LEXTECH | Confidential - Do Not Distribute 1.630.420.9670 | [email protected] |
find your billion dollar apps
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LEXTECH | Confidential - Do Not Distribute 1.630.420.9670 | [email protected] |
Who is Alex Bratton?
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#BDAbook
✤Mobile Visionary
✤Author
✤Entrepreneur (x12)
✤Technologist
✤Chief Geek & CEO of Lextech
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
Think Differently about mobile
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LEXTECH | Confidential - Do Not Distribute 1.630.420.9670 | [email protected] |
billion dollar apps
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1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
billion dollar apps
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300% increase in sales close rate
60% time reduction for key production
process
#1 grossing app in iTunes for 14 weeks
60% time reduction in sales process
95% time reduction for key sales workflow
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
Auditing app
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Before After
66% time reduction
in key production
process
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video command center App
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Before After
Remote video
access from
anywhere, saves lives.
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
claim processing app
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Before After
96% increase in closed
sales.
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Inventory app
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Before After
60% time reduction
in key production
process
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generate App concepts
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score & Prioritize
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Criteria 1 2 3 4 5 6 7 8
New Revenue Potential (NRP) 3 5 1 2 2 1 3 5
Cost Savings Potential (CSP) 5 5 1 3 3 1 4 5
Q4 completion possible 5 5 3 5 5 5 1 5
Adds to customer stickiness 5 4 1 3 3 3 3 3
Effort necessary from IT team 3 4 1 3 2 3 1 3
Expected time to realize return 2 2 4 5 5 5 4 5
Cost to implement 3 4 2 4 4 3 1 2
Impact on existing process that requires retraining
4 3 2 5 5 4 2 2
% of identified workflow issues the app addresses
4 5 3 3 3 3 3 5
Risk to implementing 3 5 2 4 5 2 1 3
Existing mobile friendly back end services
5 3 4 3 4 1 3 3
How excited will end users be to use the app
4 5 3 5 5 5 3 5
Total 46 50 27 45 46 36 29 46
RANKING 2 1 6 3 2 4 5 2
Cust%aler*ng%
Cust%status%lookup%
Outside%contract%builder%
Outside%quo*ng%tool%
Inside%sales%quo*ng%
Inside%sales%specs%lookup%
Inside%sales%test%reports% Inside%sales%plate%drops%
0%
1%
2%
3%
4%
5%
6%
0% 1% 2% 3% 4% 5%Impa
ct'on'Cu
stom
er'
Es0mated'Effort'
0"
1"
2"
3"
4"
5"New"Revenue"Poten2al"(NRP)"
Cost"Savings"Poten2al"(CSP)"
%"of"iden2fied"workflow"issues"the"app"addresses"
Expected"2me"to"realize"return"
Q4"comple2on"possible"
How"excited"will"end"users"be"to"use"the"app"
Adds"to"customer"s2ckiness"
Cost"to"implement"
Impact"on"exis2ng"process"that"requires"retraining"
Risk"to"implemen2ng"
Exis2ng"mobile"friendly"back"end"services"
Effort"necessary"from"IT"team"
Top$4$App$Scores$by$Criteria$ Cust"status"lookup"
Inside"sales"test"reports"
Inside"sales"quo2ng"
Cust"aler2ng"
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Get started
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✤ Before: Hourglass
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Get started
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✤ After: Cheetah
✤ 96% time savings in key workflow
LEXTECH | Confidential - Do Not Distribute 1.630.420.9670 | [email protected] |
billion dollar apps Process
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1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
protectus insurance
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✤Sells insurance and financial products for individuals and families
✤$5 billion in annual revenue
✤Average of 3% annual growth
✤1,000 employees in sales
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
the process
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✤Articulate the business strategy.
✤ Identify the key workflows that support your strategy.
✤Evaluate each workflow and issues.
✤Map out app concepts to address workflow challenges.
✤Calculate ROA.
✤Score each concept to prioritize.
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
Articulate the business strategy
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✤Goal: Grow top line revenue by 10%
✤How: Increase sales rate by boosting the number of presentations without adding personnel and increasing the close rate.
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
identify key workflows
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✤Cold calls and email outreach
✤ Initial client meeting to gather information
✤Research and proposal creation
✤Present proposal
✤Close the sale
✤Delivery of the policy
!
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
evaluate workflows
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✤ Too many customer touch points
✤ Major time investment
✤ Constant interruptions to the sales process
✤ Data entry issues
✤ Too many people involved
✤ Only 56.25% of leads make it to the second meeting to see the proposal.
✤ 11.25% of initial meetings result in clients.
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App concepts
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✤Company overview
✤Customer brochure
✤Financial education
✤Sales training
✤Customer management
✤Sales rep dashboard
✤Sales ranking
✤Scenario modeling
✤Email template
✤Order entry
✤Document library
!
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App Suites
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✤Data collection and analysis
✤Customer engagement
✤Mobile training
✤Sales ranking
!
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App Scores for data collection & analysis suite
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✤Big impact on the strategic goals (5)
✤Little time to realize return (5)
✤Large investment (2)
✤Estimated 5-6 months to develop and implement the app (3)
✤Requires very little retraining (5)
✤Addresses 50% of existing workflow issues (5)
✤Slight risk based on cost and time to implement (3)
✤Current systems lack mobile-friendly programming interfaces (1)
✤Sales reps will react very positively to new tools (5)
!
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Calculate the impact
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New revenue potential (NRP)
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I * T * R / (100% - I) = NRP Impact * Time * Revenue / (100% - 1) = NRP
50% * 100% * $1000 / (100%-50%)!= $500
90% * 100% * $1000 / (100%-90%)!= $9000
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New revenue potential (NRP)
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I * T * R / (100% - I) = NRP Impact * Time * Revenue / (100% - 1) = NRP
30% * 50% * $5B / (100%-30%)!= $1.0B
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
cost savings potential (csP)
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I * T * C = CSP Impact * Time * Cost = CSP
30% * 50% * $50MM != $7.5M in hard cost savings
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Organizational impact (OI)
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100%! ! meeting 1!75%! ! ! schedule next!! ! ! ! lose 25%!56.25%!! meeting 2!! ! ! ! close 20%!11.25%!! final close rate
!
!
! ! ! ! !75%! ! ! meeting 2!! ! ! ! close 20%!15%! ! ! final close rate
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
Organizational impact (OI)
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100%! ! meeting 1!75%! ! ! schedule next!! ! ! ! lose 25%!56.25%!! meeting 2!! ! ! ! close 20%!11.25%!! final close rate
= 4.6% increase in close rate!= $231m
!
!
! ! ! ! !58.88%!! meeting 2!! ! ! ! close 20%!11.77%!! final close rate
1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute
return on app (ROA)
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(NRP <-> CSP) + OI = ROA !!
Potential ROA = $237m - $1B!
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conclusion
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The result of the Billion Dollar Apps process is a roadmap to mobile success.
LEXTECH | Confidential - Do Not Distribute 1.630.420.9670 | [email protected] |
the Book
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✤More about Protectus
✤More enterprise app success stories (and failures)
✤Detailed look at the BDA process