JumpToGoal Opportunity Analysis Project

LifeStyle Technologies teamDemo Desk

jumptogoal.comlifestyletech.launchrock.com

Survey

Stanford University, Technology Entrepreneurship - 2012

Key points » 1. JumpToGoal: initial idea» 2. Interview and survey results» 3. Market size analysis » 4. Changes in initial idea

1. JumpToGoal: initial idea

JumpToGoal is a service that will help you to raise a strong motivation for an accomplishment.

Motivation sources: social recognition, peer review, money guarantee with publicly announced amount.

The primary interaction way is a mobile application, the secondary is a website.

Both ways a user can add goals, identify milestones and set deadlines. Then he will choose people whom he trusts. These people will give him a mark for each milestone. To make the things real he makes a deposit, say, 100 USD (Paypal, credit card). If he fails this money will be distributed among the friends he has chosen. If he succeeds, he’ll receive money back (except fee).

Goal examples:- learn Spanish before the trip to Spain.- stop smoking before the Christmas.- visit ten countries during the vacation.- accumulate money and buy a car without borrowing.

Business model assumptions tested, briefly:• Customer segment: people with active life position, starting from

age 18.• Value proposition: social and money motivation.• Revenue streams: commission from money turnover; interest

income from bank deposit accounts (money from customers will be stored in banks).

2. Interview and survey results

We performed 27 face-to-face interviews in Ukraine and reached 31 potential customers from ten countries of Europe and Northern America through survey.

During face to face interviews we interviewed people aged from 20 to 41, different occupations. First, we told about the idea. Next, we asked these questions:1. Are you interested it this service?2. Will you send a money guarantee right now?3. What’s the amount you’re willing to use as a guarantee?4. How many people would you invite to be your judges?5. What are other incentives which would help you?6. Would you share your progress with others (Facebook, Twitter, G+)?

The majority of people said that the service is interesting, but they won’t use it on a daily basis. Most of them said that they won’t make a deposit. Those who said they will, told us that a deposit 40-80% percent of monthly income would be an effective incentive for them. The biggest concern was the safety of a deposit and objectivity of judges.

Respondents met face-to-face gave following suggestions:

» integration with social networks» financial incentive should be a secondary feature» mentors should help to set goals» niche markets: acquiring and getting rid of habits» gamification (awarding badges, stars for achieving

goals).

Through the survey we reached people aged from 18 to 50, different occupations.

We asked these questions:1. What is your life position? 2. What motivates you the most to achieve your goals?3. Described the idea and asked if they will use this method of motivation.4. How many people would you invite for this method of motivation?5. How much money would you bet for the goal?6. Asked to suggest problems they are facing when achieving the goal.7. Asked for questions and remarks.8. Asked for demographic information.

We’ve got the following results.

1. What is your life position? 41% of the respondents participate actively in social and/or community life, 52% sometimes take part in social/community life. From those who were interested in the idea and may try it, 50% participate actively and 50% sometimes take part.

85%

37%

33%

26%

4% 4%

Self-motivation

Deadline

Relatives or friends

Money

Nothing can motivate me

Other

2. What motivates you the most to achieve your goals? (Multiple choice question, up to three items)26% mentioned money among motivators, 33% mentioned relatives or friends, but only 6% mentioned both money and friends.

(You can see motivators ranged by priorities on the diagram).

We suppose that we have two different types of customers.

3. Would you use this method of motivation?

The survey shows that 52% out of our target customers are interested in an idea, but only 4% might try it immediately.That corresponds with the finding about the two types of customers. Our initial idea doesn’t satisfy one niche customer type totally, but satisfy two types particularly.One person commented: “I don't have a goal to drop smoking, but if I did I wouldn't have the $100 in the first place”.

4. How many people would you invite for this method of motivation?82% of those who was interested in the idea would invite 1-3 judges (our initial idea supposed more than 5 for a few reasons).

5. How much money would you bet for the goal?70% stated to bet less than 10% of monthly income.

5. Asked to suggest problems they are facing when achieving the goal.Most common problem is to prioritize activities.

3. Market size analysis

Due to our survey results, we’ve divided people surveyed in four categories:

CustomerOur potential customer is a person who has a lack of motivation to achieve goals.

How can we help:» fix the goal (write it down)» set deadlines and milestones» push by peer reviews» help to preserve the motivation

Market segmentsWe defined following niches:» Amature sports» Learning foreign languages» Diet/weight control» Help save money for goods (car, consumer electronics)» Help arrange travel» Replacement of microcreditsAll segments need detailed analysis, because they need different approaches.

Market size (amature sports)

Product: create a separate app for each niche, using freemium model. A source of motivation: posting progress in achieving goals in social networks.

20 million people go in for amature sports in Europe and North America.

Nearly half of them need help in setting and achieving goals (peer review).

Let’s assume 3%-5% will like our app, so we get 240,000 downloads.

It’s considered that 15% users will use the app after downloading it. We get 36,000 active users. Only 10% of them will use premium features.

If we take 30$ a year from a user, we have 108,000$ a year from one niche app (100,000$ a year is considered a good profit for a mobile app).

4. Changes in initial ideaChanges in business model:

• Customer segment: people who want to reach a goal, starting from age 18, motivated by friends or relatives.

• Value proposition: social motivation.We decided to concentrate on one segment, but deeper – on people motivated by peers. Due to our survey, this segment is bigger and closer to our interests.

• Revenue streams: should be reviewed due to a new value proposition.

Under these changes we can review our market segments and enter to the bigger market.

Other changes:- low number (1-3) judges allowed- experiments with gamification- money guarantee (deposit) as a secondary feature only- think how can we help to prioritize activities

Thank you for your attention!

LifeStyle Tech, 2012JumpToGoal. No more excuses