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wanderlust columbia

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business model, business model canvas, columbia, customer development, lean launchpad, lean startup, steve blank

Publié dans : Formation
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wanderlust columbia

  1. • Number of interviews yesterday: 6/57 Kong Yu Ning Crystal Ong Selina Sia Daryl Chua Developer Marketing Business Development User Experience Designer
  2. Itinerary Planning
  3. One-Stop-Shop
  4. Newsfeed
  5. Travel Log
  6. CS A a. Suggested and planned itineraries b. Convenience of a booking platform CS B a. Acquiring larger viewership CS C a. Outreach to customers b. Targeted advertising CS A a. Technology savvy, travelers of all age groups CS B a. Bloggers, travel planners, tourism boards CS C a. Businesses (Airlines, Restaurants, Hotels) Web and mobile application CS A, B: Free/ Freemium CS C: Transaction based, targeted advertising 1. Platform Management and Development a. IT Cost and software development 2. Marketing and advertisement cost 1. Bloggers, travel planners, tourism boards 2. VC whether there is interest 3. Specialized content providers with access to databases (4 square) Acquire: Word of mouth, referral plans, advertisement Keep: Some “sticky features” journal log, saved itineraries, friends network Grow: Network Effect 1. Platform Software UI & Design 2. Customer database 3. Attraction and Business database 1. Platform and UI maintenance & Development 2. Growing of customer database 3. Advertisement and marketing Wanderlust – Business Model Canvas Version 1.0
  7. Wanderlust – Business Model Canvas Version 4.0 Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Travelers Social Traveller: - Uses social media to get recommendations Meticulous Traveller: - Needs planning to be details and travel logistics to settled before trip Laidback Traveller: - Wants trip to be largely planned for them Social Influencers and Content Generators Bloggers, travel planners, tourism boards Established Players (OTAs, tour operators, DRPs) Website Connected through social media sites Mobile Application Acquire: Advertising (social media), Expert advice, Content sharing (influencers), word of mouth & referrals Keep: Wide selection of itineraries, content creation Grow: Network Effect Established & less establish players, Government Alfiliates Commission (CPA), Targeted Advertising, Customer Insights Travelers Free Travelers Social Traveller: - Ease of access to social-media generated travel content - Ease of “flaunting” travel experience Meticulous Traveller: - Saves the hassle of coming up with a s Laidback Traveller: - Wants trip to be largely planned for them Community Building Customer acquisition, facilitate social network content creation Platform Web & Mobile App development Platform database, recommendation engine, UI development Platform IT, software development Marketing Advertisement, customer capture Customer Database Service Enablers Foursquare, Google Maps, Yelp Direct Sales OTAs Less Established Players (OTAs, tour operators, DRPs) Government Affiliates (Tourism Boards) Established Players - Traffic & Visibility Less Established - Traffic Government Affiliates - Traffic & visibility Licensing Payment gateways, enablers
  8. 2 – Value Proposition 1 – Customer Segmentation
  9. The Social Traveller The Meticulous Traveller The Laidback Traveller Attribute Jemmy Crystal Johnson Age 20 – 35 20 – 45 40 – 55 Income Middle - Upper Middle - Upper Middle – Upper Preferred platform Online booking Online booking Online booking Influenced by Social media & blogs Multiple online review sites (eg. Tripadvisor) Travel fairs, sometimes online Idiosyncrasies in travel Uses social media to get travel recommendations Strong desire to make sure that itinerary is detailed, and travel logistics are settled before trip Wants the planning to be largely done for them Insights Gained Unaware of travel space and option (e.g. never heard/ tried TripHobo, Hipmunk etc) Not necessarily tech-savvy but were necessarily tech- literate Customers have varying travel styles and rank travel woes differently in terms of trip planning, execution and recollection 1A – Customer Segmentation (Travellers)
  10. 2A – Value Proposition (Travellers) Social Traveller Value Proposition Ease of access to social media generated travel content Ease of “flaunting” travel experience Meticulous Travellers Gets detailed itinerary and travel logistics booked without the time and effort associated with it Laidback Travellers Does not need to think or research on places to go Uses social media to get travel information Insights Gained Compulsive desire to ensure that itinerary is detailed, and logistics are settled before trip Customer Segments (Travellers) Loves to share travel adventures on social media Wants the planning to be largely done for them
  11. Smaller agencies may potentially generate greater revenue as they are more willing to work with a higher commission in return for visibility Insights Gained Businesses have different motivations, number of distribution channels and profit margins Travelers are price sensitive in terms of big ticket/ small ticket items  need DRPs, need more independent travel agencies (local tours), direct booking etc. Attribute Established Players Less Established Players Government-Affiliates Motivation: Lower customer acquisition Visibility Branding, Traffic & Visibility Existing distribution channels: Many Few Few Profit Margin: Low Medium High 1B – Customer Segmentation (Corporate)
  12. 2B – Value Proposition (Corporate) Established Players (OTAs, DRPs, Large tour operators) Value Proposition Avenue to increase customer traffic Less Established Players (OTAs, DRPs, Small tour operators) Leverage on billboard effect to increase brand awareness & visibility, which in turn garners revenue Government Affiliates Has an avenue to outreach to purely relevant target audience Established players wants a cheaper avenue than AdWords to acquire travellers Insights Gained Less established players need a way to be known by travellers Customer Segments (Corporate) Government affiliates wants to promote tourism in their country
  13. 3 – Customers Relation
  14. Majority (if not all) interviewees use Facebook and other social media sites. Insights Gained The reviews of friends and “influencers” play an important role in travel patterns 3 – Customer relation (“GET strategy”)
  15. 4 – (Distribution) Channels
  16. Majority, if not all, of the interviewees use Facebook and value the social network community for content sharing and information dissemination Insights Gained Direct sales is the best way to reach both more and less established players TravelersTravel Industry Businesses Travel Information Social Media/ Itinerary Content Generation One-stop shop booking platformDirect Sales: Commission 4 – (Distribution) Channels
  17. 5 – Revenue Streams, Cost Structure
  18. Wanderlust Website/App Payment Companies Users OTAs Tour Operations DRP OTAs Tourism boards DRP Tour Operators Transaction Cost Booking & Content Payment Listings Payment from Customers Fees for advertising Service Enablers Cost for database provision Others User Data Commission Revenue Commission: Established players OTA, DRP– 5% Less established players Independent Tour Operators– 20- 25% Advertising: Featured article: Market price Sidebar advertisement: Market price User data: Market price Cost Service Enablers: Googlemaps: Web/ IOS/ Android Tripadvisor: partners Annual License fees Revenue Flow Cost Flow Value Flow Traveller’s data is valued and can be monetized Insights Gained Interviewees suggest using/ existing competitors make use of: Advertising, Commission, User data sales to generate revenue Existing solutions/ having lived with the problems makes customers unwilling to pay for more “features” 5 – Revenue Streams, Cost Structure
  19. 6 – Key Activities, Key Resources, Key Partners
  20. 6 – Key Activities, Key Resources, Key Partners App Development & UI Design Key Resources Key Activities Key Partners Fundraising Corporate Partnership Traveller Acquisition VC & Angel Investors Traveller Retention Service Enablers Social Influencers Wanderlust App/Web Salesforce Traveller Data Development Team
  21. Key Insights – Business Perspective (Call with Travefy’s David) •The service that we are providing them (increased traffic) is a lot cheaper than customer acquisition cost via other medium #1. OTAs and service enablers want to work with us (5% commission) •Initial thought: Better revenue stream due to low bargaining power + greater incentive for them to work with us •Insight: This may not be a good idea because it is extremely time consuming (e.g. TripAdvisor provides listing GLOBALLY, but we need many independent ones just to cover ONE location) #2. It might not be a good idea to start with less established companies •Use to build our MVP  Test our target market segment #3. APIs tend to be free (or easily-accessible/ low-cost) APIs •Need to ensure stickiness, frequency, repeatability #4. Cost of customer acquisition is high ($10- $50/ customer)
  22. Large Tour Operators • Industry leaders in tours market • Large extensive network of tours across different geographical spaces • Want to increase distribution channels Online Travel Agents (OTAs) • Online booking platform for travel needs • Cater to hotel/flight bookings and bundled itineraries • Want to increase distribution channels and increase sales (one way through increasing referral traffic to booking platform) Dining Reservation Platforms • Aggregator of businesses in the restaurant industry • Want to increase distribution channels for restaurant reservation platform Revenue Potential Traffic Potential Small Independent Tour Operators • Local presence • Need visibility and market share Tourism Boards • Promote tourism to country, government sponsored • Sponsored advertising, featured destinations • Revenue Stream: Advertising, customer insights Customer Potential Matrix
  23. Wanderlust – Business Model Canvas Version 5.0 Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Travelers Social Traveller: - Uses social media to get recommendations Meticulous Traveller: - Needs planning to be details and travel logistics to settled before trip Laidback Traveller: - Wants trip to be largely planned for them Social Influencers and Content Generators Bloggers, travel planners Established Players (OTAs, tour operators, DRPs) Website Connected through social media sites Mobile Application Acquire: Advertising (social media), Expert advice, Content sharing (influencers), word of mouth & referrals Keep: Wide selection of itineraries, content creation Grow: Network Effect Established & less establish players, Government Affiliates Commission (OTAs: 5% CPA), Targeted Advertising, Customer Insights Travelers Free Travelers Social Traveller: - Ease of access to social-media generated travel content - Ease of “flaunting” travel experience Meticulous Traveller: - Saves the hassle of coming up with a s Laidback Traveller: - Wants trip to be largely planned for them Community Building Customer acquisition, customer retention Platform Web & Mobile App development Platform App development & UI design Platform IT, software development Marketing Advertisement, customer capture Customer Database Service Enablers Foursquare, Google Maps Direct Sales OTAs Less Established Players (OTAs, tour operators, DRPs) Government Affiliates (Tourism Boards) Established Players - Lower customer acquisition cost Less Established - Traffic Government Affiliates - Traffic & visibility Licensing Payment gateways, enablers Fundraising VC & Angel Investors Development Team Sales Force
  24. Moving Forward Step 5 Development & Testing Develop application using agile methodology, and iteratively improve usability & feature via user testing & customer feedbacks Step 4 Fundraising Seek to raise fund from VCs & angel investors to begin development Step 3 Talks to Partners Seek to establish partnerships with OTAs & tourism boards Step 2 Improve MVP Refine MVP based on customer insights Step 1 Customer Development Validate & Prioritize customer segment Step 6 Beta Testing Conduct beta testing to iron out all usability issues and bugs
  25. Appendices
  26. Market: Existing market Type of business: End-to-end digital travel management start-up Market & Competition
  27. CS A a. Suggested and planned itineraries b. Convenience of a booking platform CS B a. Acquiring larger viewership CS C a. Outreach to customers b. Targeted advertising CS A a. Technology savvy, travelers of all age groups CS B a. Bloggers, travel planners, tourism boards CS C a. Businesses (Airlines, Restaurants, Hotels) Web and mobile application CS A, B: Free/ Freemium CS C: Transaction based, targeted advertising 1. Platform Management and Development a. IT Cost and software development 2. Marketing and advertisement cost 1. Bloggers, travel planners, tourism boards 2. VC whether there is interest 3. Specialized content providers with access to databases (4 square) Acquire: Word of mouth, referral plans, advertisement Keep: Some “sticky features” journal log, saved itineraries, friends network Grow: Network Effect 1. Platform Software UI & Design 2. Customer database 3. Attraction and Business database 1. Platform and UI maintenance & Development 2. Growing of customer database 3. Advertisement and marketing Wanderlust – Business Model Canvas Version 1.0
  28. Wanderlust – Business Model Canvas Version 2.0 Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Travelers Tech savvy, all age groups Tech literate, non-travel savvy, free & easy travelers age 20 – 55 Social Influencers and Content Generators Bloggers, travel planners, tourism boards Travel Industry Businesses Online Travel Agents (OTAs), Restaurants, Attractions Website Connected through social media sites Mobile Application Acquire: Social media content sharing, word of mouth, referrals, advertisement Keep: Wide selection of itineraries, content creation Grow: Network Effect Travel Industry Businesses Commission (CPA), Targeted Advertising Travelers Freemium Free Travelers - End-to-end travel experience - Community based social interaction platform Travel Industry Businesses - Outreach to customers - Targeted advertising Community Building Customer acquisition, facilitate social network content creation Platform Web & Mobiel App development Platform database, recommendation engine, UI development Platform IT, software development Marketing Advertisement, customer capture Database - Customer - Attractions & Businesses Service Enablers Foursquare, Google Maps, Yelp
  29. Wanderlust – Business Model Canvas Version 3.0 Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Travelers Tech literate, non-travel savvy, free & easy travelers age 20 – 55 Social Influencers and Content Generators Bloggers, travel planners, tourism boards Online Travel Agents (OTA) Website Connected through social media sites Mobile Application Acquire: Social media content sharing, word of mouth, referrals, advertisement Keep: Wide selection of itineraries, content creation Grow: Network Effect Online Travel Agents/Small Businesses Commission (CPA), Targeted Advertising, Customer Insights Travelers Free Travelers - End-to-end travel experience & convenience Pre-trip: Automatic itinerary generation & community based itineraries , one-stop shop booking platform During trip: Readily available travel information Post-trip: Memory preservation, ease of sharing - Community based social interaction Online Travel Agents/ Small Businesses - Access to customers - Targeted advertising Community Building Customer acquisition, facilitate social network content creation Platform Web & Mobile App development Platform database, recommendation engine, UI development Platform IT, software development Marketing Advertisement, customer capture Customer Database Service Enablers Foursquare, Google Maps, Yelp Direct Sales OTAs Small Businesses Independent tour operators, restaurants, attractions
  30. Wanderlust – Business Model Canvas Version 4.0 Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Travelers Social Traveller: - Uses social media to get recommendations Meticulous Traveller: - Needs planning to be details and travel logistics to settled before trip Laidback Traveller: - Wants trip to be largely planned for them Social Influencers and Content Generators Bloggers, travel planners, tourism boards Established Players (OTAs, tour operators, DRPs) Website Connected through social media sites Mobile Application Acquire: Advertising (social media), Expert advice, Content sharing (influencers), word of mouth & referrals Keep: Wide selection of itineraries, content creation Grow: Network Effect Established & less establish players, Government Alfiliates Commission (CPA), Targeted Advertising, Customer Insights Travelers Free Travelers Social Traveller: - Ease of access to social-media generated travel content - Ease of “flaunting” travel experience Meticulous Traveller: - Saves the hassle of coming up with a s Laidback Traveller: - Wants trip to be largely planned for them Community Building Customer acquisition, facilitate social network content creation Platform Web & Mobile App development Platform database, recommendation engine, UI development Platform IT, software development Marketing Advertisement, customer capture Customer Database Service Enablers Foursquare, Google Maps, Yelp Direct Sales OTAs Less Established Players (OTAs, tour operators, DRPs) Government Affiliates (Tourism Boards) Established Players - Traffic & Visibility Less Established - Traffic Government Affiliates - Traffic & visibility Licensing Payment gateways, enablers
  31. Wanderlust – Business Model Canvas Version 5.0 Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Travelers Social Traveller: - Uses social media to get recommendations Meticulous Traveller: - Needs planning to be details and travel logistics to settled before trip Laidback Traveller: - Wants trip to be largely planned for them Social Influencers and Content Generators Bloggers, travel planners Established Players (OTAs, tour operators, DRPs) Website Connected through social media sites Mobile Application Acquire: Advertising (social media), Expert advice, Content sharing (influencers), word of mouth & referrals Keep: Wide selection of itineraries, content creation Grow: Network Effect Established & less establish players, Government Affiliates Commission (OTAs: 5% CPA), Targeted Advertising, Customer Insights Travelers Free Travelers Social Traveller: - Ease of access to social-media generated travel content - Ease of “flaunting” travel experience Meticulous Traveller: - Saves the hassle of coming up with a s Laidback Traveller: - Wants trip to be largely planned for them Community Building Customer acquisition, customer retention Platform Web & Mobile App development Platform App development & UI design Platform IT, software development Marketing Advertisement, customer capture Customer Database Service Enablers Foursquare, Google Maps Direct Sales OTAs Less Established Players (OTAs, tour operators, DRPs) Government Affiliates (Tourism Boards) Established Players - Lower customer acquisition cost Less Established - Traffic Government Affiliates - Traffic & visibility Licensing Payment gateways, enablers Fundraising VC & Angel Investors Development Team Sales Force

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