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Finding Signals #1: Reverse Engineering
- 1. Lecture Two 1. Reverse Engineer 2. Media Spend 3. Databases and Media 4. Unbundling 5. Cultural Shifts I D E AT I O N B O O T C A M P#Trends Sam Parr & Gagan Biyani
- 2. Lecture Two 1. Reverse Engineer 2. Media Spend 3. Databases and Media 4. Unbundling 5. Cultural Shifts I D E AT I O N B O O T C A M P#Trends Sam Parr & Gagan Biyani
- 3. Methodology: Reverse Engineer I D E AT I O N B O O T C A M P#Trends There’s always room for different or better. That can relate to the product itself and its features, but also for operational, distribution, and other advantages that exist due to knowledge you have, an asset you own, or opportunity that’s available. I want to find gold. Insight I normally wouldn’t have that can seed something big. You can spot these both in early and later cycles. Wikipedia AnnualReports.com Crunchbase Pitchbook CBinsights SimilarWeb Ahrefs Who, how, and why are they winning? Newspapers.com Biographies Foreign media Trends.co Statista
- 4. I D E AT I O N B O O T C A M P#Trends Reverse Engineering Case Study: 1-800-Flowers AnnualReports.com Methodology: Reverse Engineer
- 5. Methodology: Reverse Engineer I D E AT I O N B O O T C A M P#Trends Reverse Engineering Case Study: 1-800-Flowers Adoption inflection AnnualReports.com 1. DEMAND 2. AUDIENCE 3. LEADERS 4. SHORTCOMINGS5. MODELS 6. PROBLEMS What problems do people have? How many people share that problem? What’s the TAM? Who’s succeeding? Why? Where do successful companies miss the mark? Which models work best? What problems are not solved? Cycles
- 6. Methodology: Reverse Engineer I D E AT I O N B O O T C A M P#Trends - Acquire new customers for less than $20. - Average order of $65.02 - Gross margin of 41% - 40% of customers ordered twice annually - 46% of revenue came from non-flower purchases (vases, candy) Case Study: 1-800-Flowers AnnualReports.com Learned - Avoid plants that don’t have at least 40% margin. - Aim for a high repeat purchase rate. Big challenge. - Find an upsell. - Everyday sales. Takeaway
- 7. Methodology: Reverse Engineer I D E AT I O N B O O T C A M P#Trends Reverse Engineering Case Study: 1-800-Flowers AnnualReports.com 1. DEMAND 2. AUDIENCE 3. LEADERS 4. SHORTCOMINGS5. MODELS 6. PROBLEMS What problems do people have? How many people share that problem? Who’s succeeding? Why? Where do successful companies miss the mark? Which models work best? What problems are not solved? Cycles
- 8. Methodology: Reverse Engineer I D E AT I O N B O O T C A M P#Trends Reverse Engineering Case Study: 1-800-Flowers
- 9. Methodology: Reverse Engineer I D E AT I O N B O O T C A M P#Trends Reverse Engineering Case Study Software suggestion I’ve been fascinated with the idea of recommending the right software to people.. How do others address this problem? Source: SimilarWeb
- 10. I D E AT I O N B O O T C A M P#Trends - BuiltWith helps people see what software other sites are using. - Big traffic. - Lots of direct traffic. And the search traffic is branded terms. Learned - Problem: A lot of people want to know what software websites are using. - Business model: Subscription access that lets you market to different companies…marketing lists. Takeaway Reverse Engineering Case Study Software suggestion I’ve been fascinated with the idea of recommending the right software to people.. How do others address this problem? Source: SimilarWeb Methodology: Reverse Engineer
- 11. I D E AT I O N B O O T C A M P#Trends Reverse Engineering Case Study: BuiltWith Source: SimilarWeb 1. DEMAND 2. AUDIENCE 3. LEADERS 4. SHORTCOMINGS5. MODELS 6. PROBLEMS What problems do people have? How many people share that problem? Who’s succeeding? Why? Where do successful companies miss the mark? Which models work best? What problems are not solved? Cycles Methodology: Reverse Engineer
- 12. I D E AT I O N B O O T C A M P#Trends Reverse Engineering Case Study Software suggestion Source: Ahrefs Methodology: Reverse Engineer
- 13. I D E AT I O N B O O T C A M P#Trends - Lots of people search for Wordpress help (large TAM) - Most of traffic comes from search engine - The site owns loads of other plugins - Most popular pages: Best hosting and best email service. Learned - Two different business models for helping people learn about different software: SaaS and affiliate. Takeaway Reverse Engineering Case Study Software suggestion Source: Ahrefs Methodology: Reverse Engineer
- 14. I D E AT I O N B O O T C A M P#Trends 1. DEMAND 2. AUDIENCE 3. LEADERS 4. SHORTCOMINGS5. MODELS 6. PROBLEMS What problems do people have? How many people share that problem? Who’s succeeding? Why? Where do successful companies miss the mark? Which models work best? What problems are not solved? Cycles Reverse Engineering Case Study Software suggestion Source: SimilarWeb Methodology: Reverse Engineer
- 15. I D E AT I O N B O O T C A M P#Trends - Technology inflection: Concierge for helping companies select software. - Technology inflection: WPBeginner for Webflow - Adoption inflection: Wirecutter for SaaS - Adoption inflection: Remote tool suggestions Ideas - A large number of people need Wordpress and other software help. - Creating cold email lead lists works as a subscription if constantly adding new data. - Blogging then buying/starting most popular companies is interesting. Learned Reverse Engineering Case Study Software suggestion Source: SimilarWeb Methodology: Reverse Engineer
- 16. I D E AT I O N B O O T C A M P#Trends Reverse engineering NewsPicks Publicly traded company in Japan. $800m market cap Belief inflection: people will pay for news. The media isn’t trusted. Methodology: Reverse Engineer
- 17. I D E AT I O N B O O T C A M P#Trends Reverse engineering NewsPicks - People like expert opinions on news - Solving with an expert network is effective Learned - This is a much more interesting business model than Buzzfeed - Users are willing to spend $100/year for expert insight from people they trust - This is an effective way to address the lack of trust in media Takeaway Methodology: Reverse Engineer Reverse engineering NewsPicks Publicly traded company in Japan. $800m market cap Belief inflection: people will pay for news. The media isn’t trusted.
- 18. Methodology I D E AT I O N B O O T C A M P#Trends Reverse Engineering Case Study Informa
- 19. Methodology I D E AT I O N B O O T C A M P#Trends - $3b in revenue, $10b market capitalization - Own 100+ multiple brands - Monetize from tradeshows, online communities, and industrial databases Reverse Engineering Case Study: Informa Learned - B2B business model is more lucrative - - If I shift my business toward B2B, it solves a much bigger problem and will be worth more while fitting my interests of content creation. - Adoption inflection: what does this look like if all digital? Takeaway
- 20. Bootcamp Overview I D E AT I O N B O O T C A M P#Trends What we’re covering today. What does the world need? What skills and expertise do you have? What industry and product interests you? What do you want to research?