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THE NEW VISION FOR CAPITALISM 
NEW ECONOMY, NEW RULES
2 
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FABERNOVEL, GAFAnomics, October 2014 
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Why do we release this kind of work for free? 
Our job is to help large organizations think and act like startups. We believe this can only 
be achieved by encouraging people to innovate and explore new business models. We 
aim to inspire you by giving you the keys to understand new markets like Russia, new 
business drivers like APIs or successful companies like Apple, Amazon, Facebook or 
LinkedIn.
4 
A TOOLKIT // ACT 
Our strategic management toolkit 
allows you to design the future of 
your company the way Google, 
Apple, Facebook and Amazon do: in 
a customer centric way. 
What is GAFAnomics®? 
A STUDY // UNDERSTAND 
Our study gives you a simplified and 
rapid understanding of how Google, 
Apple, Facebook and Amazon, in 
their quest of customers’ delight, 
brushed aside 3 fundamental 
business rules.
3 
Foreword 
years, the average age of Google, Apple, Facebook and Amazon. 22 years of 
22 
frenetic development combined with the upheaval brought about by the internet, to 
businesses, our lives and our civilization. 
From the heart of the Old Continent, FABERNOVEL have designed a new digital model, observing and drawing inspiration 
from the organizations capable of “thinking outside the box” from their beginnings, to oppose a corporate Orwellian world 
and to break things, quickly and often. Listed companies whose only self-imposed restriction, from their creation, was 
“don’t be evil.” Yet reality has shown that they reject all restrictions. The only one still standing seems to be that imposed 
by the Earth: just 7 billion potential customers to win over! 
Every year since 2006, we have examined these market leaders, attempting to explain their coherence, define their 
trajectory, decipher their vision and plan, and strip down the cogs of an unparalleled growth engine. 
This year, we combine our analysis to explain the success of GAFA. 
We believe that the key to digital transformation – the obsession of the modern organization – is understanding the “GAFA 
framework”. How do these leaders drive and manage innovation? What can other organizations learn from GAFA 
development practices and commercial models? What are the practical implications of a 'customer-centric business? How 
can organizations undergoing a digital pivot apply best GAFA practices to drive their own businesses? 
“GAFAnomics” is a means of seeing and understanding your industry through GAFA eyes, deciphering their vision and 
aligning GAFA analysis with your own strategic actions at a digital pace. The GAFA framework can be replicated to other 
industries but, at its core, requires an unwavering ambition to make positive changes to the customer’s daily life. 
Stéphane Distinguin 
CEO of FABERNOVEL
5 
From new kids on the block to heavyweight champions 
Google 
CONTENT & 
ADVERTISING 
Amazon 
COMMERCE & 
FULFILMENT 
Facebook 
SOCIAL & 
DISTRIBUTION 
Apple 
ENTERTAINMENT 
& SOFTWARE 
Haven’t read them? 
Go to http://fr.slideshare.net/fabernovel
6 
As big as wealthy countries 
Denmark is 35th in GDP ranking. 
GAFA generate about the same revenue than 
Denmark, but with 10x less people. 
GAFA 
Revenue (2013): 
$316 Bn 
Employees (2013): 
252k 
Denmark 
GDP (2013): 
$330 Bn 
Employed people 
(2013): 
2,674k 
GAFA’s revenue growth exceeds China’s. 
GAFA 
Revenue growth in 
2013: 
12% 
China 
GDP growth in 
2013: 
9%
7 
Piling up cash 
GAFA have accumulated $123 Bn in cash1 in 2013 
$ 18 Bn 
$ 4 Bn 
$ 23 Bn 
$ 42 Bn 
$ 33 Bn 
$ 71 Bn 
$ 54 Bn 
$ 123 Bn 
$ 123 Bn 
$ 98 Bn 
$ 84 Bn 
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 
CASH AND SHORT-TERM MARKETABLE SECURITIES 
This cash could buy… 
50 
The 50 most valuable 
start-ups in the world2 
72 
Endeavour Space 
Shuttles 
4 
Big Mac for everyone 
on the planet 
1Cash, cash equivalents and short-term marketable securities. Doesn’t include long term securities (e.g Apple held $118bn in long-term securities as of December 
2013 that are not included in the definition of cash). Source: Ycharts, Company Data, FY2103. 
2The Billion-Dollar Start-up Club, Wall Street Journal
8 
Spearheading future economic growth 
At least according to the market 
Sources: Capital IQ, KPCB trends 2014
9 
Steadily distributing the future 
Breaking into the mobility 
industry, beyond Google 
maps. 
With the $3bn Beats 
acquisition, Apple is 
transitioning from store 
(iTunes) to streaming. 
With the $2bn acquisition of 
Oculus VR, the maker of the 
virtual reality mask Oculus 
Rift, Facebook wants to 
build “the next major 
computing platform that 
will come after mobile” 
according to Mark 
Zuckerberg. 
With drone shipping, 
Amazon is confirming its 
strategy for its “holy grail”: 
same-day delivery. 
Self-driving cars Music 
streaming 
Virtual reality Air 
delivery
10 
Creating and dominating markets 
90% 
Share of 
search1 
Google is 
the digital 
information 
infrastructure 
Facebook is the 
digital Telco 
infrastructure 
Apple is the 
Internet of 
Things 
infrastructure 
And by 
2020? 
75% 
Share of 
social media3 
6% 
Share of 
online retail 
sales4 
45% 
Share of 
smartphone 
web traffic2 
Sources: Global Stats Counter, e-marketer, Netmarketshare.com, Mashable 
Amazon is the 
physical and 
digital delivery 
infrastructure 
1 Google: total page views referred by a search engine worldwide (August 2014)* 
2 Apple: share of worldwide mobile web traffic on smartphones (June 2014)* 
3 Facebook: total page views referred by a social media site in the US 
4 Amazon: share of US online retail sales in 2013 
Worldwide
11 
Disrupting all industries 
TELECOM 
& IT 
HEALTH 
RETAIL 
ENERGY 
& UTILITIES 
MEDIA & 
ENTERTAINMENT 
FINANCIALS 
MOBILITY, 
TRAVEL 
& LEISURE 
Fiber Apple Sim 
Calico 
Shopping express 
Smart home 
Play 
Wallet 
Car 
HealthKit 
iBeacon 
Solar Power 
iTunes Radio 
Apple Pay 
CarPlay 
WhatsApp 
Move 
Internet.org project 
Oculus 
Cloud Drive 
Marketplace 
Grocery Delivery 
Fulfillment 
by Amazon 
Gamers Video 
platform 
Payments API 
+ 
Messenger + Uber 
integration1 
+ 
Media app for connected 
cars 
Facebook “Buy” Button 
Friend-To-Friend Payment1 
1 Rumoured to be launched soon
12 
Setting the standards in terms of usage and 
technology 
Winning the browser 
war in 4 years 
In 2008, Google decided to break into the browser 
market, dominated by Internet Explorer with +60% 
of market share. 
Within only 4 years, Google Chrome reached +30% 
of market share, overtaking Internet Explorer. 
Creating the tablet 
market in 80 days 
Capturing 16% of your 
time in 10 years 
In 2001, Microsoft sold 300k units of its Windows XP 
Tablet within 1 year. 
In 2010, Apple launched the iPad and sold 3 000k 
units within only 80 days. 
Replacing your favorite 
grocer in 7 years 
As of June 2014, Facebook reached 1.32 billion 
monthly active users. 
Facebook represented 16% of the total time spent 
online in the US. 
Launched in 2007, Amazonfresh is already the 
preferred service for e-grocery shoppers. 
39% of shoppers buy groceries on Amazonfresh, 
28% at any grocery retailers and 8% on other online 
retailers. 
Sources: Google: Statscounter, Apple: New York Times, Company data, analyst estimates; Facebook: earning calls, E-marketer, Statista; Amazon: Brick Meets Click Poll, Jan 2014
13 
7 billion 
customers 
is their playground 
GAFA radically question the notion of addressable markets. 
When launching a business, they never think of geography or culture. 
Any connected human being is a potential customer, and any non-connected 
human being needs to be. 
They set out to have a monopoly on customers’ attention and 
commitment on a large scale. 
LET’S SEE HOW
1. GAFAnomics® 
How to build a billion-customer 
business?
15 # 
Traditional model: 
marketing products 
We invest time and money in 
developing products, marketing 
them and then defending them 
tooth and nail against competition. 
In today’s hyper-competitive world, we face 
significant challenges: 
• Barriers to entry are getting lower 
everyday; 
• Digital has led to a faster cycle of 
innovation, with its corollary of reducing 
product life cycles; 
• Customer expectations are higher than 
ever before; 
• Boundaries between products and 
services are blurring: customers want 
experience, not products.
16 
Google, Apple, Facebook, 
Amazon are 
customer-obsessed 
Monitoring the “4 Ps” is not enough. 
Products and services per se are 
considered replaceable. 
The only thing that is valuable in the long 
term and deserves to be fought for is the 
customer.
17 
New economy, new rules 
1. The “free customer” 
GAFA have redefined the customer concept. They make no difference 
between a paying customer and a non-paying one. GAFA set out to make 
themselves indispensable to as many people as possible. 
2. The “utility value model” 
GAFA have redefined value creation. They first think in terms of customer 
commitment rather than financials. Delivering sustainable customer value 
prevails over short-term profitability. 
3. The “pirate management” 
GAFA have redefined talent management. They created an innovation-friendly 
environment to supercharge performance and pioneer the future. 
These are fundamental 
strategic steps that have 
led them make decisions 
with no apparent 
economic sense but 
which have contributed 
to developing their 
position as the world’s 
“largest value” 
providers.
1. The “free customer” 
Redefining the customer concept
19 
Everyone is a customer, even without money 
VISITORS 
Anyone who pays special 
attention to you. 
FRIENDS 
Visitors who commit 
by giving personal 
information 
(ID, email, etc.) 
CUSTOMERS 
Friends who 
complete a purchase. 
GAFA strive to deliver the best 
possible experience to 
everyone to earn their 
attention. 
In their view, your attention 
makes you a customer… 
Whether or not you make a 
transaction. 
By building sustainable 
relationships, they turn 
attention into commitment, 
and commitment into 
revenue.
20 
Customer base is the mother of all growth 
“Show me the value, I will 
show you my money”. 
GAFA build strong and 
direct relationships with 
their customers, who are 
hence more eager to 
transact with them. 
Great value helps build 
positive word-of-mouth. 
The larger the base of 
happy customers they build 
up, the more attractive they 
become and the harder it is 
for competitors to 
challenge them. 
GAFA leverage economies 
of scale to cover fixed costs 
more effectively and reflect 
this by lowering product 
prices. 
Data processing makes it 
possible to explore and 
experiment with new value 
pathways: add-on features, 
product innovation and 
revenue streams. 
Data paves the way to a 
new era: large-scale 
customization. 
It is the path 
towards revenue 
It acts as a 
barrier to entry 
It leads to more 
value 
It is an innovation 
catalyst 
All GAFA decisions are primarily focused on gaining and retaining 
customers. Getting customers to commit is the foundation on which 
everything can be built.
21 
Already addressing half of the world’s connected 
population, and connecting everybody else 
GAFA build services to connect the 60% of the worldwide population living without Internet access. 
June 
2010 
aims to provide affordable Internet access to unconnected populations 
Dec. 
2010 
June 
2011 
Dec. 
2011 
FACEBOOK’S PROJECT INTERNET.ORG 
June 
2012 
Dec. 
2012 
June 
2013 
Dec. 
2013 
March 
2014 
8 000 
7 000 
6 000 
5 000 
4 000 
3 000 
2 000 
1 000 
0 
i.e. 1,420 M* ) 
i.e. 1,276 M*) 
i.e. 790 M*) 
i.e. 244 M*) 
GOOGLE LOON PROJECT 
aims to provide Internet access to the earth’s most inaccessible areas 
World Population 
(7,216 M*) 
Population connected 
to the Internet 
(2,937 M*) 
* Numbers: March 2014, Google number of unique searchers, Facebook monthly active users, Apple iTunes account, Amazon 12 months active purchasers 
Sources: Internet World Stats, Facebook, Amazon, Business Insider, Comscore, Fabernovel 
(50% 
(43% 
(27% 
(8%
2. The “utility value model” 
Redefining value creation
23 
3 key concepts 
Make smart and meaningful things 
GAFA are bolstered by a strong vocation: to help people save time and effort 
in their daily lives. Full stop. 
Their products & services are all the more valuable because they are intuitive 
to use. Reducing product adoption friction has enabled GAFA to cater for the 
mass market and has led to a high adoption rate and commitment. 
Foster value creation rather than revenue 
GAFA care so much about meeting customers’ needs that they sacrifice short-term 
revenue and profits. 
Released from the obsession with short-term profit, they achieve excellence: 
delivering the best possible experience and making it truly accessible. 
1 
2 
Doing away with core business 3 
Commitment is a scarce commodity. The magic lies in meeting and 
anticipating customer demands in a timely manner, at the risk of letting 
competitors gain a lead. 
GAFA have set out to operate any type of business as long as they deliver 
value.
24 
Learning 25 times faster 
The search journey 
Larry is a high school student who has to give a talk on “major gold rushes of the 
19th century” 
2 days 2 hours 
Without Google, he had to: 
• Ask his teacher for a list of source books; 
• Go to the library; 
• Find the books by reference number; 
• Trawl through the books for the relevant information. 
With Google: 
• Larry types the keywords in the 
Google Search bar; 
• He reads the ten most relevant links 
suggested on the subject. 
25 
TIMES 
FASTER 
1234
25 
Listening to music 70 times faster 
A whole afternoon 
Before MP3: she had to come back home, 
go to the music store, find it on the store 
shelves according to alphabetical order, 
buy it, put it in her CD player, record it on a 
tape and go jogging with her Walkman. 
5 minutes 
Today with Apple iPhone: she just 
looks for the song title on iTunes, 
buys it and listens to it 
70 
TIMES 
FASTER 
34 
12 
The entertainment journey 
Mary wants to listen to a jazz song while she is jogging
26 
Communicating 25 times faster 
A whole day 30 minutes 
Before, she had to call each of her 
friends for 2 minutes. 
With Facebook, she creates an 
event and invites 200 of her 
friends. 
The social journey 
“Carole wants to organize a party and invite 200 friends” 
25 
TIMES 
FASTER 
1 
23 
4
27 
Buying 3,000 times faster 
The purchase & delivery journey 
“Ben really wants to watch a very specific Hong Kong movie 
called “The One-armed Boxer” 
48 hours to 1 week 
He had to go to a specialized video store 
with a high probability that the seller 
wouldn’t have it in stock, then wait for the 
product to be shipped to the store, come 
back, and buy it. 
3,000 
TIMES 
FASTER 
1 minute 
If the film is available on Amazon 
Instant Video, he just has to type 
the name and begin watching. 
1 
23 
4
28 
DON’T IMPROVE CUSTOMERS’ LIVES.
29 
Google is living a few years in the future and 
sends the rest of us messages.! 
Doug Cutting, Hadoop founder
30 
3 key concepts 
Make smart and meaningful things 
GAFA are bolstered by a strong vocation: to help people save time and effort in 
their daily lives. Full stop. 
Their products & services are all the more valuable because they are intuitive 
to use. Reducing product adoption friction has enabled GAFA to cater for the 
mass market and has led to a high adoption rate and commitment. 
Foster value creation rather than revenue 
GAFA care so much about meeting customers’ needs that they sacrifice short-term 
revenue and profits. 
Released from the obsession with short-term profit, they achieve excellence: 
delivering the best possible experience and making it truly accessible. 
1 
2 
Doing away with core business 3 
Commitment is a scarce commodity. The magic lies in meeting and 
anticipating customer demands in a timely manner, at the risk of letting 
competitors gain a lead. 
GAFA have set out to operate any type of business as long as they deliver 
value.
31 
Hacking the Wall Street dogma of short-term return 
Our CEO has control over key 
decision-making as a result of 
his control of a majority of our 
voting stock. As a stockholder, 
even a controlling stockholder, 
Mr. Zuckerberg is entitled to 
vote his shares[…] in his own 
interest, which may not always 
be in the interests of our 
stockholders generally. ! 
The cure for Apple is not cost-cutting. 
The cure for Apple is to 
innovate its way out of its 
current predicament.! 
Facebook form s-1 
Steve JOBS, May 1999 
*[Apple Confidential: The Real Story of Apple 
Computer Inc., May 1999] 
Often, invention requires " 
a long-term willingness to be 
misunderstood! 
Jeff BEZOS, June 2011
32 
Free is the soundest investment 
Free is a lever to bring 
extra value to an existing 
experience. 
It helps reach higher 
retention rates on high 
margin services or 
products. 
Free is a powerful 
trigger to capture 
attention and build 
word-of-mouth. 
It helps reach a critical 
mass of customers in 
record time. 
Free leads to a positive 
brand experience. 
Customers are more 
likely to actually pay for 
other services and 
products. 
Free acts as a loss leader 
and contributes to 
building a brand habit. 
Free multiplies contact 
points, leading to more 
data collection. 
Powerful analytics help 
extract accurate insights 
to maximize customer 
value and identify new 
revenue streams. 
Respectively, 91% 
and 85% of apps are 
free 
“Facebook is free and 
always will be” 
Apple gave away new 
U2 albums to get new 
credit card numbers on 
iTunes. 
Android is a free open 
source OS for developers 
Enrich 
experience 
Get customers 
in 
Cross-sell 
products 
Capture data
33 
Example: Amazon is selling Kindle Fires at a loss… 
or is it? 
We want to make money when people use our devices, not when people buy them! 
Jeff Bezos 
After 5 months of use, 
the Kindle becomes 
profitable for Amazon. 
YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 DAY 1 YEAR 1 YEAR 7 YEAR 8 YEAR 9 
It is estimated that 
Amazon loses $50 on 
every Kindle Fire sold. 
$ 130 $ 130 $ 130 $ 130 $ 130 $ 130 $ 130 $ 130 
$ 80 
A Kindle Fire customer brings around $130 of margin per 
year to Amazon (i.e. ~1.5 times more than a regular Amazon shopper1) 
- $50 
In 9 years2, Amazon makes 
a discounted3 total of $625 
per Kindle customer. 
$625 
THIS STRATEGY PAYS OFF: 
Amazon recoups 12 times 
its initial Kindle 
“investment” 
12x 
Source: Piper Jaffrey 1 We took the average margin per user and multiplied it by 1.5 (average US Kindle shoppers spend 55% more than regular shoppers according to 
Consumer Intelligence Research Partners). 2 Average lifetime of an Amazon.com customer. 3Discount = 11% (Internet average WACC), source: NYU
34 
GAFA are really managing customers, not products 
Product B 
Revenue = 
unit price x 
number of 
products 
GAFA management 
Customer Segment A 
Revenue = 
Revenue per 
customer x number 
of customers Total 
profit 
Traditional management 
Product A 
Margin A 
+ + 
Margin B 
Product C 
Margin C 
= = 
Profit Seg. A 
+ 
Customer Segment B 
Profit Seg. B 
Customer Segment C 
Profit Seg. C 
+
35 
3 key concepts 
Make smart and meaningful things 
GAFA are bolstered by a strong vocation: to help people save time and effort in 
their daily lives. Full stop. 
Their products & services are all the more valuable because they are intuitive 
to use. Reducing product adoption friction has enabled GAFA to cater for the 
mass market and has led to a high adoption rate and commitment. 
Foster value creation rather than revenue 
GAFA care so much about meeting customers’ needs that they sacrifice short-term 
revenue and profits. 
Released from the obsession with short-term profit, they achieve excellence: 
delivering the best possible experience and making it truly accessible. 
1 
2 
Doing away with core business 3 
Commitment is a scarce commodity. The magic lies in meeting and 
anticipating customer demands in a timely manner, at the risk of letting 
competitors gain a lead. 
GAFA have set out to operate any type of business as long as they deliver 
value.
36 
There are two ways to extend a business. ! 
Make an inventory of what you are good at 
and extend from your skills out. ! 
Or determine what your customers need and 
work backwards, even if it requires learning 
new skills.! 
Jeff Bezos
37 
Striving to control infrastructure… 
INTERNET 
FACILITY 
HARDWARE 
OPERATING 
SYSTEM 
STOREFRONT 
BROWSER 
CLOUD 
PAYMENT 
N.A. ENABLED 
KINDLE 3G 
N.A. 
N.A.
38 
Be healthy Be entertained Consume Pay Communicate Live better 
Move faster 
Google 
Youtube 
Google 
Play 
Google 
Wallet 
Google 
Hangout 
Google 
Car 
Google 
Calico 
Apple Beats 
streaming 
Apple 
iTunes 
Apple 
Pay 
Apple 
iMessage 
Apple 
Homekit 
Apple 
Healthkit 
Facebook 
Oculus rift 
Facebook 
Gifts 
Facebook 
Messenger 
Internet.Org 
facebook 
Facebook 
Credits 
Facebook 
Moves 
Amazon 
Twitch 
Amazon.com Amazon 
Payments 
Amazon 
Cloud Drive 
Amazon 
fulfillment 
…as well as daily usages 
Marketplace
39 
Endgame = the best possible digital experience 
25% 19% 4% 7% 
55% 
… 
Share of GAFA in our digital user journey 
What share of our digital user journey do GAFA own? …55% ! 
This a tricky question, but we thought the answer would give a new and interesting perspective on 
how GAFA see their markets, that is, as user journeys rather than industries. 
In order to answer this question, we created a metric called “Digital Journey Share”, which 
captures the market share of each GAFA on a set of 16 segments, corresponding to typical digital 
use cases (such as e-mail, e-commerce, digital music, online video…). The average of these shares 
for each GAFA gives us an idea of their weight in our “digital journey”. 
Adding up these figures shows us that more than half (55%) of our digital journey is powered by 
GAFA. 
Sources: Fabernovel Analysis, IDC, Gartner, e-marketer, statcounter, Comscore, Streaming media, business insider, Janrain, datanyze, statista, emailclientmarketshare, 
appleinsider
40 
Ever-growing efficiency and differentiation 
GAFA address all customers’ hidden needs and become their one and only digital 
destination. 
GAFA increase market 
size through innovations 
that are appealing to 
customers. 
GAFA grow revenue through 
cross-selling and third-party 
monetization. 
GAFA increase retention 
rates through a highly 
integrated experience 
(switching costs are higher). 
Increase customer base 
Increase average revenue 
Increase lifetime value
41 
Google: from advertising to fiber ISP 
Yesterday: 2011 Tomorrow: 2017 (estimate) 
$37 Bn total revenue $76 Bn total revenue 
Other 
4% 
of total 
revenue 
Advertising 
96% 
of total revenue 
*Fixed internet Access, Payments, Fulfillment have not been estimated 
for 2017 given the measured approach of Google So Far 
Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan 
Stanley, Macquarie, FABERNOVEL 
Advertising 
81% 
Of total Revenue 
32% Cloud B2B Platform 
Google Fiber* (Internet Access) 
Google Wallet* (Payments) 
Google Express* (Fulfillment) 
Other 
19% 
of total 
revenue 
43% Google Play (Mobile Apps & content) 
18% Nexus & Chrome books (Hardware) 
7% Gmail, Drive, Docs & other Apps
42 
Apple: from hardware to banking 
Yesterday: 2011 Tomorrow: 2017 (estimate) 
$108 Bn total revenue $199 Bn total revenue 
9% 
of total 
revenue 
Hardware 
91% 
of total revenue 
Other 
Hardware 
87% 
of total revenue 
Apple Pay* (excluding in-app) 
iAd* 
Other 
13% 
of total 
revenue 
62% App Store & iTunes 
38% Software Services 
*Not estimated given the insignificant proportion it wIll represent in 
2017 
Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan 
Stanley, Macquarie, Fabernovel
43 
Facebook: from social advertising to VR 
Yesterday: 2011 Tomorrow: 2017 (estimate) 
$4 Bn total revenue $25 Bn total revenue 
13% 
of total 
revenue 
Advertising 
87% 
of total revenue 
Other 
Advertising 
93% 
of total revenue 
Facebook Payments** (excluding in-app) 
Internet.org** (Internet access) 
Other 
7% 
of total 
revenue 
85% In-app payments on Facebook 
Platform, Oculus Software, What’s App 
subscriptions 
15% Oculus Rift Hardware 
** Facebook Payments (excluding in-app) and Internet Access revenues 
have not been estimated given the insignificant proportion of revenues 
it will take. 
Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan 
Stanley, Macquarie, Fabernovel
44 
Amazon: from retail to domestic cashiers 
10% 
of total 
revenue 
Retail 
90% 
of total revenue 
Other 
Other 
20% 
of total 
revenue 
Yesterday: 2011 Tomorrow: 2017 (estimate) 
$48 Bn total revenue $157 Bn total revenue 
Retail 
80% 
of total revenue 
40% Amazon AppStore, MP3, Instant 
Video & other digital content 
26% Amazon Web Services 
25% Kindle, Fire Phone, Fire TV, 
Dash & other devices 
*Have not been estimated given the lack of data we have 8% Amazon Associates & other ads 
Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan 
Payments* (excluding in-app) 
Stanley, Macquarie, Fabernovel 
Fulfillment*
45 
Services and revenue spans are rapidly increasing 
Business Model Dispersion Index 
2011 2013 2017E 
!"#$%&##!!"#$%!!"#$%&#"'(!!"#$% = !!!× 
1 
!! 
! !! 
!! 
! 
where 
! is equal to the number of business lines launched by the company 
! is equal to the number of business lines with a revenue significative enough to be estimated 
!! is the proportion of the total revenue generated by the business line i 
21.3 
12 
6.6 
4.7 
15.1 
9.6 
4.8 
2.5 
10.8 
8.6 
4.8 
2.7 
+12% Y/Y 
+6% Y/Y 
+5% Y/Y 
+10% Y/Y 
We designed this indicator called “Business Model Dispersion Index” to capture the level of dispersion of a business. 
This formula is derived from the Herfindahl Index which calculates concentration. We inverted this formula to capture dispersion and we multiplied it by a 
factor N to give more weight to the creation of a business line even if it doesn’t generate any significant revenue. 
Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan Stanley, Macquarie, FABERNOVEL
46 
Reinvesting cash in customer experience 
GAFA’s strategy differs a lot from that of their traditional peers: they re-invest a big chunk of the cash 
they make into enhancing customer experience. 
Amazon has a particularly high investment rate which explains its low profits. 
80% 
51% 
16%* 17% 
38% 
15% 
31% 
9% 
CAPEX to Operating Cash Flow (Avg. 2012-2014) 
Walmart Microsoft Omnicom Pandora 
*Apple’s Cash Flow is 2x 
Microsoft, which explains 
Apple’s low ratio 
Sources: Company Data, FABERNOVEL analysis
47 
Building up the experience 
Investments and acquisitions from January 2012 to October 2014 
Investment & acquisitions 
Share of total US Internet 
deal activity 
$16 Bn 12% 
$4.1 Bn 3% 
$21.5 Bn 16% 
$2.2 Bn 2% 
33% 
Total GAFA 
Note: Includes investments that corporations and their subsidiaries/affiliates have made in companies. 
Some data may include entire funding rounds, of which a portion may be attributable to investors other than the Company listed here. 
Source: Crunchbase Monthly export (August 5), Wikipedia list of mergers and acquisition, Techcrunch, 
1Internet M&A Deal + Total Tech Ventures activity US only= PwC + trend-based estimates for 2014 Q2 and 2014 Q3.
48 
Investing in future growth 
The big 4 have acquired or invested in all these famous start-ups 
Concept.io 
$258M 
Investment 
$24M 
Series B1 
$1.4M 
Seed1 
$22M 
Series B1 
$200M+ 
Acquisition 
$30M+ 
Acquisition 
$3Bn 
Acquisition 
$1Bn 
Acquisition 
$22Bn 
Acquisition 
$2Bn 
Acquisition 
$112M 
Series B1 2 
Undisclosed amount 
Seed1 2 
Undisclosed 
Series B 
$10M Undisclosed1 2 
1 Part of an investment round with other investors, 2 Jeff Bezos Personal & Bezos expeditions investments 
Source: CrunchBase
49 
Challenging traditional recipes for success 
Useful products + great experiences = powerful brands! 
! 
Traditional model 
Spend on advertising 
to create brand 
• The brand designs products to sell to customers 
• Media plans (mainly TV) make it possible to 
endorse products’ key selling points 
• GAFA deliver a consistent customer experience 
based on needs 
• GAFA earn attention and leverage positive 
word-of-mouth (free acquisition costs) 
Network mode 
Brand acception within customers 
Collective intelligence 
Push mode 
Media plan efficiency (mainly TV) 
Product Innovation 
GAFA model 
Spend on experience 
to create empathy 
$0.5 Bn 
spent on TV ads in the US in 2013 
$3 Bn 
spent on TV ads in the US in 2013
50 
The utility value model is the new brand investment 
Apple and Google are the two most valuable brands in the world, outperforming Coca-Cola (the 
past 12 years’ leader). Facebook and Amazon are top risers and among the 30 most valuable 
brands. 
Brand value 
(140# 
in $Bn) 
120# 
100# 
80# 
60# 
40# 
20# 
0# 
2000# 2001# 2002# 2003# 2004# 2005# 2006# 2007# 2008# 2009# 2010# 2011# 2012# 2013# 2014# 
+21% Y/Y 
+15% Y/Y 
+25% Y/Y 
+86% Y/Y 
Sources: INTERBRAND 2014, FABERNOVEL
3. “Pirate management” 
Redefining execution
GAFA envision to pioneer the future. 
To achieve this goal, primarily based on people and 
their ability to imagine the future, they created a 
favorable setting for freedom of thought and 
action.
53 
Technology drives productivity 
Percentage of engineers in the total of employees. 
They are the ones building both customer facing services and productivity tools. 
19% 
2% 1% 
20% 
22% 
8% 
37% 
18% 
12% 
38% 
12% 
6% 
Walmart Barnes 
& Noble 
Samsung Sony Yahoo Omnicom AT&T Publicis 
Source: estimates based on LinkedIn “engineer” profiles, Oct 2014
54 
Technology enhances talent performance 
Facebook’s Phabricator is the 
internal code-review tool every 
engineer there uses, every day. 
It is integrated with Facebook’s 
Open Graph system. 
Google’s “People Analytics” team 
aims at “bringing the same level of 
rigor to people decisions that is 
done to engineering decisions.” The 
team launched new tools such as 
a retention algorithm, a hiring 
algorithm and a research project 
called “oxygen” that identified the 
DNA of an effective leader based 
on data. 
This is the employee-only App 
Store that Apple employees use 
to download work apps and keep 
them updated. 
Facebook’s 
Phabricator 
Google’s 
People Analytics 
Apple’s 
Switchboard 
Technology frees up brain time for innovation.
55 
Managing, the hacker way 
Traditional management is being disrupted by applying principles from the Hacker culture. 
Zukerberg’s motto is “code wins 
arguments”. For example, he 
didn’t approve the idea of an 
instant messaging application 
until the developers built a great 
prototype that convinced him 
Bezos’ 2-pizza rule sets that 
productive and creative 
teamwork and meetings demand 
to put together no more people 
than 2 pizzas could feed. 
To empower employees and 
prevent from micromanagement, 
Google adopted a flat hierarchy. 
Among 37,000 employees, only 
14% of them are managers, 3% 
are directors and 0,3% are VPs. 
Hacking 
decision making 
Hacking 
team work 
Hacking 
hierarchy 
Source: Wired.com, Businessinsider.com, hbr.org,
56 
Focus: A/B testing, the ancestor of full analytics 
Online, we can show half of our customers one thing and 
half of our customers another," 
and very quickly get some results back on how people 
actually behave. 
Source: quora 
Jeff Bezos 
(in weeks) 
(in seconds) 
[ ] 
[ ]
57 
Experts will respond to problems 
with the same solutions they've 
seen work a million times. A 
non-expert will mess up 
occasionally, but once in a while 
they'll come up with something 
that is completely new. That's 
how innovation happens.! 
Laszlo Bock 
SVP People Operations at Google 
Top 3 hiring 
attributes at Google 
Hire skills, not track records 
1. Ability to learn 
2. Emergent 
leadership 
3. Responsibility 
and humility
58 # 
Eat your own dog food 
A big part of working at 
Facebook is dogfooding our 
own products. Before new 
features roll out to the public, 
our team uses them frequently 
and thoroughly to figure out 
what we can do better. ! 
Google Hangout was first used as an 
internal videoconferencing tool. 
Endorsed by all employees, Google 
decided to turn it into a public 
product and integrated it to Google+ 
features…! 
Paul Tarjan, Web Hacker at Facebook 
Amazon Prime was offered with a 
discount to all employees to 
incentivize them to test the service. ! 
Source: Allthingsdo.com, Shipping Greatness - Chris Vander Mey, Facebook Notes – Paul Tarjan
59 
Creating innovation-friendly environments 
Talents are not hired to fill a job, they are hired to innovate 
1,900+ employees1 
250 employees 
(secret) 
Amazon Lab126 is the R&D 
department behind Amazon’s 
innovative consumer electronics 
products or software. Amazon 
Lab126 produced Fire HDX, Amazon 
FireTV and Amazon Fire Phone. 
Google[x] is a semi-secret lab 
dedicated to major hardware-based 
innovations. Overseen by Sergey 
Brin, the unit has launched many 
“moonshot” projects such as Google 
Glass, Driverless cars, Project Loon or 
Google contact lenses. 
Launched in early 2014, Facebook 
Connectivity Lab is a research unit 
that works on “new technologies to 
improve connectivity on the ground, 
in the air and in orbit”. 
World-class aerospace technology 
experts are part of the team. 
1Estimates based on LinkedIn job profiles
60 
Result: Instant leverage 
When GAFA hire 1 employee, traditional competitors need to hire 3 to 9 to 
achieve the same revenue 
E.g.: Amazon’s revenue per employee is 3x Walmart’s, Facebook’s revenue per employee is 9x Publicis’s. 
1 
3 
Source: Company data, FY2013 
4 
1 
3 
4 
1 
3 
6 
1 
3 
9 
Amazon Walmart Barnes & 
Nobles 
Apple Samsung Sony Google Yahoo Omnicom Facebook AT&T Publicis
61 
GAFA: the best university ? 
GAFA have built a powerful network of alumni that are ruling the new economy. 
Marissa Mayer, 
CEO of Yahoo 
Sheryl Sandberg, 
COO of Facebook 
Dick Costolo 
CEO of Twitter 
Sachin Bansal, 
CEO of Flipkart 
Apoovra Mehta, 
CEO of Instacart 
Jeff Lawson, 
Co-founder of Twilio 
Adam D’Angelo, 
Founder of Quora 
Dave Morin, 
Founder of Path 
Dustin Moskowitz, 
Founder of Asana 
Reid Hoffman, 
Founder of LinkedIn 
Andy Rubin, 
Founder of Android 
Marc Benioff, 
CEO of Salesforce
62 
Focus on customers. Build full 
experience. Boost usage. Capture a 
piece of wealth. Be responsive. Foresee. 
The GAFAnomics® 
toolkit
63 
GAFAnomics® canvas: questions you should ask yourself 
STEP 3 
CHANGE THE WAY YOU 
MANAGE YOUR ORGANIZATION 
…by applying pirate management 
STEP 2 
CHANGE THE WAY YOU 
CREATE VALUE 
…by focusing on “utility value” 
STEP 1 
CHANGE THE WAY YOU 
DEFINE CUSTOMERS 
…by valuing your “free customers” 
Your “visitors” 
(those who show interest for your 
product or service) 
! Who are they? 
! How do they show attention to 
you (visit your store, like your 
page, test your service)? 
Your “friends” 
(those who engage with your product 
or service) 
! Who are they (newsletter 
subscribers, active accounts)? 
! What information do they give 
you (name, age, e-mail…)? 
Your paying customers 
! Who are they? 
! Among them, are there recurring 
customers? 
Creating meaningful value 
To what extent does your service 
change customers’ lives? 
! In particular, how much time 
does your customer save with 
your service? 
Capturing value smartly 
! What part of the experience is 
free, what products or services do 
you provide for free? 
! What part of the experience do 
you plan on monetizing in the 
long-run and how? 
Expanding along customer 
journey 
! What are the other needs and 
pain points that exist along your 
customer’s journey? How do you 
solve them? 
! What strategy do you adopt 
(build, buy, partner)? 
Technology-driven performance 
What share of processes do you 
automatize? How do you use data 
to make better decisions? 
Ownership and results 
How do you organize your teams 
and processes to foster ownership 
and fact-based decisions? 
Culture of Experiment and 
Innovation 
! How do you hire learners rather 
than experts? 
! What environment do you design 
to help them innovate better and 
faster?
64 
Where to start? 
MAKE CUSTOMER 
VALUE EXIST 
TRACK VARIATION, 
BENCHMARK 
DRILL DOWN: ANALYTICS 
& AUTOMATION
The CBV measures the 
profitability of the customer base 
over time. 
How many customers do you have? How do you monetize them? How long do you retain them? 
65 
GAFAnomics® customer valuation 
This framework helps you measure and monitor the value of you customer base, considering the 
depth of your customer base, length of the relationship and profitability per customer. 
# Visitors: … 
# Friends: … 
# Clients: … 
Direct ($): … 
Indirect ($): … 
Intermediation ($): 
… 
1Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here 
Key variables include: Gross margin; Discount rate; lifetime 
(In %) 
Average 
percentage of 
loyal 
customers 
NUMBER OF 
CUSTOMERS 
AVERAGE REVENUE PER USER 
(ARPU) 
CUSTOMER 
RETENTION 
ARPU from selling 
your own products 
ARPU from audience 
monetization 
ARPU from third-party 
transactions 
Anyone who 
pays attention 
Visitors who 
engage 
Friends 
who purchase 
Customer base 
value1 (CBV) 
$Bn
What is the value of Google customers? 
Customer base 
value1 
$218 Bn How many customers does Google have? 
1 2 3 
NUMBER OF 
CUSTOMERS 
How does Google monetize them? 
AVERAGE REVENUE PER USER 
(ARPU) 
How long does Google retain them? 
CUSTOMER 
RETENTION 
Visitors 
Friends 
Customers 
1.42Bn 
1.0Bn 
0.3Bn 
Direct $2.1 
Advertising $40.5 
Platform $1.9 
ARPU $44.5 
95% 
Assumption 
1Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here 
Key variables include: Gross margin = 58% (source: Google); Discount rate = 11% (Internet average); lifetime = we estimate a loss of 5% of the user base each year
What is the value of Apple customers ? 
Customer base 
value1 
$275 Bn How many customers does Apple have? How does Apple monetize them? How long does Apple retain them? 
1 2 3 
NUMBER OF 
CUSTOMERS 
AVERAGE REVENUE PER USER 
(ARPU) 
CUSTOMER 
RETENTION 
Visitors 
Friends 
Customers 
- 
850m 
Direct $193 
Advertising - 
Platform $9 
ARPU $201 
90% 
Estimate 
1Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here 
Key variables include: Gross margin = 40% (source: Apple); Discount rate = 11% (Internet average); lifetime = based on 10% yearly churn (source: Goldman Sachs)
What is the value of Facebook customers ? 
Customer base 
value1 
$37 Bn How many customers does Facebook have? How does Facebook monetize them? How long does Facebook retain them? 
NUMBER OF 
CUSTOMERS 
AVERAGE REVENUE PER USER 
(ARPU) 
CUSTOMER 
RETENTION 
Visitors 
Friends 
Customers 
- 
1.32Bn 
- 
Direct - 
Advertising $5.6 
Platform $0.4 
ARPU $6 
95% 
1Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here 
Key variables include: Gross margin = 80% (source: Facebook); Discount rate = 11% (Internet average); 
Assumption 
1 2 3
What is the value of Amazon customers ? 
Customer base 
value1 
$89 Bn How many customers does Amazon have? How does Amazon monetize them? How long does Amazon retain them? 
1 2 3 
NUMBER OF 
CUSTOMERS 
AVERAGE REVENUE PER USER 
(ARPU) 
CUSTOMER 
RETENTION 
Visitors 
Friends 
Customers 
- 
- 
Direct $264 
Advertising $3.5 
Platform $59.5 
ARPU $327 
89% (1) 
244m 
(1)Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here 
Key variables include: Gross margin = 28% (source: Amazon); Discount rate = 11% (Internet average); Retention= based on a loss of 11% of the user base each year 
(source: Motley Fool)
What about you
71 # 
Visualize your management tool of 2017 
Get your GAFAnomics® dashboard to help you implement and measure 
customer centricity in your organisation. 
Go to http://www.gafanomics.com to see more.
Contact us 
STÉPHANE DISTINGUIN 
Founder & CEO 
stephane.distinguin@fabernovel.com 
CYRIL VART 
VP Strategy & Development 
cyril.vart@fabernovel.com. 
YANNICK MIGOTTO 
Senior Advisor 
yannick.migotto@fabernovel.com
We are 
WE HELP WORLD-LEADING COMPANIES BUILD 
GROWTH AT STARTUP SPEED. 
WHO WE ARE 
We are a global 
interdisciplinary team of 
80 business, technology 
and design experts 
working together with our 
clients to make things 
happen with the speed 
and boldness of 
entrepreneurs. 
OUR OFFICES 
From our offices in San 
Francisco, Paris, 
Toulouse, Lisbon and 
Moscow, we work with 
clients everywhere in 
the world to help them 
define and develop new 
opportunities. 
WHAT WE DO 
We design, implement and 
deploy product or services to 
create new business models 
and develop new streams of 
revenue and profit. 
We combine customer 
insights, strategy, design, 
marketing and technology 
services to create a journey 
from concept to impact. 
@FABERNOVEL facebook.com/FABERNOVEL FABERNOVEL.com
Credits 
ANALYSTS 
Sarah Nokry 
Senior Project Analyst 
Louis Moullard 
Project Analyst 
Clément Boxebeld 
Junior Project Analyst 
Benoît Talabot 
Partner & Art Director 
Jules Mahé 
Junior Art Director 
Anne-Audrey Gounot 
Junior Art Director 
Cassandra Ribotti 
Graphic Designer 
DESIGN 
COMMUNICATION 
Amélie Pauvert 
Communication manager 
@FABERNOVEL 
Claire Arnaud 
Junior Art Director 
INTERNATIONAL 
Nuno Ribeiro 
Country Manager - Portugal 
@FABERNOVEL
See also… 
Facebook, The Perfect Startup (2012) 
6 365k views on Slideshare 
6 reasons why APIs are reshaping 
your business (2013) 
104k views on Slideshare 
Linkedin, The serious Network (2013) 
197k views on Slideshare 
••• 
mazon.com 
THE HIDDEN EMPIRE 
Three digital engines to reshape 
and dominate retail 
Amazon, The Hidden Empire (2011) 
918k views on Slideshare 
Everything you always wanted to know 
about Google…But were afraid to ask 
Paris, December 2008 
Google, Everything you always 
wanted to know (2008) 
540k views on Slideshare 
And more.! 
Apple: 8 Easy Steps to Beat 
Microsoft (and Google) 
Paris, September 2010 
Apple, 8 easy steps to beat Microsoft 
(and Google) (2011) 
179k views on Slideshare
// LISBON 
Rua Castilho, 71 , 5º Dto 
1250-068 Lisboa 
+351 961774425 
meet_lisbon@fabernovel.com 
// MOSCOW 
3-iy Monetchikovskiy Peureulok 
17, Stroenie 2 Moscow 11054 Russia 
+7(999) 639 80 82 
meet_moscow@fabernovel.com 
// PARIS 
17 rue du faubourg du Temple 
75010 Paris 
+33 1 42 72 20 04 
meet_paris@fabernovel.com 
// SAN FRANCISCO 
169 11th St. 
San Francisco, CA 94103 USA 
+1415 626 6406 
meet_sf@fabernovel.com 
// TOULOUSE 
33 rue Gabriel Péri 
31000 Toulouse 
+33 1 42 72 20 04 
Meet_toulouse@fabernovel.com

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New Rules for Customer-Centric Growth

  • 1. THE NEW VISION FOR CAPITALISM NEW ECONOMY, NEW RULES
  • 2. 2 This work was made for you to share, reuse, remix, rework… It is licensed under the Creative Commons BY-NC-SA license to allow for further contributions by experts and users in the coming months. You are free to share and remix/adapt the work. You must cite this document: FABERNOVEL, GAFAnomics, October 2014 You may not use this work for commercial purposes. You may distribute a modified work under the same or similar license. Why do we release this kind of work for free? Our job is to help large organizations think and act like startups. We believe this can only be achieved by encouraging people to innovate and explore new business models. We aim to inspire you by giving you the keys to understand new markets like Russia, new business drivers like APIs or successful companies like Apple, Amazon, Facebook or LinkedIn.
  • 3. 4 A TOOLKIT // ACT Our strategic management toolkit allows you to design the future of your company the way Google, Apple, Facebook and Amazon do: in a customer centric way. What is GAFAnomics®? A STUDY // UNDERSTAND Our study gives you a simplified and rapid understanding of how Google, Apple, Facebook and Amazon, in their quest of customers’ delight, brushed aside 3 fundamental business rules.
  • 4. 3 Foreword years, the average age of Google, Apple, Facebook and Amazon. 22 years of 22 frenetic development combined with the upheaval brought about by the internet, to businesses, our lives and our civilization. From the heart of the Old Continent, FABERNOVEL have designed a new digital model, observing and drawing inspiration from the organizations capable of “thinking outside the box” from their beginnings, to oppose a corporate Orwellian world and to break things, quickly and often. Listed companies whose only self-imposed restriction, from their creation, was “don’t be evil.” Yet reality has shown that they reject all restrictions. The only one still standing seems to be that imposed by the Earth: just 7 billion potential customers to win over! Every year since 2006, we have examined these market leaders, attempting to explain their coherence, define their trajectory, decipher their vision and plan, and strip down the cogs of an unparalleled growth engine. This year, we combine our analysis to explain the success of GAFA. We believe that the key to digital transformation – the obsession of the modern organization – is understanding the “GAFA framework”. How do these leaders drive and manage innovation? What can other organizations learn from GAFA development practices and commercial models? What are the practical implications of a 'customer-centric business? How can organizations undergoing a digital pivot apply best GAFA practices to drive their own businesses? “GAFAnomics” is a means of seeing and understanding your industry through GAFA eyes, deciphering their vision and aligning GAFA analysis with your own strategic actions at a digital pace. The GAFA framework can be replicated to other industries but, at its core, requires an unwavering ambition to make positive changes to the customer’s daily life. Stéphane Distinguin CEO of FABERNOVEL
  • 5. 5 From new kids on the block to heavyweight champions Google CONTENT & ADVERTISING Amazon COMMERCE & FULFILMENT Facebook SOCIAL & DISTRIBUTION Apple ENTERTAINMENT & SOFTWARE Haven’t read them? Go to http://fr.slideshare.net/fabernovel
  • 6. 6 As big as wealthy countries Denmark is 35th in GDP ranking. GAFA generate about the same revenue than Denmark, but with 10x less people. GAFA Revenue (2013): $316 Bn Employees (2013): 252k Denmark GDP (2013): $330 Bn Employed people (2013): 2,674k GAFA’s revenue growth exceeds China’s. GAFA Revenue growth in 2013: 12% China GDP growth in 2013: 9%
  • 7. 7 Piling up cash GAFA have accumulated $123 Bn in cash1 in 2013 $ 18 Bn $ 4 Bn $ 23 Bn $ 42 Bn $ 33 Bn $ 71 Bn $ 54 Bn $ 123 Bn $ 123 Bn $ 98 Bn $ 84 Bn 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CASH AND SHORT-TERM MARKETABLE SECURITIES This cash could buy… 50 The 50 most valuable start-ups in the world2 72 Endeavour Space Shuttles 4 Big Mac for everyone on the planet 1Cash, cash equivalents and short-term marketable securities. Doesn’t include long term securities (e.g Apple held $118bn in long-term securities as of December 2013 that are not included in the definition of cash). Source: Ycharts, Company Data, FY2103. 2The Billion-Dollar Start-up Club, Wall Street Journal
  • 8. 8 Spearheading future economic growth At least according to the market Sources: Capital IQ, KPCB trends 2014
  • 9. 9 Steadily distributing the future Breaking into the mobility industry, beyond Google maps. With the $3bn Beats acquisition, Apple is transitioning from store (iTunes) to streaming. With the $2bn acquisition of Oculus VR, the maker of the virtual reality mask Oculus Rift, Facebook wants to build “the next major computing platform that will come after mobile” according to Mark Zuckerberg. With drone shipping, Amazon is confirming its strategy for its “holy grail”: same-day delivery. Self-driving cars Music streaming Virtual reality Air delivery
  • 10. 10 Creating and dominating markets 90% Share of search1 Google is the digital information infrastructure Facebook is the digital Telco infrastructure Apple is the Internet of Things infrastructure And by 2020? 75% Share of social media3 6% Share of online retail sales4 45% Share of smartphone web traffic2 Sources: Global Stats Counter, e-marketer, Netmarketshare.com, Mashable Amazon is the physical and digital delivery infrastructure 1 Google: total page views referred by a search engine worldwide (August 2014)* 2 Apple: share of worldwide mobile web traffic on smartphones (June 2014)* 3 Facebook: total page views referred by a social media site in the US 4 Amazon: share of US online retail sales in 2013 Worldwide
  • 11. 11 Disrupting all industries TELECOM & IT HEALTH RETAIL ENERGY & UTILITIES MEDIA & ENTERTAINMENT FINANCIALS MOBILITY, TRAVEL & LEISURE Fiber Apple Sim Calico Shopping express Smart home Play Wallet Car HealthKit iBeacon Solar Power iTunes Radio Apple Pay CarPlay WhatsApp Move Internet.org project Oculus Cloud Drive Marketplace Grocery Delivery Fulfillment by Amazon Gamers Video platform Payments API + Messenger + Uber integration1 + Media app for connected cars Facebook “Buy” Button Friend-To-Friend Payment1 1 Rumoured to be launched soon
  • 12. 12 Setting the standards in terms of usage and technology Winning the browser war in 4 years In 2008, Google decided to break into the browser market, dominated by Internet Explorer with +60% of market share. Within only 4 years, Google Chrome reached +30% of market share, overtaking Internet Explorer. Creating the tablet market in 80 days Capturing 16% of your time in 10 years In 2001, Microsoft sold 300k units of its Windows XP Tablet within 1 year. In 2010, Apple launched the iPad and sold 3 000k units within only 80 days. Replacing your favorite grocer in 7 years As of June 2014, Facebook reached 1.32 billion monthly active users. Facebook represented 16% of the total time spent online in the US. Launched in 2007, Amazonfresh is already the preferred service for e-grocery shoppers. 39% of shoppers buy groceries on Amazonfresh, 28% at any grocery retailers and 8% on other online retailers. Sources: Google: Statscounter, Apple: New York Times, Company data, analyst estimates; Facebook: earning calls, E-marketer, Statista; Amazon: Brick Meets Click Poll, Jan 2014
  • 13. 13 7 billion customers is their playground GAFA radically question the notion of addressable markets. When launching a business, they never think of geography or culture. Any connected human being is a potential customer, and any non-connected human being needs to be. They set out to have a monopoly on customers’ attention and commitment on a large scale. LET’S SEE HOW
  • 14. 1. GAFAnomics® How to build a billion-customer business?
  • 15. 15 # Traditional model: marketing products We invest time and money in developing products, marketing them and then defending them tooth and nail against competition. In today’s hyper-competitive world, we face significant challenges: • Barriers to entry are getting lower everyday; • Digital has led to a faster cycle of innovation, with its corollary of reducing product life cycles; • Customer expectations are higher than ever before; • Boundaries between products and services are blurring: customers want experience, not products.
  • 16. 16 Google, Apple, Facebook, Amazon are customer-obsessed Monitoring the “4 Ps” is not enough. Products and services per se are considered replaceable. The only thing that is valuable in the long term and deserves to be fought for is the customer.
  • 17. 17 New economy, new rules 1. The “free customer” GAFA have redefined the customer concept. They make no difference between a paying customer and a non-paying one. GAFA set out to make themselves indispensable to as many people as possible. 2. The “utility value model” GAFA have redefined value creation. They first think in terms of customer commitment rather than financials. Delivering sustainable customer value prevails over short-term profitability. 3. The “pirate management” GAFA have redefined talent management. They created an innovation-friendly environment to supercharge performance and pioneer the future. These are fundamental strategic steps that have led them make decisions with no apparent economic sense but which have contributed to developing their position as the world’s “largest value” providers.
  • 18. 1. The “free customer” Redefining the customer concept
  • 19. 19 Everyone is a customer, even without money VISITORS Anyone who pays special attention to you. FRIENDS Visitors who commit by giving personal information (ID, email, etc.) CUSTOMERS Friends who complete a purchase. GAFA strive to deliver the best possible experience to everyone to earn their attention. In their view, your attention makes you a customer… Whether or not you make a transaction. By building sustainable relationships, they turn attention into commitment, and commitment into revenue.
  • 20. 20 Customer base is the mother of all growth “Show me the value, I will show you my money”. GAFA build strong and direct relationships with their customers, who are hence more eager to transact with them. Great value helps build positive word-of-mouth. The larger the base of happy customers they build up, the more attractive they become and the harder it is for competitors to challenge them. GAFA leverage economies of scale to cover fixed costs more effectively and reflect this by lowering product prices. Data processing makes it possible to explore and experiment with new value pathways: add-on features, product innovation and revenue streams. Data paves the way to a new era: large-scale customization. It is the path towards revenue It acts as a barrier to entry It leads to more value It is an innovation catalyst All GAFA decisions are primarily focused on gaining and retaining customers. Getting customers to commit is the foundation on which everything can be built.
  • 21. 21 Already addressing half of the world’s connected population, and connecting everybody else GAFA build services to connect the 60% of the worldwide population living without Internet access. June 2010 aims to provide affordable Internet access to unconnected populations Dec. 2010 June 2011 Dec. 2011 FACEBOOK’S PROJECT INTERNET.ORG June 2012 Dec. 2012 June 2013 Dec. 2013 March 2014 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 i.e. 1,420 M* ) i.e. 1,276 M*) i.e. 790 M*) i.e. 244 M*) GOOGLE LOON PROJECT aims to provide Internet access to the earth’s most inaccessible areas World Population (7,216 M*) Population connected to the Internet (2,937 M*) * Numbers: March 2014, Google number of unique searchers, Facebook monthly active users, Apple iTunes account, Amazon 12 months active purchasers Sources: Internet World Stats, Facebook, Amazon, Business Insider, Comscore, Fabernovel (50% (43% (27% (8%
  • 22. 2. The “utility value model” Redefining value creation
  • 23. 23 3 key concepts Make smart and meaningful things GAFA are bolstered by a strong vocation: to help people save time and effort in their daily lives. Full stop. Their products & services are all the more valuable because they are intuitive to use. Reducing product adoption friction has enabled GAFA to cater for the mass market and has led to a high adoption rate and commitment. Foster value creation rather than revenue GAFA care so much about meeting customers’ needs that they sacrifice short-term revenue and profits. Released from the obsession with short-term profit, they achieve excellence: delivering the best possible experience and making it truly accessible. 1 2 Doing away with core business 3 Commitment is a scarce commodity. The magic lies in meeting and anticipating customer demands in a timely manner, at the risk of letting competitors gain a lead. GAFA have set out to operate any type of business as long as they deliver value.
  • 24. 24 Learning 25 times faster The search journey Larry is a high school student who has to give a talk on “major gold rushes of the 19th century” 2 days 2 hours Without Google, he had to: • Ask his teacher for a list of source books; • Go to the library; • Find the books by reference number; • Trawl through the books for the relevant information. With Google: • Larry types the keywords in the Google Search bar; • He reads the ten most relevant links suggested on the subject. 25 TIMES FASTER 1234
  • 25. 25 Listening to music 70 times faster A whole afternoon Before MP3: she had to come back home, go to the music store, find it on the store shelves according to alphabetical order, buy it, put it in her CD player, record it on a tape and go jogging with her Walkman. 5 minutes Today with Apple iPhone: she just looks for the song title on iTunes, buys it and listens to it 70 TIMES FASTER 34 12 The entertainment journey Mary wants to listen to a jazz song while she is jogging
  • 26. 26 Communicating 25 times faster A whole day 30 minutes Before, she had to call each of her friends for 2 minutes. With Facebook, she creates an event and invites 200 of her friends. The social journey “Carole wants to organize a party and invite 200 friends” 25 TIMES FASTER 1 23 4
  • 27. 27 Buying 3,000 times faster The purchase & delivery journey “Ben really wants to watch a very specific Hong Kong movie called “The One-armed Boxer” 48 hours to 1 week He had to go to a specialized video store with a high probability that the seller wouldn’t have it in stock, then wait for the product to be shipped to the store, come back, and buy it. 3,000 TIMES FASTER 1 minute If the film is available on Amazon Instant Video, he just has to type the name and begin watching. 1 23 4
  • 28. 28 DON’T IMPROVE CUSTOMERS’ LIVES.
  • 29. 29 Google is living a few years in the future and sends the rest of us messages.! Doug Cutting, Hadoop founder
  • 30. 30 3 key concepts Make smart and meaningful things GAFA are bolstered by a strong vocation: to help people save time and effort in their daily lives. Full stop. Their products & services are all the more valuable because they are intuitive to use. Reducing product adoption friction has enabled GAFA to cater for the mass market and has led to a high adoption rate and commitment. Foster value creation rather than revenue GAFA care so much about meeting customers’ needs that they sacrifice short-term revenue and profits. Released from the obsession with short-term profit, they achieve excellence: delivering the best possible experience and making it truly accessible. 1 2 Doing away with core business 3 Commitment is a scarce commodity. The magic lies in meeting and anticipating customer demands in a timely manner, at the risk of letting competitors gain a lead. GAFA have set out to operate any type of business as long as they deliver value.
  • 31. 31 Hacking the Wall Street dogma of short-term return Our CEO has control over key decision-making as a result of his control of a majority of our voting stock. As a stockholder, even a controlling stockholder, Mr. Zuckerberg is entitled to vote his shares[…] in his own interest, which may not always be in the interests of our stockholders generally. ! The cure for Apple is not cost-cutting. The cure for Apple is to innovate its way out of its current predicament.! Facebook form s-1 Steve JOBS, May 1999 *[Apple Confidential: The Real Story of Apple Computer Inc., May 1999] Often, invention requires " a long-term willingness to be misunderstood! Jeff BEZOS, June 2011
  • 32. 32 Free is the soundest investment Free is a lever to bring extra value to an existing experience. It helps reach higher retention rates on high margin services or products. Free is a powerful trigger to capture attention and build word-of-mouth. It helps reach a critical mass of customers in record time. Free leads to a positive brand experience. Customers are more likely to actually pay for other services and products. Free acts as a loss leader and contributes to building a brand habit. Free multiplies contact points, leading to more data collection. Powerful analytics help extract accurate insights to maximize customer value and identify new revenue streams. Respectively, 91% and 85% of apps are free “Facebook is free and always will be” Apple gave away new U2 albums to get new credit card numbers on iTunes. Android is a free open source OS for developers Enrich experience Get customers in Cross-sell products Capture data
  • 33. 33 Example: Amazon is selling Kindle Fires at a loss… or is it? We want to make money when people use our devices, not when people buy them! Jeff Bezos After 5 months of use, the Kindle becomes profitable for Amazon. YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 DAY 1 YEAR 1 YEAR 7 YEAR 8 YEAR 9 It is estimated that Amazon loses $50 on every Kindle Fire sold. $ 130 $ 130 $ 130 $ 130 $ 130 $ 130 $ 130 $ 130 $ 80 A Kindle Fire customer brings around $130 of margin per year to Amazon (i.e. ~1.5 times more than a regular Amazon shopper1) - $50 In 9 years2, Amazon makes a discounted3 total of $625 per Kindle customer. $625 THIS STRATEGY PAYS OFF: Amazon recoups 12 times its initial Kindle “investment” 12x Source: Piper Jaffrey 1 We took the average margin per user and multiplied it by 1.5 (average US Kindle shoppers spend 55% more than regular shoppers according to Consumer Intelligence Research Partners). 2 Average lifetime of an Amazon.com customer. 3Discount = 11% (Internet average WACC), source: NYU
  • 34. 34 GAFA are really managing customers, not products Product B Revenue = unit price x number of products GAFA management Customer Segment A Revenue = Revenue per customer x number of customers Total profit Traditional management Product A Margin A + + Margin B Product C Margin C = = Profit Seg. A + Customer Segment B Profit Seg. B Customer Segment C Profit Seg. C +
  • 35. 35 3 key concepts Make smart and meaningful things GAFA are bolstered by a strong vocation: to help people save time and effort in their daily lives. Full stop. Their products & services are all the more valuable because they are intuitive to use. Reducing product adoption friction has enabled GAFA to cater for the mass market and has led to a high adoption rate and commitment. Foster value creation rather than revenue GAFA care so much about meeting customers’ needs that they sacrifice short-term revenue and profits. Released from the obsession with short-term profit, they achieve excellence: delivering the best possible experience and making it truly accessible. 1 2 Doing away with core business 3 Commitment is a scarce commodity. The magic lies in meeting and anticipating customer demands in a timely manner, at the risk of letting competitors gain a lead. GAFA have set out to operate any type of business as long as they deliver value.
  • 36. 36 There are two ways to extend a business. ! Make an inventory of what you are good at and extend from your skills out. ! Or determine what your customers need and work backwards, even if it requires learning new skills.! Jeff Bezos
  • 37. 37 Striving to control infrastructure… INTERNET FACILITY HARDWARE OPERATING SYSTEM STOREFRONT BROWSER CLOUD PAYMENT N.A. ENABLED KINDLE 3G N.A. N.A.
  • 38. 38 Be healthy Be entertained Consume Pay Communicate Live better Move faster Google Youtube Google Play Google Wallet Google Hangout Google Car Google Calico Apple Beats streaming Apple iTunes Apple Pay Apple iMessage Apple Homekit Apple Healthkit Facebook Oculus rift Facebook Gifts Facebook Messenger Internet.Org facebook Facebook Credits Facebook Moves Amazon Twitch Amazon.com Amazon Payments Amazon Cloud Drive Amazon fulfillment …as well as daily usages Marketplace
  • 39. 39 Endgame = the best possible digital experience 25% 19% 4% 7% 55% … Share of GAFA in our digital user journey What share of our digital user journey do GAFA own? …55% ! This a tricky question, but we thought the answer would give a new and interesting perspective on how GAFA see their markets, that is, as user journeys rather than industries. In order to answer this question, we created a metric called “Digital Journey Share”, which captures the market share of each GAFA on a set of 16 segments, corresponding to typical digital use cases (such as e-mail, e-commerce, digital music, online video…). The average of these shares for each GAFA gives us an idea of their weight in our “digital journey”. Adding up these figures shows us that more than half (55%) of our digital journey is powered by GAFA. Sources: Fabernovel Analysis, IDC, Gartner, e-marketer, statcounter, Comscore, Streaming media, business insider, Janrain, datanyze, statista, emailclientmarketshare, appleinsider
  • 40. 40 Ever-growing efficiency and differentiation GAFA address all customers’ hidden needs and become their one and only digital destination. GAFA increase market size through innovations that are appealing to customers. GAFA grow revenue through cross-selling and third-party monetization. GAFA increase retention rates through a highly integrated experience (switching costs are higher). Increase customer base Increase average revenue Increase lifetime value
  • 41. 41 Google: from advertising to fiber ISP Yesterday: 2011 Tomorrow: 2017 (estimate) $37 Bn total revenue $76 Bn total revenue Other 4% of total revenue Advertising 96% of total revenue *Fixed internet Access, Payments, Fulfillment have not been estimated for 2017 given the measured approach of Google So Far Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan Stanley, Macquarie, FABERNOVEL Advertising 81% Of total Revenue 32% Cloud B2B Platform Google Fiber* (Internet Access) Google Wallet* (Payments) Google Express* (Fulfillment) Other 19% of total revenue 43% Google Play (Mobile Apps & content) 18% Nexus & Chrome books (Hardware) 7% Gmail, Drive, Docs & other Apps
  • 42. 42 Apple: from hardware to banking Yesterday: 2011 Tomorrow: 2017 (estimate) $108 Bn total revenue $199 Bn total revenue 9% of total revenue Hardware 91% of total revenue Other Hardware 87% of total revenue Apple Pay* (excluding in-app) iAd* Other 13% of total revenue 62% App Store & iTunes 38% Software Services *Not estimated given the insignificant proportion it wIll represent in 2017 Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan Stanley, Macquarie, Fabernovel
  • 43. 43 Facebook: from social advertising to VR Yesterday: 2011 Tomorrow: 2017 (estimate) $4 Bn total revenue $25 Bn total revenue 13% of total revenue Advertising 87% of total revenue Other Advertising 93% of total revenue Facebook Payments** (excluding in-app) Internet.org** (Internet access) Other 7% of total revenue 85% In-app payments on Facebook Platform, Oculus Software, What’s App subscriptions 15% Oculus Rift Hardware ** Facebook Payments (excluding in-app) and Internet Access revenues have not been estimated given the insignificant proportion of revenues it will take. Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan Stanley, Macquarie, Fabernovel
  • 44. 44 Amazon: from retail to domestic cashiers 10% of total revenue Retail 90% of total revenue Other Other 20% of total revenue Yesterday: 2011 Tomorrow: 2017 (estimate) $48 Bn total revenue $157 Bn total revenue Retail 80% of total revenue 40% Amazon AppStore, MP3, Instant Video & other digital content 26% Amazon Web Services 25% Kindle, Fire Phone, Fire TV, Dash & other devices *Have not been estimated given the lack of data we have 8% Amazon Associates & other ads Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan Payments* (excluding in-app) Stanley, Macquarie, Fabernovel Fulfillment*
  • 45. 45 Services and revenue spans are rapidly increasing Business Model Dispersion Index 2011 2013 2017E !"#$%&##!!"#$%!!"#$%&#"'(!!"#$% = !!!× 1 !! ! !! !! ! where ! is equal to the number of business lines launched by the company ! is equal to the number of business lines with a revenue significative enough to be estimated !! is the proportion of the total revenue generated by the business line i 21.3 12 6.6 4.7 15.1 9.6 4.8 2.5 10.8 8.6 4.8 2.7 +12% Y/Y +6% Y/Y +5% Y/Y +10% Y/Y We designed this indicator called “Business Model Dispersion Index” to capture the level of dispersion of a business. This formula is derived from the Herfindahl Index which calculates concentration. We inverted this formula to capture dispersion and we multiplied it by a factor N to give more weight to the creation of a business line even if it doesn’t generate any significant revenue. Sources: Facebook, Google, Amazon, Apple, Trefis, UBS, Morgan Stanley, Macquarie, FABERNOVEL
  • 46. 46 Reinvesting cash in customer experience GAFA’s strategy differs a lot from that of their traditional peers: they re-invest a big chunk of the cash they make into enhancing customer experience. Amazon has a particularly high investment rate which explains its low profits. 80% 51% 16%* 17% 38% 15% 31% 9% CAPEX to Operating Cash Flow (Avg. 2012-2014) Walmart Microsoft Omnicom Pandora *Apple’s Cash Flow is 2x Microsoft, which explains Apple’s low ratio Sources: Company Data, FABERNOVEL analysis
  • 47. 47 Building up the experience Investments and acquisitions from January 2012 to October 2014 Investment & acquisitions Share of total US Internet deal activity $16 Bn 12% $4.1 Bn 3% $21.5 Bn 16% $2.2 Bn 2% 33% Total GAFA Note: Includes investments that corporations and their subsidiaries/affiliates have made in companies. Some data may include entire funding rounds, of which a portion may be attributable to investors other than the Company listed here. Source: Crunchbase Monthly export (August 5), Wikipedia list of mergers and acquisition, Techcrunch, 1Internet M&A Deal + Total Tech Ventures activity US only= PwC + trend-based estimates for 2014 Q2 and 2014 Q3.
  • 48. 48 Investing in future growth The big 4 have acquired or invested in all these famous start-ups Concept.io $258M Investment $24M Series B1 $1.4M Seed1 $22M Series B1 $200M+ Acquisition $30M+ Acquisition $3Bn Acquisition $1Bn Acquisition $22Bn Acquisition $2Bn Acquisition $112M Series B1 2 Undisclosed amount Seed1 2 Undisclosed Series B $10M Undisclosed1 2 1 Part of an investment round with other investors, 2 Jeff Bezos Personal & Bezos expeditions investments Source: CrunchBase
  • 49. 49 Challenging traditional recipes for success Useful products + great experiences = powerful brands! ! Traditional model Spend on advertising to create brand • The brand designs products to sell to customers • Media plans (mainly TV) make it possible to endorse products’ key selling points • GAFA deliver a consistent customer experience based on needs • GAFA earn attention and leverage positive word-of-mouth (free acquisition costs) Network mode Brand acception within customers Collective intelligence Push mode Media plan efficiency (mainly TV) Product Innovation GAFA model Spend on experience to create empathy $0.5 Bn spent on TV ads in the US in 2013 $3 Bn spent on TV ads in the US in 2013
  • 50. 50 The utility value model is the new brand investment Apple and Google are the two most valuable brands in the world, outperforming Coca-Cola (the past 12 years’ leader). Facebook and Amazon are top risers and among the 30 most valuable brands. Brand value (140# in $Bn) 120# 100# 80# 60# 40# 20# 0# 2000# 2001# 2002# 2003# 2004# 2005# 2006# 2007# 2008# 2009# 2010# 2011# 2012# 2013# 2014# +21% Y/Y +15% Y/Y +25% Y/Y +86% Y/Y Sources: INTERBRAND 2014, FABERNOVEL
  • 51. 3. “Pirate management” Redefining execution
  • 52. GAFA envision to pioneer the future. To achieve this goal, primarily based on people and their ability to imagine the future, they created a favorable setting for freedom of thought and action.
  • 53. 53 Technology drives productivity Percentage of engineers in the total of employees. They are the ones building both customer facing services and productivity tools. 19% 2% 1% 20% 22% 8% 37% 18% 12% 38% 12% 6% Walmart Barnes & Noble Samsung Sony Yahoo Omnicom AT&T Publicis Source: estimates based on LinkedIn “engineer” profiles, Oct 2014
  • 54. 54 Technology enhances talent performance Facebook’s Phabricator is the internal code-review tool every engineer there uses, every day. It is integrated with Facebook’s Open Graph system. Google’s “People Analytics” team aims at “bringing the same level of rigor to people decisions that is done to engineering decisions.” The team launched new tools such as a retention algorithm, a hiring algorithm and a research project called “oxygen” that identified the DNA of an effective leader based on data. This is the employee-only App Store that Apple employees use to download work apps and keep them updated. Facebook’s Phabricator Google’s People Analytics Apple’s Switchboard Technology frees up brain time for innovation.
  • 55. 55 Managing, the hacker way Traditional management is being disrupted by applying principles from the Hacker culture. Zukerberg’s motto is “code wins arguments”. For example, he didn’t approve the idea of an instant messaging application until the developers built a great prototype that convinced him Bezos’ 2-pizza rule sets that productive and creative teamwork and meetings demand to put together no more people than 2 pizzas could feed. To empower employees and prevent from micromanagement, Google adopted a flat hierarchy. Among 37,000 employees, only 14% of them are managers, 3% are directors and 0,3% are VPs. Hacking decision making Hacking team work Hacking hierarchy Source: Wired.com, Businessinsider.com, hbr.org,
  • 56. 56 Focus: A/B testing, the ancestor of full analytics Online, we can show half of our customers one thing and half of our customers another," and very quickly get some results back on how people actually behave. Source: quora Jeff Bezos (in weeks) (in seconds) [ ] [ ]
  • 57. 57 Experts will respond to problems with the same solutions they've seen work a million times. A non-expert will mess up occasionally, but once in a while they'll come up with something that is completely new. That's how innovation happens.! Laszlo Bock SVP People Operations at Google Top 3 hiring attributes at Google Hire skills, not track records 1. Ability to learn 2. Emergent leadership 3. Responsibility and humility
  • 58. 58 # Eat your own dog food A big part of working at Facebook is dogfooding our own products. Before new features roll out to the public, our team uses them frequently and thoroughly to figure out what we can do better. ! Google Hangout was first used as an internal videoconferencing tool. Endorsed by all employees, Google decided to turn it into a public product and integrated it to Google+ features…! Paul Tarjan, Web Hacker at Facebook Amazon Prime was offered with a discount to all employees to incentivize them to test the service. ! Source: Allthingsdo.com, Shipping Greatness - Chris Vander Mey, Facebook Notes – Paul Tarjan
  • 59. 59 Creating innovation-friendly environments Talents are not hired to fill a job, they are hired to innovate 1,900+ employees1 250 employees (secret) Amazon Lab126 is the R&D department behind Amazon’s innovative consumer electronics products or software. Amazon Lab126 produced Fire HDX, Amazon FireTV and Amazon Fire Phone. Google[x] is a semi-secret lab dedicated to major hardware-based innovations. Overseen by Sergey Brin, the unit has launched many “moonshot” projects such as Google Glass, Driverless cars, Project Loon or Google contact lenses. Launched in early 2014, Facebook Connectivity Lab is a research unit that works on “new technologies to improve connectivity on the ground, in the air and in orbit”. World-class aerospace technology experts are part of the team. 1Estimates based on LinkedIn job profiles
  • 60. 60 Result: Instant leverage When GAFA hire 1 employee, traditional competitors need to hire 3 to 9 to achieve the same revenue E.g.: Amazon’s revenue per employee is 3x Walmart’s, Facebook’s revenue per employee is 9x Publicis’s. 1 3 Source: Company data, FY2013 4 1 3 4 1 3 6 1 3 9 Amazon Walmart Barnes & Nobles Apple Samsung Sony Google Yahoo Omnicom Facebook AT&T Publicis
  • 61. 61 GAFA: the best university ? GAFA have built a powerful network of alumni that are ruling the new economy. Marissa Mayer, CEO of Yahoo Sheryl Sandberg, COO of Facebook Dick Costolo CEO of Twitter Sachin Bansal, CEO of Flipkart Apoovra Mehta, CEO of Instacart Jeff Lawson, Co-founder of Twilio Adam D’Angelo, Founder of Quora Dave Morin, Founder of Path Dustin Moskowitz, Founder of Asana Reid Hoffman, Founder of LinkedIn Andy Rubin, Founder of Android Marc Benioff, CEO of Salesforce
  • 62. 62 Focus on customers. Build full experience. Boost usage. Capture a piece of wealth. Be responsive. Foresee. The GAFAnomics® toolkit
  • 63. 63 GAFAnomics® canvas: questions you should ask yourself STEP 3 CHANGE THE WAY YOU MANAGE YOUR ORGANIZATION …by applying pirate management STEP 2 CHANGE THE WAY YOU CREATE VALUE …by focusing on “utility value” STEP 1 CHANGE THE WAY YOU DEFINE CUSTOMERS …by valuing your “free customers” Your “visitors” (those who show interest for your product or service) ! Who are they? ! How do they show attention to you (visit your store, like your page, test your service)? Your “friends” (those who engage with your product or service) ! Who are they (newsletter subscribers, active accounts)? ! What information do they give you (name, age, e-mail…)? Your paying customers ! Who are they? ! Among them, are there recurring customers? Creating meaningful value To what extent does your service change customers’ lives? ! In particular, how much time does your customer save with your service? Capturing value smartly ! What part of the experience is free, what products or services do you provide for free? ! What part of the experience do you plan on monetizing in the long-run and how? Expanding along customer journey ! What are the other needs and pain points that exist along your customer’s journey? How do you solve them? ! What strategy do you adopt (build, buy, partner)? Technology-driven performance What share of processes do you automatize? How do you use data to make better decisions? Ownership and results How do you organize your teams and processes to foster ownership and fact-based decisions? Culture of Experiment and Innovation ! How do you hire learners rather than experts? ! What environment do you design to help them innovate better and faster?
  • 64. 64 Where to start? MAKE CUSTOMER VALUE EXIST TRACK VARIATION, BENCHMARK DRILL DOWN: ANALYTICS & AUTOMATION
  • 65. The CBV measures the profitability of the customer base over time. How many customers do you have? How do you monetize them? How long do you retain them? 65 GAFAnomics® customer valuation This framework helps you measure and monitor the value of you customer base, considering the depth of your customer base, length of the relationship and profitability per customer. # Visitors: … # Friends: … # Clients: … Direct ($): … Indirect ($): … Intermediation ($): … 1Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here Key variables include: Gross margin; Discount rate; lifetime (In %) Average percentage of loyal customers NUMBER OF CUSTOMERS AVERAGE REVENUE PER USER (ARPU) CUSTOMER RETENTION ARPU from selling your own products ARPU from audience monetization ARPU from third-party transactions Anyone who pays attention Visitors who engage Friends who purchase Customer base value1 (CBV) $Bn
  • 66. What is the value of Google customers? Customer base value1 $218 Bn How many customers does Google have? 1 2 3 NUMBER OF CUSTOMERS How does Google monetize them? AVERAGE REVENUE PER USER (ARPU) How long does Google retain them? CUSTOMER RETENTION Visitors Friends Customers 1.42Bn 1.0Bn 0.3Bn Direct $2.1 Advertising $40.5 Platform $1.9 ARPU $44.5 95% Assumption 1Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here Key variables include: Gross margin = 58% (source: Google); Discount rate = 11% (Internet average); lifetime = we estimate a loss of 5% of the user base each year
  • 67. What is the value of Apple customers ? Customer base value1 $275 Bn How many customers does Apple have? How does Apple monetize them? How long does Apple retain them? 1 2 3 NUMBER OF CUSTOMERS AVERAGE REVENUE PER USER (ARPU) CUSTOMER RETENTION Visitors Friends Customers - 850m Direct $193 Advertising - Platform $9 ARPU $201 90% Estimate 1Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here Key variables include: Gross margin = 40% (source: Apple); Discount rate = 11% (Internet average); lifetime = based on 10% yearly churn (source: Goldman Sachs)
  • 68. What is the value of Facebook customers ? Customer base value1 $37 Bn How many customers does Facebook have? How does Facebook monetize them? How long does Facebook retain them? NUMBER OF CUSTOMERS AVERAGE REVENUE PER USER (ARPU) CUSTOMER RETENTION Visitors Friends Customers - 1.32Bn - Direct - Advertising $5.6 Platform $0.4 ARPU $6 95% 1Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here Key variables include: Gross margin = 80% (source: Facebook); Discount rate = 11% (Internet average); Assumption 1 2 3
  • 69. What is the value of Amazon customers ? Customer base value1 $89 Bn How many customers does Amazon have? How does Amazon monetize them? How long does Amazon retain them? 1 2 3 NUMBER OF CUSTOMERS AVERAGE REVENUE PER USER (ARPU) CUSTOMER RETENTION Visitors Friends Customers - - Direct $264 Advertising $3.5 Platform $59.5 ARPU $327 89% (1) 244m (1)Customer Base Value is calculated as the Customer Lifetime Value (CLV) multiplied by the number of customers. For details on CLV formula, click here Key variables include: Gross margin = 28% (source: Amazon); Discount rate = 11% (Internet average); Retention= based on a loss of 11% of the user base each year (source: Motley Fool)
  • 71. 71 # Visualize your management tool of 2017 Get your GAFAnomics® dashboard to help you implement and measure customer centricity in your organisation. Go to http://www.gafanomics.com to see more.
  • 72. Contact us STÉPHANE DISTINGUIN Founder & CEO stephane.distinguin@fabernovel.com CYRIL VART VP Strategy & Development cyril.vart@fabernovel.com. YANNICK MIGOTTO Senior Advisor yannick.migotto@fabernovel.com
  • 73. We are WE HELP WORLD-LEADING COMPANIES BUILD GROWTH AT STARTUP SPEED. WHO WE ARE We are a global interdisciplinary team of 80 business, technology and design experts working together with our clients to make things happen with the speed and boldness of entrepreneurs. OUR OFFICES From our offices in San Francisco, Paris, Toulouse, Lisbon and Moscow, we work with clients everywhere in the world to help them define and develop new opportunities. WHAT WE DO We design, implement and deploy product or services to create new business models and develop new streams of revenue and profit. We combine customer insights, strategy, design, marketing and technology services to create a journey from concept to impact. @FABERNOVEL facebook.com/FABERNOVEL FABERNOVEL.com
  • 74. Credits ANALYSTS Sarah Nokry Senior Project Analyst Louis Moullard Project Analyst Clément Boxebeld Junior Project Analyst Benoît Talabot Partner & Art Director Jules Mahé Junior Art Director Anne-Audrey Gounot Junior Art Director Cassandra Ribotti Graphic Designer DESIGN COMMUNICATION Amélie Pauvert Communication manager @FABERNOVEL Claire Arnaud Junior Art Director INTERNATIONAL Nuno Ribeiro Country Manager - Portugal @FABERNOVEL
  • 75. See also… Facebook, The Perfect Startup (2012) 6 365k views on Slideshare 6 reasons why APIs are reshaping your business (2013) 104k views on Slideshare Linkedin, The serious Network (2013) 197k views on Slideshare ••• mazon.com THE HIDDEN EMPIRE Three digital engines to reshape and dominate retail Amazon, The Hidden Empire (2011) 918k views on Slideshare Everything you always wanted to know about Google…But were afraid to ask Paris, December 2008 Google, Everything you always wanted to know (2008) 540k views on Slideshare And more.! Apple: 8 Easy Steps to Beat Microsoft (and Google) Paris, September 2010 Apple, 8 easy steps to beat Microsoft (and Google) (2011) 179k views on Slideshare
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