transitioning an established desktop-only business to a desktop + mobile business | daren cotter
DESCRIPTION
Transitioning an Established Desktop-only Business to a Desktop + Mobile Business In this session you will learn about how InboxDollars transitioned from being a desktop-only business to a desktop + mobile business. - The importance of data to drive the decision of ‘when’ and ‘what’ - How to face disruption and innovate within an established company - How to build a connected consumer experience from Desktop to Mobile App - How to leverage core competencies in a new marketTRANSCRIPT
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InboxDollars
Transitioning an established desktop business to mobile
MobCon 2014
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Transitioning to mobile
How we responded (and continue to respond)
Key learnings
Introduction to InboxDollars
State of the company 2012-2013
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InboxDollars
Connect consumers & advertisers in a way that benefits both
Consumers:
earn cash rewards for their online & mobile activities
Advertisers:
targeted & performance-based
advertising
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Executive Summary
Founded in 2000
~$25 million revenue, 45 employees
1.6 million active members
More than $35 million paid to members
International (UK + Canada)
Self-funded & profitable
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State of the company in 2013
We will build a mobile app
eventually
We will wait on our
partners to grow
Mobile Usage
Internet Average InboxDollars
60%
50%
40%
30%
20%
10%
0%January 2013
45%
Data challenged those
assumptions
January 2014
95%
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Why did this shift?
Acquisition model Demographics of members
(“value consumer”)
Smartphones became
home computer
++
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Key insights and next steps
Build Mobile
Web offering
Mobile is EXTREMELY important
We can no longer wait/rely on our partners
1.
01Raised priority of
building a mobile
app
02
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After
Mobile Web
Built mobile web product offering
Used internal product & development teams
Before After Before Before AfterAfter
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Mobile Web
Before After
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Mobile Web
Before After
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Mobile Web
Before After
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Results
Increased signup
conversation rate
Increased monetization
and lifetime value of
signups
Monetization Changes w/ Milestones80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
Milestones
G.P
.S
Delta
HO
ME
PA
GE
OFFE
RS
PA
GE
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Next Steps in Mobile Web
Mobile web-
specific activities
App installs
Mobile friendly surveys
01Continue
to refine UI
02
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Mobile App
Built native app for iOS & Android
driven by consumer demand
Consumers prefer native apps:80% of time spent on a mobile device is spent in an app
(compared with 20% in browsers)*
Used external partner to build & scale
quickly
*Flurry from Yahoo
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Results
Monthly active users Monetization lifetime value
vs. acquisition expenses
App MAU
Sca
lin
g A
cq
uis
itio
n
Pa
id A
cq
uis
itio
n S
tart
s
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
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Next steps in Mobile App
Mobile app-
specific activities
Scan grocery receipts
Geo-targeted surveys/customer feedback
01Stand alone
mobile app
offering
02
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Key learnings
Data
Strengths & Weaknesses
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Data
We are very good at data, but had blind spots
We started to ask the right questions
We learned quickly:
% Signups from Mobile
Mobile RPM (revenue per member)
We adjusted the business plan:
Built mobile web offering
Increased priority of mobile app
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Strengths & Weaknesses
Leverage core competencies Seeking expertise in areas of
weakness
Strengths: Weaknesses:
Relationships
Media buying Mobile development – outside partner
Mobile strategy & expertise –built Product team
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Summary
Data
Powerful tool when used effectively
Strengths & Weaknesses
Know how your strengths relate to new market
Be honest about weaknesses and seek solutions
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Questions?
Daren Cotter
Founder and CEO, InboxDollars
@DarenCotter