Rest Easy Columbia Univ 2020
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The document outlines a comprehensive business model for a platform called Rest Easy, aimed at assisting survivors through the deathcare process with pre-planning, service planning, and coping activities. It leverages partnerships with various service providers and offers innovative solutions such as a personal digital memorial for users. The business model seeks to provide transparency and creative options in deathcare services while targeting specific consumer segments with tailored marketing strategies.
![Digital Death Planning Market Map
Memorial
E-Announcements
Funeral Home
SaaS
D2C Death Planning
Rest Easy
Everplans: Secure online storage for legal, financial, and health documents including
wills that can be accessed by families after a loved one’s passing. Everplans works with a
network of financial advisors, employers, and insurance providers. [Series A, $15.6M
raised. Based in New York, NY]
Everdays: Social media platform and app for memorials. Everdays simplifies the
notification process by collaborating with funeral homes on personalized memorial
announcements for the family to instantly, easily share. [Series A, $17M raised. Based in
Detroit, MI]
Passare: Software for funeral homes to manage and track client accounts, and for
clients to access documents from and communicate with the funeral homes. Passare is
integrated with Everdays’ announcement feature. [Seed, $6M raised. Based in San
Francisco, CA]
funeralOne: B2B software for funeral homes that includes website design, tribute
videos, tribute books, personalized printing, live streaming, memorial announcements,
and an e-commerce add-in for sympathy gifts. [Unknown funding. Based in Detroit, MI]
Parting: Online logistics and growth subscription platform for crematories that provides
email marketing tools, ecommerce, easy digital forms, and verifications. [Seed, $120K
raised. Based in San Francisco, CA]
Beyond.Life: UK-based funeral planning service for families that aims to bring price and
information transparency to the end-of-life process. [Seed, $3M raised. Based in
London, UK]](https://image.slidesharecdn.com/13resteasyfridaydeckvf-200220023952/85/Rest-Easy-Columbia-Univ-2020-28-320.jpg)
Rest Easy Columbia Univ 2020
- 1. Total Interviews: 51 | 13 since last class Service Providers: 20 | +3 since last class End User Consumers: 31 | +10 since last class Death is a life event worth planning for. We're here to help you along the way.
- 2. What is Rest Easy? Pre-Planning Activities: Will Creation What Happens When I Die? Life Insurance Beneficiaries Performed By: Everyone Partners: Lawyers Service-Planning Activities: Connect with and Book Service Providers Performed By: Survivor Partners: Local Businesses • Crematoriums • Flower Shops • Venues / Religious Instit. • Caterers • Graveyards / Headstones Memorial Affairs Activities: "Digital Guestbook" Product Registry Custom Memorabilia Creative Resting Place Performed By: Survivor Partners: Local Businesses • Publishers • Cremains Products • Innovative Resting Places Activities: Estate Management Family Conflict Mortgage Transfers Account Closeout Auto Title Transfer Tax / Bill Payments Donation / Moveout Performed By: Survivor Partners: Local Businesses • Estate Lawyers • Accountants • Financial Advisors Coping Activities: "Angel Anniversary" Grief Counseling Resting Place Visitation Performed By: Survivor Partners: Local Businesses • Cremains Products • Psychiatrists / Therapists • Innovative Resting Places Changing the conversation about death | re-envisioning the Deathcare process from end-to-end
- 3. We aspire to mitigate logistical issues throug the deathcare process Pre-Planning Activities: Will Creation What Happens When I Die? Life Insurance Beneficiaries Performed By: Everyone Partners: Lawyers Service-Planning Activities: Connect with and Book Service Providers Performed By: Survivor Partners: Local Businesses • Crematoriums • Flower Shops • Venues / Religious Instit. • Caterers • Graveyards / Headstones Memorial Affairs Activities: "Digital Guestbook" Product Registry Custom Memorabilia Creative Resting Place Performed By: Survivor Partners: Local Businesses • Publishers • Cremains Products • Innovative Resting Places Activities: Estate Management Family Conflict Mortgage Transfers Account Closeout Auto Title Transfer Tax / Bill Payments Donation / Moveout Performed By: Survivor Partners: Local Businesses • Estate Lawyers • Accountants • Financial Advisors Coping Activities: "Angel Anniversary" Grief Counseling Resting Place Visitation Performed By: Survivor Partners: Local Businesses • Cremains Products • Psychiatrists / Therapists • Innovative Resting Places "The funeral home behaved like a conveyor belt." "The obituary they created was like a bastardization of mad libs." "It would be helpful to have something like Turbo Tax for Estate Management." "I struggled to find a venue for the service." "It was hard to talk about my grief while I was managing my inter-family conflict."
- 4. It's a big endeavor. Where are we starting? Pre-Planning Activities: Will Creation What Happens When I Die? Life Insurance Beneficiaries Performed By: Everyone Partners: Lawyers Service-Planning Activities: Connect with and Book Service Providers Performed By: Survivor Partners: Local Businesses • Crematoriums • Flower Shops • Venues / Religious Instit. • Caterers • Graveyards / Headstones Memorial Affairs Activities: "Digital Guestbook" Product Registry Custom Memorabilia Creative Resting Place Performed By: Survivor Partners: Local Businesses • Publishers • Cremains Products • Innovative Resting Places Activities: Estate Management Family Conflict Mortgage Transfers Account Closeout Auto Title Transfer Tax / Bill Payments Donation / Moveout Performed By: Survivor Partners: Local Businesses • Estate Lawyers • Accountants • Financial Advisors Coping Activities: "Angel Anniversary" Grief Counseling Resting Place Visitation Performed By: Survivor Partners: Local Businesses • Cremains Products • Psychiatrists / Therapists • Innovative Resting Places Entry
- 5. Summary of Pivots to Business Model Insights – Survivors make decisions very quickly after passing and don’t research options – Funeral homes don’t want to share revenue, even if it got them more customers – Survivors are increasingly looking for personalized + creative commemoration options Pivot Concept #1 | Marketplace to connect survivors with funeral, burial, and cremation options Value Proposition – Bring price & info transparency about funeral options to survivors – Lead generation for funeral homes and crematoriums Concept #2 | Marketplace to connect survivors with innovative commemoration options - "TripAdvisor for commemoration" Value Proposition – Aggregate commemoration options on one site for survivors to see all options – Lead generation for commemorative product/service providers Insights – Survivors want a way to remember their loved ones forever that they can share and have others contribute to – We will generate more traffic to site, which will generate more ad revenue from commemorative product/service providers – Targeting survivors with ads for commemorative products during grieving may be seen as insensitive Concept #3 (Today) | Personal Digital Memorial – “theknot.com for memorials” (Shareable, collaborative, crowdfunded registry w/ commemorative products) Value Proposition – Survivors can create free digital memorial to remember their loved ones, and family/friends can help fund memorial service + commemorative products – Digital memorial site drives traffic to Rest Easy, and registry drives sales of commemorative products/services Insights – Survivors have significant additional pain points in the death planning process (pre and post-passing challenges) that remain unsolved – Pre-planning is really important but rarely done or discussed Long Term Concept | Rest Easy Brand changes the conversation around death (Digital Memorial + Pre & Post-Passing Resources) Value Proposition – Provide end-to-end deathcare assistance to help survivors at every step – Lead generation for commemorative product/service providers + estate planning experts + grief counselors – Get people to start talking about and acting on important pre-planning items PivotPivot
- 6. Action Plan Validate latest hypothesis and MVP | Additional interviews with: • Military personnel going on deployment | Pre-Death Advance Planning • The Knot | Customizable User Interfaces • TripAdvisor | Revenue Model and Incentives for Content Creators • Go Fund Me | Crowdsourcing Interfaces Max Cetinkaya Phase One Phase Two Phase Three Build Out Demand Side and Define a Scalable, Repeatable Sales Model: • Using customer traffic data as leverage, begin to build out Service Provider partnerships • Develop 2020 Funeral Directors Convention and Expo | Acquire service providers • Secure funding for expansion phase Build Out Supply Side: • Launch "Entry Point" website | Test on the NYC Community across age groups (Professor Phillips, Max Cetinkaya, Tessa Majors) • Attend HCANJ (Assisted Living Conferences) | Acquire elderly survivors • Partner with nursing homes, organ donation organizations, and hospitals to acquire survivors Prepare for IPO Phase Four Expand Into Pre Planning and Post Coping Spaces: • Develop partnerships with legal services (e.g. LegalZoom) • Work with Psychologists, Therapists, and organizations like Headspace to determine appropriate entry points into the post-death coping space
- 7. The Business Model Canvas – Day 1 Key Partners Primary Partners: • Specific partners in pilot city (focus will be metropolitan areas) NYC Samples (Pilot) • Direct Cremation • NYC Funeral & Cremation • Crestwood Cremation & Funeral Services • Caribe Funeral • Pelham Funeral Home • Etc. Key Activities Core Competencies • Facilitate connections between consumers and deathcare service providers through online marketplace Value Propositions Value to Service Provider Partners • Provides access to captive market of new end users • Promoted posts allows for a less taboo marketing approach Value to End User Consumers: • Provides a one stop shop for deathcare needs • Reduces opacity in offerings and pricing of deathcare services • Provides easy access to information in time of need Culture and Uniqueness • Ease of ability to search for specific services that meet unique, religious and cultural needs Customer Relationships Engagement/Interaction: • Hopefully, one-off uses; need to become a recognized name that consumers go to though used infrequently Touch Points: • Interactions will be via app interface • Target customers who are searching keywords online (e.g., wills) and send ads Customer Segments Segment 1 | Low to Middle Class American Families: • Price sensitive market motivated to consider multiple options for deathcare services Segment 2 | Unexpected Passing: • Sudden death indicates a need (unplanned) for deathcare services Pain Points: • Grieving consumers do not have energy to spend time shopping around for deathcare service options, yet also want the best for their loved ones who have passed away Key Resources Human Capital: • iOS and Android developers for mobile • Legal team for intra- state considerations • Account management / relationship builders for service providers • Strong marketers to encourage consumer use Channels Application: • App enables consumers to browse options by culture, religion, or specific need • Purchases can be completed in-app Cost Structure Start Up Costs: Set up high quality app-based marketplace; develop relationships with deathcare service providers and convince them to sell on Rest Easy marketplace Customer Acquisition Costs: Targeted SEO ads to bring in customers (e.g., google analytics) Revenue Streams Revenue created by skimming a percentage (~10%) of the proceeds from services booked on the Rest Easy app. This approach endeavors to put the onus on the service providers Additional revenue may be sourced from service providers for promoted listings
- 8. The Business Model Canvas – Day 2 Key Partners Primary Partners: • Specific partners in pilot city (focus will be metropolitan areas) NYC Samples (Pilot) • Direct Cremation • NYC Funeral & Cremation • Crestwood Cremation & Funeral Services • Caribe Funeral • Pelham Funeral Home • Etc. Key Activities Core Competencies • Facilitate connections between consumers and deathcare service providers through online marketplace Value Propositions Value to Service Provider Partners • Provides access to captive market of new end users • Promoted posts allows for a less taboo marketing approach • Value to End User Consumers: • Provides a one stop shop for deathcare needs • Reduces opacity in offerings and pricing of deathcare services • Provides easy access to information in time of need Culture and Uniqueness • Ease of ability to search for services that meet unique, religious and cultural needs Estate Planning Resources Customer Relationships Engagement/Interaction: • Hopefully, one-off uses; need to become a recognized name that consumers go to though used infrequently Touch Points: • Interactions will be via app interface • Target customers who are searching keywords online (e.g., wills) and send ads • End User Consumers still want in-person interaction Customer Segments Segment 1 | Low to Middle Class American Families: • Price sensitive market motivated to consider multiple options for deathcare services Segment 2 | Unexpected Passing: • Sudden death indicates a need (unplanned) for deathcare services Potential New Segment: • Individuals not at the epicenter of the loss; millenials or individuals grieving for the first time Service Providers: • Funeral home directors, nursing homes, digital death planning starutps Pain Points: • Grieving consumers don't have energy to shop around for deathcare service options, yet also want the best for those who have passed Key Resources Human Capital: iOS and Android developers for mobile • Legal team for intra- state considerations • Account management / relationship builders for service providers • Strong marketers to encourage consumer use Channels Application: • App enables consumers to browse options by culture, religion, or specific need • Purchases completed in-app Cost Structure Start Up Costs: Set up digital marketplace; develop relationships with service providers and convince them to sell on Rest Easy Customer Acquisition Costs: Targeted SEO ads to bring in customers (e.g., google analytics) Revenue Streams Revenue created by skimming a percentage (~10%) of the proceeds from services booked on the Rest Easy app. This approach endeavors to put the onus on the service providers Additional revenue may be sourced from service providers for promoted listings
- 9. The Business Model Canvas – Day 3 Key Partners Primary Partners: • Specific partners in pilot city (focus will be metropolitan areas) NYC Samples (Pilot) • Direct Cremation • NYC Funeral & Cremation • Crestwood Cremation & Funeral Services • Caribe Funeral • Pelham Funeral Home • Recompose • Better Place Forests • Etc. Key Activities Core Competencies • Facilitate connections between survivors and deathcare service providers through online marketplace Value Propositions Value to Service Provider Partners • Provides access to captive market of new end users • Promoted posts allows for a less taboo marketing approach Value to End User Consumers: • Provides a one stop shop for creative deathcare needs • Provides easy access to information in time of need • Avoids exorbitant all-inclusive cost of funeral homes • Reduces opacity in offerings and pricing of deathcare services • Ease of ability to search for services that meet unique, religious and cultural needs • New, creative, and personalized options to commemorate person: service, product, and place Estate Planning Resources Customer Relationships Engagement/Interaction: • Hopefully, one-off uses; need to become a recognized name that consumers go to though used infrequently Touch Points: • Interactions will be via app interface • Target customers who are searching keywords online (e.g., wills) and send ads • End User Consumers still want in-person interaction Customer Segments Low to Middle Class American Survivors Looking to Avoid the Cost of a Funeral Home: • Price sensitive market motivated to save on the exorbitant all-inclusive cost of a funeral home • Cremation required Unexpected Passing Survivors Looking to Plan a Creative Funeral • Survivors who opt for a non- traditional service or customized way of remembering the deceased • Cremation required Service Providers: • Funeral home directors, nursing homes, digital death planning starutps • Individual vendors: Florists, venues, creative memorial services Pain Points: • Grieving survivors don't have energy to shop around for deathcare service options, yet also want customized options for remembrance Key Resources Human Capital: iOS and Android developers for mobile • Legal team for intra- state considerations • Account management / relationship builders for service providers • Strong marketers to encourage consumer use Channels Application: • App enables consumers to browse options by culture, religion, or specific need • Purchases completed in-app Cost Structure Start Up Costs: Set up digital marketplace; develop relationships with Revenue Streams Lead Gen Fee: Revenue created by skimming a percentage (~10%) of the
- 10. The Business Model Canvas – Day 4 Key Partners Primary Partners: • Grief Groups • Nursing Homes • Hospitals NYC Samples (Pilot) • Direct Cremation • NYC Funeral & Cremation • Crestwood Cremation & Funeral Services • Caribe Funeral • Pelham Funeral Home • Recompose • Better Place Forests • Etc. Key Activities Core Competencies • Facilitate connections between survivors and deathcare service providers through online marketplace Value Propositions Value to Service Provider Partners • Provides access to captive market of new end users • Promoted posts allows for a less taboo marketing approach Value to End User Consumers: • Provides a one stop shop for creative deathcare needs • Provides easy access to information and reviews for a trusted experience • Ease of ability to search for services that meet need for new, creative, and personalized options to commemorate person Estate Planning Resources Customer Relationships Get • S: Digital Scrapbook • S: SEO / SEM • S: Influencer partnerships • P: Attending Conventions / Conferences • P: Informing Therapists • P: Nursing Homes / Senior Care Keep • S: send survivors notifications / reminders / product suggestions to for "angel anniversaries" • P: Share consumer data with service providers Grow • P: Share consumer data with service providers • S: "Elite Giver" loyalty badge Customer Segments Survivors Looking to Commemorate Creatively • Survivors who opt for a unique and customized way of remembering the deceased • Cremation likely, but not required Content Creators: • Special Segment of Survivors that will provide reviews of the products they purchase Contributor: • Friends / Family memebers of Survivors who will contribute to Digital Scrapbook Service Providers: • Creative commemoration vendors • Sympathy vendors Pain Points: • Grieving survivors don't have access to information about creative deathcare service options but want customized options for remembrance Key Resources Human Capital: • iOS and Android developers for mobile • Developers for web • Account management / relationship builders for service providers • Strong marketers to encourage consumer use • Influencers within grief communities Channels Product & Transaction • Application • Web Pages Communication • Posts in Grief Communities • Influencer Partnerships Advertisements • Digital ad campaigns • Email notifications Cost Structure Start Up Costs: Set up digital marketplace; develop relationships with service providers and convince them to sell on Rest Easy Customer Acquisition Costs: Targeted SEO ads to bring in survivors (e.g., google analytics), paid influencer posts, development of digital scrapbook capabilities Revenue Streams • Advertisements: Lead Generation & Promoted Advertising • Transactional: Commission Based for Bookings Through Site
- 11. The Business Model Canvas – Day 5 Key Partners Primary Partners: • Grief Groups • Nursing Homes • Hospitals NYC Samples (Pilot) • Direct Cremation • NYC Funeral & Cremation • Crestwood Cremation & Funeral Services • Caribe Funeral • Pelham Funeral Home • Recompose • Better Place Forests • Etc. Key Activities Core Competencies • Facilitate connections between survivors and deathcare service providers through the entire deathcare process online marketplace Value Propositions Value to Service Provider Partners • Provides access to captive market of new end users • Promoted posts allows for a less taboo marketing approach Value to End User Consumers: • Provides a one stop shop for creative deathcare needs • Provides easy access to information and reviews for a trusted experience • Ease of ability to search for services that meet need for new, creative, and personalized options to commemorate person Estate Planning Resources Customer Relationships Get • S: Digital Scrapbook • S: SEO / SEM • S: Influencer partnerships • P: Attending Conventions / Conferences • P: Informing Therapists • P: Nursing Homes / Senior Care Keep • S: send survivors notifications / reminders / product suggestions to for "angel anniversaries" • P: Share consumer data with service providers Grow • P: Share consumer data with service providers • S: "Elite Giver" loyalty badge Customer Segments Survivors Looking to Commemorate Creatively • Survivors who opt for a unique and customized way of remembering the deceased • Cremation likely, but not required Content Creators: • Special Segment of Survivors that will provide reviews of the products they purchase Contributor: • Friends / Family memebers of Survivors who will contribute to Digital Scrapbook Service Providers: • Creative commemoration vendors • Sympathy vendors Pain Points: • Grieving survivors don't have access to information about creative deathcare service options but want customized options for remembrance Key Resources Human Capital: • iOS and Android developers for mobile • Developers for web • Account management / relationship builders for service providers • Strong marketers to encourage consumer use • Influencers within grief communities Channels Product & Transaction • Application • Web Pages Communication • Posts in Grief Communities • Influencer Partnerships Advertisements • Digital ad campaigns • Email notifications Cost Structure Start Up Costs: Set up digital marketplace; develop relationships with service providers and convince them to sell on Rest Easy Customer Acquisition Costs: Targeted SEO ads to bring in survivors (e.g., google analytics), paid influencer posts, development of digital scrapbook capabilities Revenue Streams • Advertisements: Lead Generation & Promoted Advertising • Transactional: Commission Based for Bookings Through Site
- 12. Unit Economics Avg Unit Cost Our Est Unit Cost (Premium for Granular Targeting) Avg CTR Total Cost Demand Side Marketing: Survivor Facebook Ads (CPM) 1.50$ $2.50 12,500$ Google Ads (CPC) 1.50$ $2.50 2.35% 294$ Contextual Targeting via Ad Network (CPM) 5.00$ $8.00 40,000$ CAC 0.45$ Supply Side Marketing: Service Provider 1x NFHD Convention 800$ 800$ CAC (10 suppliers acq) 80.00$ Total Marketing Budget 53,594$ + Software Dev, Data Collection/Analytics 20,000$ 20,000$ Total Customer Acquisition Costs 73,593.75$ CAC (Supplier) 2,943.75$ Customer Acquisition Cost Avg Registry Cut of Sales Our Price Cut of Sales Advertiser's CPM Avg Price on RE LTV per Supplier Supply Side Commerce: Service Provider Product Sales from Registry 40% 20% 1,500$ 10,800$ Service Sales from Registry 20% 20% 2,000$ 7,200$ Supply Side Marketing: Service Provider Additional Promotion on RE Site (CPM) 5.00$ 1,041.67$ Total LTV of Suppliers 251,041.67$ Avg LTV (Supplier) 10,041.67$ Customer Lifetime Value # Suppliers 25 Annual # Product Sales per Supplier 8 Annual # Service Sales per Supplier 4 Retention Rate 90% Revenue Assumptions Annual # Impressions 5,000,000 Avg CTR 2.35% Traffic to RE Site 117,500 Cost Assumptions $2,944 CAC$10,042 LTV 3.4 LTV to CAC
- 13. Appendix
- 14. Preliminary Market Overview The Deathcare Industry in the United States | $53B and Growing The US death care market is estimated to reach revenues of around $68 billion by 2023, growing at a CAGR of over 4% during 2017-2023 Source: Death Care Market in US - Industry Outlook and Forecast 2018-2023 Research & Markets $53 $55 $58 $60 $63 $65 $68 $- $10 $20 $30 $40 $50 $60 $70 $80 2017 2018 2019 2020 2021 2022 2023 Revenues Year Deathcare Industry Revenues in the US (Projection) 4% YoY Growth Causes of Deathcare industry growth Aging baby-boomer generation • The annual death rate is anticipated to climb from 8.3 per 1,000 people per day in 2019 to 10.2 people per day by 2050 • Source: The Economist Increasing consumer willingness to pay • Grieving families are spending more as the perceived value of traditional funerals has diminished • The average cost of a funeral today is 177.43% more expensive than a funeral in 1990 and the cost of funerals have increased nearly 1,328% over the past four decades. • Source: Forbes
- 15. Market Size Our Opportunity $ 140 MM Total Potential Market $1.4 B Total Market Size: Deathcare Industry $60 B Assumptions: • Number of Deaths 2020 (assumes no growth): 2.8 M • # Site Users Y1: 10% of deaths • Average Sympathy Gifts Spend: $100 / death • Average Commemoration Spend: $500 / death • Margin: 20% on registry through site • Does not include ad spend Opportunity $ 140 MM
- 16. Channels, Get Strategy, & Revenue Model Survivor Rest Easy Service Provider Revenue Model Advertisements: Lead Generation & Promoted Advertising Transactional: Commission Based for Bookings Through Site Demand Side Supply Side Get • SEO / SEM • Influencer partnerships • Offer digital memorial scrapbook (shareable link) • Testing as part of core competency • Posts in grief communities • Contextually targeted ads Keep • Send survivors notifications and reminders (and product suggestions) to celebrate "angel anniversaries" Product & Transaction • Application • Web Pages Get • Attending Conventions / Conferences • Informing Therapists • Nursing Homes / Senior Care Keep • Share consumer data with service providers Channels Communication • Posts in Grief Communities • Influencer Partnerships Ad • Digital ad campaigns • Email notifications
- 17. What We Learned About Our Initial Value Prop All parties living Expected / Imminent Unexpected / Abrupt Body @ Morgue Person Dies Funeral Home Cremation / No Funeral Home This is a dead end for our business; FH acts as central hub for all decisions and is not amenable to revenue sharing Service • Venue • Flowers • Printouts Product: Creative Commemoration • Trees • Jewelry • Urns • Blankets • Ornament We now think the opportunity is here Market Side Category Hypothesis Result (What We Found) Iterate / Pivots Survivor Customer Survivors dealing with an unexpected death would want to use Rest Easy Platform to search for deathcare services like funeral homes since they had not planned Survivors dealing with an unexpected death experience too much time pressure to move the body and are too emotional to search The time pressure associated with moving a dead body is too quick and emotional for searching even on an application. However, once a survivor decides to cremate their loved one, time pressure reduces and there is opportunity to support the planning and execution of more creative services and commemoration types that are not associated with funeral homes as well as facilitating connections to organizations that will relieve administrative headaches such as estate, legal, financial, and psychological services Service Providers Customer To keep profits steady in a business where margins are shrinking, FHs would be willing to pay a fee to be listed on Rest Easy to get access to more customers Funeral Homes are unwilling to share prices and are opposed to paying a fee for access to additional customers Survivor Customer Survivors are increasingly looking for more meaningful, unique options to commemorate their loved ones who passed PASS Survivor Customer / Channel Survivors want to do research on different commemoration options for their loved one who passed PASS Survivor Customer / Value Prop Survivor needs help with managing affairs after death such as estate, tax, legal and financials PASS Survivor Customer / Value Prop Survivors will cremate bodies and still want a memorial service that is not booked through funeral homes PASS Survivor Channel Survivors will search online for options to plan a memorial service if they are not booking through funeral homes FAIL Survivor Customer / Value Prop Survivors have a need to commemorate their lost loved one outside of a service, through products (e.g., commemorative jewelry or stuffed animals) and placement (e.g., burial of ashes) PASS Our focus should be on providing a platform for survivors to find these commemorative products, since Post death logistics • Attorneys • Lawyers • Estate management • Counseling services • Therapists • Photo printing • Music • Catering • Memory Bears • Chimes • Lanterns • Coral Reefs We thought the opportunity was here Place: Creative Resting Place • Ash placement
- 18. Customer Segments – Service Providers What Companies are Seeking Rest Easy’s Services? Changing deathcare dynamics are driving out traditional business practices Profile 1 | Service providers traditionally contracted through funeral home - Businesses that are usually involved in a suite of services offered by the funeral home: Florists, churches, musicians, crematoriums, urn providers, prayer card production, program printing, etc. Profile 2 | Service providers offering creative solutions for commemoration - Businesses that offer creative, unique, customizable ways of burial or remembrance - Examples include: Jewelry crafted from ashes, ash burial under sapling, sea coral creation, etc. Businesses in Both Markets Are: Facing competition | Semi-digital or willing to go digital | Comfortable sharing service and pricing data
- 19. Product – Market Fit How does our value proposition match Customer Segments? Value Proposition Value to End User Consumers: • Provides easy access to information in time of need • Avoids exorbitant all-inclusive cost of funeral homes • Reduces opacity in offerings and pricing of death care services • Provides a one stop shop for customized death care needs • Ease of ability to search for services that meet unique, religious and cultural needs Value to Service Provider Partners: • Provides access to captive market of new end users • Promoted posts allows for a less taboo marketing approach Customer Segments Survivors Looking to Avoid the Cost of a Funeral Home: • Price sensitive market motivated to save on the cost of a funeral home Survivors Looking to Plan a Creative Funeral: • Survivors who opt for a non-traditional service or customized way of remembering the deceased • Service Providers: • Traditional vendors: Florists, venues, musicians, crematoriums, urn providers, etc. • Creative Memorial Service Vendors
- 20. Customer Segments – Survivors Who is Seeking Rest Easy’s Services? Rest Easy has two primary survivor profiles Profile 1 | Looking to save money on services • Opted for cremation - These survivors are hoping to avoid the exorbitant, marked-up all-inclusive cost of funeral home services - Price sensitive market will be motivated to consider other creative options for services Profile 2 | Looking for non-traditional service or remembrance - Opted for cremation - Either by deceased wishes, or by own initiative, has opted to find a creative, customized way of remembering a loved one Consumers of Both Profiles Are: Tech Savvy | Accustomed to Online Shopping | Motivated to Find Customized Services
- 21. Definitions: Customer Segments Customer – Survivor The family member or friend who is planning the service(s) for the deceased. - Opted to cremate the deceased - Tech savvy - Motivated to find customized, creative services - OR Motivated to cut out exorbitant funeral home costs Rest Easy Customer – Service Provider A business in the deathcare industry interested in promoting their services to survivors. - Crematoriums - Florists - Urn manufacturers - Reception Venues - Religious Institutions - Caterers - Custom memorial shops Rest Easy is a two-sided platform, and therefore the customers of Rest Easy fall into two segments:
- 22. What We Learned "It all happened so quickly that we went ahead with a family recommendation." "Pricing was so expensive despite the fact that I was semi-prepared." "63% of customers are dissatisfied with funeral services provided." "It wouldn't make sense to give an average price of a house in an area, just like it wouldn't make sense to give an average price or flat cost for a funeral." "The funeral home behaved like a conveyor belt." "The obituary they created was like a bastardization of mad libs." "I was in such shock and grief I let someone else take over completely" "I use Turbo Tax for my taxes. It would be helpful to have something similar for Estate Management." "Wills and will templates vary by state and require a lawyer to create. Offering this service could be a big liability and could result in a lawsuit" "I struggled to find a venue for the service." Slide 6 - n: What did you learn about your initial value proposition from talking to your first customers? Hypothesis: Here’s What We Thought Experiments: So Here’s What We Did Results: So Here’s What We Found Iterate: So Here’s What We Are Going to Do Next
- 23. Pass / Fail Criteria for Major Hypotheses Key Hypothesis How to Test: Pass/Fail Criteria Funeral homes would be willing to pay a commission Pass: Funeral homes would be happy to pay a commission Fail: They're happy to continue with the current business model and do not want to share a commission Consumers are interested in exploring new, innovative commemoration options Pass: Consumer expresses interest or has already explored or purchased these options Fail: Consumer prefers traditional burial and memorial process. Funeral homes would be willing to market their services on a third-party online marketplace Pass: Funeral home has done so in the past, is already considering doing so, or interested in the possibility of doing so. Fail: Funeral home is content with their current customer base and doesn’t see the need for a marketplace service Does the consumer need guidance in wrapping up affairs like estate , tax and financial considerations? Pass: Yes there is a significant need for such consulting services Fail: No, the consumer is able to manage such affairs without external help. It is feasible according to legal and financial estate planners to provide estate planning services and resources on our online platform Pass: Lawyers and financial advisors validate that this is legal Fail: Lawyers and financial advisors validate that this is illegal Consumers would find it beneficial to see past customer reviews on an online platform, and would contribute reviews from their experiences Pass: Consumers say that they would reference and make decisions using this info if it were available Fail: Consumers don’t see the value in this information and wouldn’t refer to it if it were available Customers are comfortable booking deathcare services in app or online Pass: End user consumers are willing to and comfortable with online booking for funeral services Fail: Consumers don't want to book sensitive services online without speaking to someone voice to voice Customers value the ability to filter and search by cultural / religion Pass: End user consumers indicate religion is important to them and express a desire to book services that adhere to specific religious processes and rituals Fail: Ends user consumers do not find religion particularly important during the funeral process
- 24. Meet the Founders Skills | With 4+ years of experience as a management consultant and a CPA license, Caroline fuses the strategic and analytical skills necessary to build and scale Rest Easy’s business. Experience | After the untimely death of her fiancée, Caroline herself became a consumer of deathcare services. Her experience navigating the quagmire of options has motivated her to streamline, humanize, and innovate the industry’s offerings. She is driven by a sense of purpose to help others lay their loved ones to rest with reduced logistical burden so more time can be spent honoring the life of the deceased during a difficult and life-altering time. Skills | Geoff has 3 years of experience in management consulting, improving consumer-related business functions such as Sales, Customer Service, and Marketing at Industrial Products, Tech and Telecom companies across the country. Geoff developed a skill for conducting user-centric interviews to build and iterate on new processes, design any associated technology, and manage the resulting organizational change. Experience | Geoff recently lost his father and, like Caroline, struggled to navigate the tangled web of vendors, forms, and tasks that were hurdles to achieving a successful service, as well as a timely wrap-up of affairs. Geoff sees plenty of opportunity for Rest Easy to lighten the burden for consumers that follow. Skills | Rohit has had extensive experience as an engineer and data scientist in the field of Industrial IOT and People Analytics. He brings a mélange of technology, business operations and finance skills that can help any business build and scale its technological stack with great impact on business outcomes. Experience | With a personal experience of losing close ones and having gone through the challenges that such an event brings to one’s life, Rohit is dedicated to build an organization that leverages technology to make the excruciating experience of losing a family member bearable. Skills | Kayla has several years of experience working with early stage startups as a corporate innovation consultant. In this role, she sourced, conducted due diligence, and provided resources and mentorship to startups to position them for corporate partnerships. She also has prior work experience in digital media and entertainment. Experience | Though Kayla fortunately has not lost an immediate family member or loved one, she has experienced extended family and friends go through the emotional and difficult funeral planning process and is passionate about creating a solution that can simplify this process during a challenging time. Caroline Capponi Geoff Danilack Rohit Sharma Kayla Phillips
- 25. Type of Business / Market Type Type of Business Market Type: Existing Market Components of an Existing Market Customers already exist - B2C: Commemoration is part of the culture of America; though the way it takes place differs drastically across religions, demographics, and socioeconomic status - B2B: Many service providers across a variety of dimensions currently exist, fragmenting the market The new product or service runs faster, does something better or cheaper, or otherwise improves on a customer-defined attribute - Rest Easy connects end user consumers with deathcare service providers in a faster and more convenient way than the current state Technology / IP Value delivered via application and website platform - B2C & B2B interfaces are distinct and different - Hypothesis: App used more heavily by End Users; Website used more heavily by Service Providers - Technology expertise is required to build platform for Rest Easy; but technology exists currently
- 26. Rest Easy’s Customer Base Rest Easy Rest Easy is in the Death Tech Space, but plays across a variety of groups with partners in multiple horizontals. Initial hypothesis for who to target first: B2B Customers: Local Funeral Homes B2C Customers: Unexpected Passing
- 27. Market for Commemoration Innovation Digital Death Planning Big Market Players E-Commerce Giants Rest Easy Commemoration Innovation Service Product Place
- 28. Digital Death Planning Market Map Memorial E-Announcements Funeral Home SaaS D2C Death Planning Rest Easy Everplans: Secure online storage for legal, financial, and health documents including wills that can be accessed by families after a loved one’s passing. Everplans works with a network of financial advisors, employers, and insurance providers. [Series A, $15.6M raised. Based in New York, NY] Everdays: Social media platform and app for memorials. Everdays simplifies the notification process by collaborating with funeral homes on personalized memorial announcements for the family to instantly, easily share. [Series A, $17M raised. Based in Detroit, MI] Passare: Software for funeral homes to manage and track client accounts, and for clients to access documents from and communicate with the funeral homes. Passare is integrated with Everdays’ announcement feature. [Seed, $6M raised. Based in San Francisco, CA] funeralOne: B2B software for funeral homes that includes website design, tribute videos, tribute books, personalized printing, live streaming, memorial announcements, and an e-commerce add-in for sympathy gifts. [Unknown funding. Based in Detroit, MI] Parting: Online logistics and growth subscription platform for crematories that provides email marketing tools, ecommerce, easy digital forms, and verifications. [Seed, $120K raised. Based in San Francisco, CA] Beyond.Life: UK-based funeral planning service for families that aims to bring price and information transparency to the end-of-life process. [Seed, $3M raised. Based in London, UK]
- 29. New Pass / Fail Hypotheses and Criteria for Pivot Market Side Business Category Hypothesis Pass / Fail Survivor Value Proposition A digital memorial scrapbook for survivors to commemorate their loved ones and share with family/friends is something that they’d be interested in using and sharing. Testing Survivor A centralized platform with options for different methods of commemoration would help survivors select meaningful options that are appropriately priced Testing Survivor Survivors will cremate bodies and still want a memorial service that is not booked through funeral homes PASS Survivor Survivors will search online for options to plan a memorial service if they are not booking through funeral homes FAIL Survivor Survivors have a need to commemorate their lost loved one outside of a service, through products (e.g., commemorative jewelry or stuffed animals) and placement (e.g., burial of ashes) PASS Survivor Survivors have trouble finding the best sources for legal, financial, and psychological support after the death of their loved ones and would benefit from information / reviews shared on a platform PASS Survivors Customer (Get) Ads targeting survivors for digital scrapbook and for commemorative products would both be effective. Testing Service Providers Revenue Model Service providers like creative commemoration services would list their services on platform and pay a lead generation fee for those booked from the platform. Testing Service Providers Service providers would prefer to handle e-commerce sales on their own websites, but would pay to be advertised on our platform. Testing Survivor Adding a digital scrapbook product to our platform would drive more ad revenue and be more profitable for us. Testing
- 30. Graveyard
- 31. MVP Decision Flow – Draft Outline Is the deceased to be cremated? We're not the platform for you! Are you looking for a crematorium? Y N Y Where would you like the cremation performed? Where is your loved one? Here are some options that might work: XYZ Crematorium$$$ 1.5mi ABC Crematorium$$ 4.1mi DEF Crematorium$ 6.1mi ABC Crematorium$$ 4.1 mi Services Offered Price Range: $100 -$200 Add to "Cart" Are you looking for a service venue? Are you looking for a religious institution? Are you looking for a commemorative product? Y N N Are you looking for a commemorative resting place? N Here are some creative products some of our partners offer: Y N Please select a type of venue you are interested in: Please select a religion... Here are some options that might work: Here are some options that might work: Crafted Stones Custom Jewelry Coral Reef Here are some options that might work: Jewelry Place$$$ 1.5mi Jewelry Xtra$$ 4.1mi
- 32. MVP Summary Screen – Draft Outline Summary of Services XYZ Morgue Nowhereville, NY 12345 Your loved one will be transported from: On: 1/20/2020 Itemized Cost: $50.00 To: ABC Crematorium Nowhereville, NY 12345 For cremation on: 1/21/2020 $200.00 Upon completion, remains will be packaged and sent to: Survivor Address on File Nowhereville, NY 12345 Blue Floral Urn: From: Urns Unlimited Nowhereville, NY 12345 Will be delivered to: Survivor Address on File Nowhereville, NY 12345 By: 1/24/2020 $300.00 Local Church Nowhereville, NY 12345 A service has been booked at: On: 1/25/2020 7-9pm $400.00 To be led by: Reverend Rest Easy No reception has been planned -- $0.00 When ready, please mail ash sample to: Eterneva Nowhereville, NY 12345 Loved One Diamond Necklace: 15 business days You have scheduled an appointment for ash burial at: Better Place Forests Forest Town, NY 12345 On: 2/25/2020 $1000.00 The finished product will be returned to you within: $1000.00 Total Payment: $2950.00
Editor's Notes
- #3: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #4: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #5: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #7: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #15: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #16: Religious options Can we provide financing options Consider including 3, 5 and 10 yr projections
- #18: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #19: Customer Segment Name Mom and Pop Shops Industry Deathcare Firm Size Medium Emerging or Established Established Product Class or Product Usage Organizations specifically focused on cultural or creative commemoration Geographic Base or Reach NYC (for pilot) Main Decision Maker/Unit Independent owner Special Characteristics Purchase Decision Criteria
- #20: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #22: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #23: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #24: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #26: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #27: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #30: Add service providers for sympathy gifts Add
- #32: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried
- #33: As Americans perceived value of “traditional” funerals diminish, the cost of funerals have increased nearly 1,328% in just four decades. https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.forbes.com/sites/perianneboring/2014/04/25/the-death-of-the-death-care-industry-and-eternal-life-online/#5aa68c621c1a https://www.economist.com/international/2018/04/12/why-undertakers-are-worried