40
50
60
70
80
Jan 2011 Feb 2011 Mar 2011 Apr 2011 May 2011 Jun 2011 Jul 2011 Aug 2011 Sep 2011 Oct 2011 Nov 2011 Dec 2011
Total Headcount
welcome to quirky
Rosalind Carnes - Graphic Designer
Katherine Druback - Invention Ambassador
Charles Lovaglio - Office Hygiene / Admin
Alex Lyon - Graphic Designer
Baron Nagy - Community Ambassador
Nathaniel Padgett - Community Ambassador
Allie Rodriguez - Receptionist / Admin
Scott Shephard - Head of Packaging
Courtney Theese - Invention Ambassador
Jaime Yandolino - PR
Tammy Loh - Brand Manager
Suzannah Kerr - People & Culture
Bret Kovacs - Head of Marketing
239Ideas Chosen
36Products On Sale
29Products In Production
74Products In Development
104Products Upcoming
2011By The Numbers
10
15
20
25
30
35
40
Jan 2011 Feb 2011 Mar 2011 Apr 2011 May 2011 Jun 2011 Jul 2011 Aug 2011 Sep 2011 Oct 2011 Nov 2011 Dec 2011
# of Products Shipping
Product Revenue
$6,525,999 Product ShippedUp 681% over 2010
-
200,000.00
400,000.00
600,000.00
800,000.00
1,000,000.00
1,200,000.00
1,400,000.00
1,600,000.00
Jan 2
010
Feb 2
010
Mar 20
10
Apr 20
10
May 20
10
Jun 2
010
Jul 2
010
Aug 20
10
Sep 20
10
Oct 20
10
Nov 20
10
Dec 20
10
Jan 2
011
Feb 2
011
Mar 20
11
Apr 20
11
May 20
11
Jun 2
011
Jul 2
011
Aug 20
11
Sep 20
11
Oct 20
11
Nov 20
11
Dec 20
11
Product Revenue
Name Quantity RevenueWrapsterPivot PowerCordiesContortCordletsPowerCurlMantisTetherBanditsScratch-n-ScrollVerseurConvergeDigitsCloakBroom GroomerPlug HubBobble BrushSOLOCordies ClassicSpace BarClick n CookThorMugStirSwitchKosokuBeamerPetal DropsMetal CordiesTravelstacksSplit StickPortionShower StationGrip GraterContourSplit Stick ClassicScribe
206981 434173.76165784 2635501.14146989 695301.9548808 600433.6845493 213929.8645018 309870.4038180 468803.3019295 132935.0518191 74157.8017027 112625.9916743 172517.9615237 322722.8513994 108942.4413354 442692.9113346 65906.8812274 153888.3410257 66801.628090 38414.518071 50430.257226 264117.606528 111870.414949 70485.504601 25907.803997 174160.912599 39934.492597 46930.422345 5432.402246 21819.582166 25331.302061 36751.232019 11835.461722 65344.621195 17323.95941 4787.79552 12799.82546 9960.42
by
pro
duc
t
Name Quantity RevenuePivot PowerCordiesContortMantisCloakWrapsterConvergePowerCurlSpace BarCordletsSwitchVerseurPlug HubTetherScratch-n-ScrollClick n CookDigitsBanditsThorBobble BrushBroom GroomerShower StationCordies ClassicBeamerKosokuSOLOSplit StickMugStirTravelstacksMetal CordiesGrip GraterSplit Stick ClassicPortionScribePetal DropsContour
165784 2635501.14146989 695301.9548808 600433.6838180 468803.3013354 442692.91
206981 434173.7615237 322722.8545018 309870.407226 264117.60
45493 213929.863997 174160.91
16743 172517.9612274 153888.3419295 132935.0517027 112625.99
6528 111870.4113994 108942.4418191 74157.804949 70485.50
10257 66801.6213346 65906.88
1722 65344.62
8071 50430.25
2597 46930.422599 39934.498090 38414.512061 36751.234601 25907.802166 25331.302246 21819.581195 17323.95552 12799.82
2019 11835.46546 9960.42
2345 5432.40941 4787.79
by
do
llars
$505,249 Markdowns & Returns
Reasons:
- End Of Relationship (The Shack) (40%)- Swap out for more productive product (55%)- Defects (5%)
Site Upgrades
2011 Payments
2011 Payments
$722,288
1. Jake Zien2. Stephen Stewart3. Jeff Scholen4. Kevin Joyce5. Clinton Fleenor6. Matthew Fleming7. Joshua Wright8. Michael Cavada9. Emad Yahia10. James Robinson
63.26% went to the top 100
Top Earners
63.26%of rewards went to the top 100 influencers
Things are heating up.
$125,000 due to be rewarded just in the next 30 days.
Why the upswing?
0
50000
100000
150000
200000
January February March April May June July August September October November December
2011 Direct
Direct Revenue
new shop
• 314,713.03 (Jan-Oct)
• 313,425.94 (Nov- Dec)
more direct $ = more community $
Driving Growth @ Quirky
PRESS (since last town meeting)• ABC News Now• Bloomberg Business Week• Chicago Sun Times• Family Circle• Good Housekeeping• InStyle Magazine• New York Post• San Francisco Chronicle• Time Out New York• Vanity Fair• Washington Post• Woman’s Day• Yahoo!
UPCOMING• New York Post: Product story - February 16 • CNBC: “In the Making” - February 27• MSN: “Business on Main” - February 27• Crain’s New York Business - March• Family Circle: Pivot Power story - March• International Business Times - March• Economist - April• Real Simple: Featuring Tether - May• Nate Berkus Show: Featuring Contour
Inventor Tracie Beer - May 8
SOCIAL PRESENCE•318% growth since last TM•109% increase post views•113% increase in comments
Retail
Quirky products can be found in over 7,000 retail doors worldwide.
What a Year!
And we’re proud to officially, publicly, loudlyannounce....
- # 3 retailer in the US
- Community & Design Centric
- Lover of Quirky
The Plan(these types of things change)
- Dedicated Space
- Slow roll out in 2011
400 Stores - March 25th
1000 Stores - May 1st
All Stores - July 1st
current top performing SKU...
RetailUnsung Heroes of Quirky
• Since Jan 1st• Cordies Gray (1334pcs)• Pivot Power White (461pcs)• Thor (419pcs)• Pivot Power Black (402pcs)• Cordies White (375pcs)• Plug Hub (304pcs)
• Sell Thru• YTD sell through- $60,000• Average daily sell thru- $1276.59 • Sell In YTD sell in- $74,244
(up 9x from this time in 2011)
• Contort – 187 (.76)• Cordies Charcoal – 580 (2.41)• Wrapster – 1283 (5.33)• Pivot Power – 274 (1.15)• Spacebar - 179 (.73)
4 weeks sell-through in just 60 stores
Retailis Quirky’s Business
But we’re taking a breather from furiously adding new accounts.
And focusing on executing really well on the ones we already have.
but there are other ways of bringing product to life....
Licensing
Chad HetheringtonBusiness Development
- Professional Salesman- University: None.
Direct Selling Exploration
• TV Selling
• Retail Stores
• Retail Kiosks
• Vending
• Catalog, Etc
More Channels Means
More Opportunity
More Opportunity Means
Invention Is More Accessible
G
A
Y
C
Q
B
H
Y
C
Q
B
G
C
Q
B
Q
Explore More = Choosing More
(not launching more, but launching better)
Toys & Tools
The New Quirky HQ
the ugly truth.
we’re getting bigger.
IDEA SUBMISSIONSPER WEEK
11 05 0
(AND RISING)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jan 2
010
Feb 2
010
Mar 20
10
Apr 20
10
May 20
10
Jun 2
010
Jul 2
010
Aug 20
10
Sep 20
10
Oct 20
10
Nov 20
10
Dec 20
10
Jan 2
011
Feb 2
011
Mar 20
11
Apr 20
11
May 20
11
Jun 2
011
Jul 2
011
Aug 20
11
Sep 20
11
Oct 20
11
Nov 20
11
Dec 20
11
Cumulative Idea Submissions
we don’t see this as great news (yet)... and neither do you.
• More ideas to sort through
• Similar Ideas more common
• Harder to identify great ones / stand out
• Influence is harder to come by
• Collaboration has been impeded
• Lower probability of being chosen
• “it’s not fun”
we agree.
but: we see a clear path to more not being a problem..
to more being a strength...
to more being an opportunity...
to more being fun, but not overwhelming.
The Vision
• Make The Quirky Process More Valuable For Every Inventor
• Develop Ideas That Have Potential For True Innovation
• Pick Products That Are More Likely To Be Made
Encourage and reward users for helping refine their peers’ ideas. Involve Quirky staff in ideas before selection.
The Path
pre-evalcollaboration.
Eval Influence Breakdown
• Eval Project Becomes 60% of overall product influence by default (default is currently 50%)
• Inventor’s Share is 70% (42% Overall)
• Collaboration Share is 10% (6% Overall)
• Comp Shop Share is 5% (3% Overall)
• Winning Vote Share is 10% (6% Overall)
• Losing Vote Share is 5% (3% Overall)
• Collaboration Influence goes to the winning voters if there are no accepted collaborations.
Monday.
• Collaboration On Idea Description (Monday)
• Image Collaboration (30 Days)
• Invite Only Pre-submission Collaboration (60 Days)
• Naming/Tagline Collaboration (90 Days)
addressing similar ideas.
A Ton More Coming...
• Duplicate detection for Naming & Tagline now live
• Flagging for similar ideas now live. Refining methods to automatically detect similar ideas.
• New Profile and Welcome pages in the next two weeks
• Email Overhaul Nearing Completion
• Relentlessly working on site errors and slowdowns. 99.5% uptime in Jan, looking to significantly up that in Feb.
• Still working on new Social Sales system
• Working on Improving Ideator Feedback
emails...
profile...
Intellectual Property
New section on site (ipFAQ) & video series addressing ip questions..... coming soon
Email your questions to [email protected]
Private Submissions
Lets Talk...
OUR GOALS
The Year 2012
Goals for this year
• Deliver quality product through a fantastic Inventor / Influencer experience
• Retail Account Management
• Fill Key Positions
Product Quality
the testing program...
Account Management
Key
Hires
PRODUCTS
the time has come...
A funeral.
End Of Life
Redesigns
Line Extensions
Portion 2
Announcements
We’re Making This
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Target is Taking This
Almost Done.
This meeting is....
And finally....
ASK US ?’s