The lean explorers session 9.1
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The document summarizes the Lean Explorers team's work testing hypotheses about their TempBox product. They conducted surveys and interviews to test hypotheses about customer segments, value propositions, pricing, and potential revenue streams. Key findings include that over 75% of respondents were willing to pay 30 Euros for the TempBox and advertising on their site could be a potential revenue stream if traffic is high enough. The team created prototypes, landing pages, and surveys to further validate their business model assumptions about the TempBox heating lunch box.
The lean explorers session 9.1
- 1. THE LEAN EXPLORERS 21.11.13 Session 9. Presenting the: The TempBox By: Manuel Holousch, Charlotte Manojlovic, Erick Tavares and Martine Ulvin
- 3. Hypotesis tested by 21.11.13 - Customer segments Interviews Value propostition Attributes and price survey, landingpage, interviews, fakesale Channels Survey, Interviews Revenue streams Transactions, advertisement & intermediaries Cost structure Data collection
- 4. Hypothesis Form Lean Explorers Component: Revenue Streams Version 2.0 Code: RS02 Hypothesis Costumers are willing to pay 30 Euros. Customers show interest in the product priced at 30 Euros. Test Survey, Interview Additional: Fake Sale, Landing Page, Validation > 75% of people who are interesting in buying it would be willing to pay 30 Euros for it. Result From our survey we have that 37/ 39 think our TempBox should be more expensive than a similar box without the heating benefit. Survey: Price average = 26 € % over 30 € = 36 % www.fabricadestartups.com Copyright Fábrica de Startups,
- 5. Hypothesis Form Lean Explorers Component: Revenue Streams Version 2.0 Code: RS01 Hypothesis Other companies would be willing to sell related products on our site? Test Contact potential companies whether they are interested or not. Validation More than 50% interested Result Still to be tested www.fabricadestartups.com Copyright Fábrica de Startups, S.A.
- 6. Hypothesis Form Version 2.0 Lean Explorers Component: Revenue Streams Code: RS03 Hypothesi If there is enough traffic on our page we could earn s money by advertising related products Test Empirical Data Collection / Existing Data Validation Result Still to be tested www.fabricadestartups.com Copyright Fábrica de Startups, S.A.
- 7. Testing tools: Internet – social media Presented last week: - Facebook Blog Landing page New adds this week: - Linked In Twitter Continue testing by Landing pages Fakesale Web page
- 8. Testing tools: Interviews and surveys Presented previously - Interviews New adds this week - Surveys
- 9. Testing tools: Minimun Viable Product - Prototype in 3 D - Use of the Foodskin picture
- 10. MVP 3: Prototype 3D design
- 11. Costing the TempBox Tempbox Pre shipping Shipping costs After Shipping 1000 units Box Heating Mat Silicone Top AC adaptor Insulator car charger Total Total in euros 1.65 6.98 1.64 2.35 0.17 0.83 13.62 10.03794 air rate fuel tax anti theft insurance carrier document validation delivery AMS Total in dollars Total in euros 2.3 1.25 0.15 0.025 0.055 0.03075with vat 0.0055 17.43625 12.85
- 12. Pricing the TempBox: ManuSelling price to facturer Cost distribution margin cost euros/ unit 12.85 18.36 30.00% DistribDistributor utor Public sells margin pricing 22.95 0.20 Public Retailer pricing margin with vat 35.30 0.35 43.42 Without Price Distributor inc. VAT 22.58 • Minimum Price = Direct costs (12.85) + Retailer Margin (30%) + VAT (23%)= 22.58 • Must consider advertising, warehousing, selling costs etc. • Aim: 30% manufacturer margin • Price based on substitutes and considering survey responses and landing pages = 29.99 € * •First production limited, if go via retailer: will face working capital problems as requires high scale financing. •Begin on-line, if establish a Best Seller will expand to retail *Price Protection Clause (not legal, retailers require it in contracts)
- 15. Hypothesis Many workers & student face a lack of food choice the tempbox is a convenient product People on the go appreciate the ability to bring their own food Heatability influence buy decision Price the customer is willing to pay Testing Validation Results Survey >75% agree we have 72% agreed for the moment. Survey Concluded from other questions Validated from other questions Survey >60% agree last slide of this presentation Survey >70% agree >80% = more than expected From the average: 25,3€ Survey (open question) 25/35 euros 1/3 evaluate it > 25 euros.
- 16. Other hypothesis tested 1. Heatability influences the purchase decision 2. Style influences the purchase decision 3. Multi-Plugability the purchase decision
- 17. Results Which of the following features of this product makes you want to purchase it?
- 18. Last hypothesis we tested: People on the go appreciate the ability to bring their own food Survey >60% agree BUT we expected too much to validate this assumption. validated Results: 60% students, 40% professionals answered the survey Both when people are AT their work place, or On the go, ‘bringing food from home is the second most chosen answer.
- 19. Business Model Canvas 2.0
- 20. Main changes to the B.M. 2.0 Price from 35€ to 29.99€ Multi-plug ability not as important as heat ability and design (Multiplug = Hetable) Differentiated product Had do add reliability and safety Channels: Added eBay Activities: Added social media and blog Revenue streams: + Advertisement and intermediaries - Retail and distributors (for now)
- 21. To do next: Develop more tests with the prototype Based on survey/interview results: - Reliability: Durability & safety - Warrantee Testing our revenue hypothesis