#lsmnyc team - smart books
DESCRIPTION
Winner of the "Don Quixote Award"TRANSCRIPT
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The Problem
University textbooks are too expensive Textbook content is widely available
The average college student spent more than $1,000 on textbooks per year, up
more than 40 percent since 2000.-College Board, 2010
Wikipedia, university sites, and not for profits offer the written content found in
major textbooks
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Solution
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Assumptions
1A 1B
Students will be comfortable watching and learning from videos
Students will pay for video content in place of print book
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MVP
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Process
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Analytics136 unique views
40 signup clicks
4 signups
35%
10%
Cycle #1: “Expensive” prompt
86 unique views
75 signup clicks
2 signups
15%
18%
Cycle #2: “Boring” prompt
25 unique views
6 signup clicks
0 signups
24%
0%
Cycle #3: “Supplement” prompt
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Analytics
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Conclusions and Next StepsConclusions• A majority of students are
comfortable learning from video• Students would be willing to
substitute engaging videos that mapped to their textbooks if they thought it was 100% comprehensive – though some would only use it as a supplement
• The loss of print book functionality (highlighting, writing in the margin, dog-earing pages) would stop many students from making a full switch
• Customers uniformly require a free trial before purchasing
Next steps• Pre-sell access to video books
• Quickly create new MVP:
– chapter of content and test for comprehension side by side with print book
– Sell chapter of content
• Establish relationships and have in person or telephone conversation with those that signed up on the site