Week 7 common ground presentation
- 1. Corey Rossi, Dewen, Zhang, Jiyeon Park | Creative Founders | Fall 2020 | Oct. 18th, 2020 Week7:Commonground
- 2. Hello,We arecommonground- Corey Rossi Jiyeon Park Dewen Zhang Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 1 OurMission “To provide opportunities by ensuring that people gain the skills, and knowledge, that will empower companionships. ”
- 3. Molecule Current Pet owners Solution Lack of transparency in veterinary prices and services limits their access to provide the proper care Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 2
- 4. Whyisthis a problem? Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 3 $23,000 “Doeverything” 1/ 3 Average lifetime cost of owning a dog can be around $23,000 The perceived social pressure to “do everything” for a pet can guilt people into spending high cost options 1 / 3 animals require emergency veterinary care each year
- 5. evidence Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 4 60% ● From 60% of our interviews we found that people are comfortable going online to find solutions for their pets health before escalating the issue to a veterinarian due to the fear of vet costs. 100% ● 100% of our Interviewees said that they receive the invoice at the end of the process and the bills are always more than what they’ve expected. 100% 100% ● Out of the interviewees who did not own pet insurance agreed that they either did not know about the existence, do not trust, or feels unnecessary. ● 100% of our interviewees agreed that they are willing to pay for the vet cost regardless of the price.
- 6. Customerstory 01 Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 5
- 7. Explainervideo Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 6
- 8. Landingpage Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 7
- 9. Businessinformation 02 Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 8
- 10. Businessstructure Structure Revenue Model Relationships Delivery Channels B2C - Business to Customer Marketplace Online In Progress Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 9
- 11. Markettype Resegment an existing market as a niche player Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 10
- 12. 1.Pet loving IXD designers 2.We are lifetime pet owners 3.We have team members that are passionately looking to adopt. 4. The audience we want to reach is represented by our team Week7:Leancanvas Problem Existing Alternatives Customer Segments Early Adopters 1. Vet prices aren’t explained thoroughly 2. The costs of certain vet services are unpredictable 1. pet insurance companies provide different cost rates 2. Petdesk allows users to receive notifications about check-ups 3. airvet provides a way to do check ups easily over the phone. 1. Pet owners trying to save money / time 2. Pet owners needing affordable & reliable care for their pets Pet Owners Channels 1. App Service 2. Web Service Unique Value Proposition Unfair Advantage 1. Alleviating pet owners’ fears of the vet due to unexpected prices or rates. 2.Taking care of your pet with confidence 3.Taking out the guess work in your vet bills. 4.Giving the best care you can to your pet Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 11 1. Subscription 2. Marketing service 3. Advertisement (Sponsored product) Revenue Streams
- 13. Marketinformation 03 Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 12
- 14. Marketresearch:veterinarycaremarket SOM 5% market share in dog and cat veterinary care market in the Bay Area. Market size is about $27 million. TAM U.S. veterinary care is a nearly $20 billion market in 2019, with an estimated growth rate of 5% per year. SAM Veterinary care for pet dogs and cats in the Bay Area: $531 million Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 13
- 15. Marketresearch:veterinarymarketing andmanagement SOM Marketing budget for a typical veterinarian clinic is around 3% of its total budget. Multiply that with our obtainable vet care market we get $27 million * 3% = $81 k TAM The total veterinary marketing market in US is around $20 billion * 3% = $600 million SAM In the Bay Area, veterinary marketing cost totals up to $531 million * 3% = $15 million Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 14
- 16. Comparativeresearch Full service Self service Professional-drivenCommunity-driven Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 15
- 17. Nextsteps 04 Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 16
- 18. What areournextsteps? 01 02 03 04 Keep reaching out to veterinarian in order to receive solid point of view Begin validating our product with target users Define our revenue streams more clearly with the solution Tune our engine into a phase of ideating solutions. Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 17
- 19. Thankyou! Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 18
- 20. Referenceresources 00 Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 19
- 21. WeeklyCustomerdevelopment Week Type of Contact # of Interviewees Week 3 Week 4 Week 5 Week 6 Week 7 24 Zoom Meeting Interview Zoom Meeting Interview Written Response / Interview - Reached out to vet / faculties 5 2 Reached out to vet / Collected target users through Google form Updated and finalized the Business and market informations Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 20
- 22. Leancanvasfirstdraft:9/27/20 Problem In Progress Existing Alternatives Customer Segments Early Adopters 1. Vet prices aren’t explained thoroughly 2. The costs of certain vet services are unpredictable 3. Can’t remember to do check ups for animals 1. pet insurance companies provide different cost rates 2. Petdesk allows users to receive notifications about check-ups 3. airvet provides a way to do check ups easily over the phone. 1. Pet owners trying to save money / time 2. Pet owners needing affordable & reliable care for their pets Pet Owners Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 21
- 23. Leancanvasdraft:10/4/20 Problem In Progress Existing Alternatives Customer Segments Early Adopters 1. Vet prices aren’t explained thoroughly 2. The costs of certain vet services are unpredictable 3. Can’t remember to do check ups for animals 1. pet insurance companies provide different cost rates 2. Petdesk allows users to receive notifications about check-ups 3. airvet provides a way to do check ups easily over the phone. 1. Pet owners trying to save money / time 2. Pet owners needing affordable & reliable care for their pets Pet Owners Channels 1. App Service 2. Web Service Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 22 Changes = Changes Made
- 24. Leancanvasdraft:10/10/20 1.Pet loving IXD designers 2.We are lifetime pet owners 3.We have team members that are passionately looking to adopt. 4. The audience we want to reach is represented by our team Problem Existing Alternatives Customer Segments Early Adopters 1. Vet prices aren’t explained thoroughly 2. The costs of certain vet services are unpredictable 3. Can’t remember to do check ups for animals 1. pet insurance companies provide different cost rates 2. Petdesk allows users to receive notifications about check-ups 3. airvet provides a way to do check ups easily over the phone. 1. Pet owners trying to save money / time 2. Pet owners needing affordable & reliable care for their pets Pet Owners Channels 1. App Service 2. Web Service Unfair Advantage 1. Alleviating pet owners’ fears of the vet due to unexpected prices or rates. 2.Taking care of your pet with confidence 3.Taking out the guess work in your vet bills. 4.Giving the best care you can to your pet Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 23 Changes = Changes Made
- 25. Marketdata firstdraft:9/20/20 TAM - Total Market Size: - Pet adoption Market (Approximately 100 million) SAM -Serviceable Available Market: - The Adoption Market, The pet matching adoption market SOM - Serviceable (or segmented) Obtainable Market : - Provide a pet matching adoption service into the Pet Adoption Market Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 24
- 26. Marketdata draft:9/27/20 SOM 5% market share in dog and cat veterinary care market in the Bay Area. Market size is about $27 million. TAM U.S. veterinary care is a nearly $20 billion market in 2019, with an estimated growth rate of 5% per year. SAM Veterinary care for pet dogs and cats in the Bay Area: $531 million Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 25 Changes = Changes Made
- 27. Comparativeresearch:9/27/20 High Cost ServiceProduct Low Cost Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 26
- 28. Comparativeresearch:10/4/20 High Cost ServiceProduct Low Cost Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 27 = Changes Made
- 29. MarketresearchReference ○ Basic expense structure of a veterinarian clinic: Payroll, Sales and Marketing and Other Expenses, Depreciation, Leased Equipment, Utilities, Insurance, Rent, Payroll Taxes. https://www.bplans.com/veterinary-clinic-business-plan/financial-plan/ ○ Report on Telemedicine https://www.avma.org/sites/default/files/resources/Telemedicine-Report-2016.pdf ○ $8-13k for marketing/management to open a Veterinary Clinic, about 10% https://howtostartanllc.com/business-ideas/veterinary ○ iVET360 says you should consider spending around 2 to 3% of your revenue on marketing if you really want to increase your new client growth and keep your foundational marketing best practices, like your website, functioning properly https://ivet360.com/five-tips-for-creating-marketing-plan/#:~:text=iVET360%20says%20you%20should%20consider,like%20y our%20website%2C%20functioning%20properly. ○ Veterinarian care providers that focus on wellness have the highest gross revenue ratio over 25% (26) https://www.avma.org/sites/default/files/resources/2018-econ-rpt3-veterinary-services.pdf ○ Article about unnecessary veterinarian treatment and cost https://www.dailymail.co.uk/news/article-1232217/Why-Im-ashamed-vet-shocking-expose-profession-puts-pets-painful-unnecessary-treatme nts-fleece-trusting-owners.html ○ The truth is: Your veterinarian may not actually know the procedure costs https://www.healthline.com/health/expensive-pet-care#The-truth-is:-Your-veterinarian-may-not-actually-know-the-procedure-costs ○ “Some Veterinarians Sell Unnecessary Shots, Tests to Make Extra Money, Says Former Vet” https://abcnews.go.com/US/veterinarians-sell-unnecessary-shots-tests-make-extra-money/story?id=20967672 ○ “Veterinary Costs: Where Does Your Money Go?” http://www.veterinarybusinessmatters.com/2018/09/07/veterinary-costs-where-does-your-money-go/ Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 28
- 30. Corey Rossi, Jiyeon Park, Dewen Zhang | Common Ground | 10/18/20 | 29 Landingpage+ExplainerVideoLinks ● Landing Page: ○ https://parkjiyeon3.wixsite.com/commonground ● Explainer Video: ○ https://drive.google.com/file/d/15SLoJlhLr7gPzA4fQkYBvU--gOB4B5_Z/view?usp=s haring