Brainpower - Hypothesis Forms v2
- 1. Hypothesis Testing Lean Entrepreneurship 2017/2018 Authors: Monty Lapuente Gonzalez, Karolina Biernacka, Maggie Lubas, Felix Olenhusen, Mahfooz Malik Lisbon, 27.11.2017
- 2. #1 - Existence of a problem Business model component: Customer segment Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis „Knowledge-based companies* experience higher competition between each other, when attracting skilled university talents for their organization.“ Test Analysing secondary sources with information on war for talent. Validation Recognized and adequate secondary sources confirm that companies are in war for talent. Result According to secondary sources, war for talent is a recognized problem. http://www.hrmagazine.co.uk/article-details/war-for-talent-increases-threefold-cipd-survey- finds *The term “knowledge-based companies” usually refers to those businesses which are relatively intensive in their inputs of technology and/or human capital. Therefore, in order to gain a competitive advantage in their industry, those companies are heavily dependent on top talents.
- 3. #2 - Existence of a problem Business model component: Customer segment Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis “Companies have a problem to directly approach potential students.” Test Asking 50 companies via a survey, whether they are not able to successfully target potential students through employer branding. Validation 60% of the surveyed companies agree with the statement. Result To be tested
- 4. #3 - Companies’ interest in our service Business model component: Value proposition companies Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis „Knowledge-based companies are interested in information about students in order to place specific employer branding advertisement.“ Test Create a landing page to see whether companies are interested in options to enhance their employer branding and are actively seeking more information. Validation The landing page gets 1000 clicks and out of the total amount of visitors, 10% decide to actively seek more information. Result To be tested
- 5. #4 - Valuable reward system Business model component: Value proposition students Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis „Students are interested in free study material and a reward system by filling in surveys because there are no similar offerings in the market.“ • Assumption A: Students are interested in free study material gained through a reward system by filling in surveys. • Assumption B: No similar offerings in regards to the reward system are available on the market. Test • Assumption A: Use Google AdWords to find out if students would use our product to get free study material. • Assumption B: Analysing secondary sources in order to identify similar offerings. Validation • Assumption A: 1000 users click on the placed ad to confirm an interest in our service. • Assumption B: Recognized and adequate secondary sources confirm that no similar offerings exist. Result • Assumption A: To be tested • Assumption B: Reward systems for filling out surveys exist, but are not targeting the student segment and are not connected to specific employer branding and product advertisement.
- 6. #5 - Superiority to competition Business model component: Value proposition Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis „Our service of data collection/analysis/bundling and direct targeting through our channels (e.g. branded study material, scripts) generates a better price performance ratio than comparable marketing services.“ Test Conduct interviews with 10 different companies varying in size and industry. Validation 6 out of 10 companies show a strong preference for our service compared to the competition, especially when it comes to price performance ratio. Result To be tested
- 7. #6 - Willingness to pay for service Business model component: Revenue streams Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis „Companies are ready to pay for company advertisement (Employer Branding) in student boxes with free study material.“ Test A/B testing of our service’s pricing structure in order to determine if willingness to pay among companies is significant. Validation Willingness to pay is sufficiently high (WTP ~ marginal costs): A-test: Product is offered for free (confirms whether there is a need) out of 500 visits 10% decide to test the product. B-test: Product is offered for N Euros (confirms Willingness to pay) out of 500 visits 6% decide to pay for using our service. Result To be tested
- 8. #7 – Social Media for customer acquisition Business model component: Customer Relationship Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis „Students are willing to sign up to brainpower after seeing advertisement on Facebook.“ Test Using Facebook adverts to find out if students would sign up at brainpower to get free study material. Validation 1000 users clicked on the placed ad and filled in the application form. Result To be tested
- 9. #8 - Willingness to pay for data Business model component: Revenue streams Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis „Companies are ready to buy data about students that finished their studies.“ Test A/B testing of our product in order to determine if willingness to pay among companies is significant. Validation A-test: Product is offered for free (confirms whether there is a need) out of 500 visits 10% decide to have the data. B-test: Product is offered for N Euros (confirms Willingness to pay) out of 500 visits 6% decide to pay for the data. Result To be tested
- 10. #9 - Willingness to use an app Business model component: Channel Stay open minded No idea is a stupid idea, value every opinion Challenge your own ideas The first idea is not always the best Connect different ideas Innovation happens at the intersection Hypothesis „Students are willing to use an app to make use of our service.“ Test Using Facebook adverts to introduce a brainpower app and inform students about the benefits. Possibility to lead users directly to the respective app stores to download the app. Validation 1000 users clicked on the placed ad to have more information on the benefits of the app. 10% of the users are directed to the respective app store and download the app. Result To be tested