wilkwear pre-launch assessment
DESCRIPTION
Power Point Presentation I made while attending a Product Management class at General Assembly.TRANSCRIPT
Joe WilkinsonProduct Management
General Assembly: Final Presentation
Goals
Midway Presentati
on12/10/2013
Final Presentati
on2/3/2014
What’s been done
What’s in the works
2
Value Proposition
Definition: “Workout, without bruising. Specially designed apparel with padding”
Need: Using certain pieces of equipment such as barbells and/or Kettlebells for weight training has an inherit risk; the impact of those pieces of equipment on certain areas of the body can cause severe bruising.
3
Value Proposition
Benefit: The apparel has specially designed padding that is attached to the shirt in areas of the body prone to bruising. The padding absorbs the impact and protects that particular area of the body.
4
Porter’s 5 Forces
Threat of New Entrants High
• WilkWear is providing padded fitness apparel, which currently doesn’t exist in the market, for weight lifters
• Under Armour already produces, and sells similar padded athletic apparel for football, hockey, rugby, and lacrosse players.
Bargaining Power of Suppliers
Medium – High• Supplier could delay shipments, go out of business, and provide shirts that do not meet quality standards
Threat of Substitutes Low• Currently, there are no products on the market
Bargaining Power of Buyers
Low
• Since there are no other substitute products on the market, WilkWear can essentially develop and set a reasonable price
Degree of RivalryLow – Medium –
High
• Currently, the degree of rivalry is low because there are no other products on the market
• Competitors can emerge with similar products
Market & Opportunity Assessment
5
Market & Opportunity Assessment
Market Size
Date Facts* Assumption Market Size
End of 2013
1) As of the end of 2012, there were 3500 CrossFit gyms 1) Each gym has 300 active
members 1,930,0001) 50 CrossFit gyms open
weekly
End of 2017
1) 30,000 gyms in US1) Each gym has 300 active
members 9,250,000
*Source: http://myathleticlife.com/2012/02/crossfit-worth-500-million/
6
Market Research Takeaways
Porter’s 5 Forces
1) Overall, medium risk involved
2) Goal is to be first to market
Market Size 1) Market is currently growing
7
Business Model
Key PartnersSquarespace: all aspects of ecommerce website
DongGuan Jiejin Security Protection Equipment: Manufacturer of products
FedEx: Shipping
Facebook: Digital Marketing
Lawyer
Key ActivitiesOrder OnlinePayment ProcessingShipping & DeliveryManufacturing of productStorage of productsMarketing
Value Propositions“Workout without bruising. Specially designed apparel with padding”
Key Word(s):PerformanceCustomizationProtectionWeight LiftingConvenientEasy to Use
Customer RelationshipsFAQ Section on websiteEmailFacebook
Customer SegmentsMarket Dimensions: Growing Niche Market – Weight Lifters (i.e. CrossFit)
Execution: Customer Testimony (i.e. positive reviews) from users who use the products and are happy with the results
Key ResourcesEcommerce Website: handle order and payment processing
Intellectual Property: Patent for some productsTrademark for logo & name
Distribution: shipping
Manufacturing
ChannelsWebsite Email Social Media: Facebook, Twitter Blogs & Forums
Cost StructureManufacturing of ProductsShipping products to customerWebsite Maintenance: design, payment processing etc…Digital Marketing
Revenue StreamCustomer buying a product through the online ecommerce websiteAds
8
User Research & Demo
Background
CrossFitting Since: 2011 Attendance: 3-5 Times Per Week Age: 25 – 30 Sex: Male Annual Income: ~$60,000
Devices
iPhone Work Desktop Personal Laptop
Other Tools or Sites Used
Crossfit.com Facebook CrossFitJerseyCity.org
Day In The Life: At The Gym
A week before the day of class, I will register for the class either by my cell phone or using a desktop or laptop
The “Workout of the Day” is posted daily so I will check CrossFitJerseyCity.org to see the workout
Pending on the movements included in the workout will determine which gear I will use for the workout
If the workout incorporates an Olympic Movement I will use my Olympic Lifting Shoes. If the workout involves running, I will wear my Reebok Nanos.
Post workout, if any bruising results from the workout, there is very little I can do to stop the bruising.
If calluses form on my hands, I will tend to them by cleaning and then removing the dead skin
Goals
I really enjoy CrossFit and I would like to get an amazing, kickass workout without the repetitive bruising that occurs so frequently on the clavicle, thighs, forearms, or calves as a result of certain movements during the workout
Current Pain Points
The tawny bruises that show on the skin plus that area where the bruise is becomes sensitive to the touch
There are not many products on the market to help prevent these bruises from occurring.
Joe
9
User Research & Demo
Background
CrossFitting Since: Feb 2013 Attendance: 3-4 Times Per Week Age: 25 – 30 Sex: Female Annual Income: ~$60,000
Devices
Android Work Desktop Personal Laptop
Other Tools or Sites Used
Crossfit.com Facebook CrossFitJerseyCity.org Youtube.com
Day In The Life: At The Gym
At 9pm the night before the workout, I check the CJFC Blog for the Workout of the day.
I plan my day at work to ensure I can leave at a proper time for the Crossfit class I want to be in.
If the movements are complicated (ie, pull ups, snatch, handstand push-ups), I sometimes watch Youtube video tutorials before class.
Right before the WOD, I ask my friends how the workout was and am usually looking for what they found to be most difficult so I can mentally get ahead of that.
Before the WOD, I’ll review the whiteboard/scoreboard for friends on my level to set a certain goal for myself to meet or exceed and get a sense of how difficult performing RX might be.
After the workout, I’ll think about where I lost time or reps and what I should do next time to improve. I’ll also usually observe coaching in the next class.
Goals
Performing the workout as close to prescribed (RX), as possible, by dialing in technique and form that lends to more power.
Current Pain Points Being unaware of the best weight to train at (not receiving guidance and a push from a coach of the most proper weight for me to train with)
Fear of injury from trying to work with too-heavy of a weight
Lisa
10
Survey Goals
Hypothesis Data Needs
People who do CrossFit frequently suffer from some form of bruising
% of people who bruise
Beginners who are not familiar to the movements, and who may also have limited mobility and those who tend to bruise the most
% of people who bruise, are beginners
People have bought previous products to help prevent bruising such as hand wraps for pull ups, knee high socks for Deadlifts etc…
% of people who have bought similar prevention type products
11
Survey Results
12
Survey Takeaways
Hypothesis Data Needs Conclusion
People who do CrossFit frequently suffer from some form of bruising
% of people who bruise 1. 94% Experienced some form of bruising
2. 74% experienced bruising of the collarbone
Beginners bruise the most % of beginners who bruise vs. advanced
1. N.A. Answers from those who have been CrossFitting for more than 2 years could not be extracted from data
Target Customer: Beginners new to CrossFit
13
Minimum Viable Product
Manufacturing Prototype
14
Risks & Challenges
Area Risk Solution
Manufacturing
Order Shipment Delay Inventory
Closure Secondary manufacturer
Legal
Trademark Trademark application
Patent Patent application
Injury Form LLC
Finances Not enough resources Kickstarter
15
Core Team
Person / Company
Responsible
Accountable
Consult Inform
Joe Wilkinson ü ü ü ü
Bradley Rothschild ü ü ü ü
DongGuan Jiejin Security
Protection Equipment
Co.,Ltd.
ü ü ü ü
16
Financial Forecast
FIXED EXPENDITURES ASSUMPTION EXP
Legal
Provisional Patent $65.00
Provisional Patent Correction $15.00
TradeMark $687.50Business Structure(LLC)
$200.00
Manufacturing Prototype $525.00
Recurring Orders 200 shirts at $13-$15 per shirt $2,600.00
Website
Website Registration(SquareSpace)
$288.00
Logo(99Designs)
$299.00
Video $500.00
Break Even(Price per shirt is $40)
Price per shirt $13 $14 $15
# of shirts sold 131 136 141
17
Quarterly Roadmap
Pre-Launch: 3 Month Road MapDepartment January 2014 February 2014 March 2014
Legal
Trademark Application
Manufacturing
Manufacturing
Prototype 1
Test 1
Manufacturing
Prototype 2
Test 2
Digital / Website
Video
Kickstarter
Website
Department Task Start EndLegal Trademark Application 1/17/2014 2/16/2014
Manufacturing
Manufacturing Prototype 1 1/15/2014 1/28/2014Test 1 1/29/2014 2/11/2014Manufacturing Prototype 2 2/12/2014 2/25/2014Test 2 2/26/2014 3/11/2014
Digital / WebsiteVideo 2/6/2014 2/28/2014Kickstarter 3/1/2014 3/31/2014Website 1/15/2014 3/31/2014
18
Metrics & Measurements
Measurement
Acquisition
• Word of Mouth• SEO• Blogs
Activation
• 1st time customers• Conversion Rate• Site traffic• Time on site• Page views per visit• Traffic source• How many people clicked on the video
Retention
• Repeat customers• Session Length• Email open rate
Referral • Did they subscribe to email list
Revenue • How much did they buy
20