polar photo team6
TRANSCRIPT
POLAR PHOTO
Aziza Jamgerchinova Hugh LeAdrien de Bontin
Team Members:
Engaged Couples16
Photographers10
Key Partners2
TOTAL 28
• Engaged couples are willing to spend time (e.g., 2 months) to find a photographer that is right
• Important factors are style/creativity, price, and personality fit
Day One ResultInitial Hypothesis
Engaged couples need to find a photographer quickly (within a couple of weeks) and prioritize convenience among one of the main decision criteriaFAILED
• While there is still demand for a unique “style,” there was no interest in hiring photographers with zero wedding experience
Day Two ResultInitial Hypothesis
To achieve non-traditional wedding photography, engaged couples want to hire fashion, art, and commercial photographersFAILED
• Top-tier fashion, art, and commercial photographers have no desire for wedding photography
• Novice fashion, art, and commercial photographers do not have enough experience as a professional photographer
• Customer archetypes becoming more apparent through interviews
Day Three ResultInitial Hypothesis
All fashion, art, and commercial photographers are open to photographing wedding for extra incomeFAILED
Understanding our customer archetypes will help us shape our product-market fit
Engaged CouplesPhotographers
Archetype Description
Well-Established• Many years of experience• Large client base that
provides sustainable business
Experienced and Open to New
Clients
• Many years of experience• Willing to expand client base• Not willing to advertise
outside core-photography types (e.g., art, fashion)
Up and Coming
• Some years of experience• Portfolio includes some
reputable brands, locations• Seeking opportunities to
showcase creative talent• Building customer base
Novice• Very little professional
experience• Portfolio not fully developed
Archetype Description
On Their Own
• No desire for a professional photographer
• Will ask friends to help with photography
On a Budget, Wants the Usual
• Price >> style• Focused more on traditional
style of photography
Know Their Vision
• Seeks photographer with specific vision in mind
• Willing to pay for better quality and more experience
Looking for Something New
• Actively seeks non-traditional type of photography
• Willingness to pay is high
Target Segments
• While style is important, other major factors that are on par include:– Price– Post-production presentation/control (e.g., layout of wedding book)
Day Four Result
Initial Hypothesis
Creativity and style are the main drivers of the photographer selection processFAILED
• Value proposition for Engaged Couples:– Get a greater value (i.e., lower price) for higher quality photographer– Trust in the level of quality of photographer– Ease of finding a photographer– Connection of being selected by an elite photographer
• Value proposition for Photographers:– Ability to select their subject – connection to the engaged couple– Access to and income from non-core market– Flexibility in scheduling a new project– Not having to maintain separate wedding website
Day Five Result
Initial Hypothesis
Engaged couples and photographers are interested in a new way of discovering each other
Initial feedback has been positive from
both customer segments
Contact Us About Us
How Does This Work?Engaged couples submit your story and let photographers come to you!
Our select photographers have years of experience in fashion, art, and commercial photography for some of the most reputable institutions…Have your wedding be next!
Photographers will bid on your wedding so you get a great photographer at a great value.
Photographers
• Adrien de Bontin
• Steven Blank• Bob Dorf• Jay Mehta• Nina Tandon• Anne• Andy• Sameer• Aziza• Hugh• Isabella• Francois
Engaged Couples:Submit Your Story
Photographers:Apply to Join Our Team
See Our Photographers’ Portfolios
How We MetWe both happened to be hiking in the Catskills when I ran
into Harrison as we were crossing trails…he literally knocked me down! I was furious at first but he was so apologetic and
made it up by cooking me dinner that night!
What We’re Looking For in a Photographer• Landscape or outdoor experience (venue outside)• Be willing to travel to upstate NY• Looking for rustic appeal, with a modern twist
Pertinent Details• Wedding: September 2nd, 2014• Location: Upstate New York• Time Commitment: 2 Days (rehearsal dinner, wedding, and
reception)
Kate and Harrison
More photos of Kate and Harrison
Bid on Wedding
Contact Us About UsHome
Contact Us About UsHome
Welcome back Kate and Harrison
You have 4 bids for your wedding!
Adrien de Bontin
Bid: $3500
Contact
See Bid
See Gallery
Isabella Trabola
Bid: $4500
Contact
See Bid
See Gallery
Francois Teneblu
Bid: $5000
Contact
See Bid
See Gallery
Alberto Minza
Bid: $4000
Contact
See Bid
See Gallery
Contact Us About UsHome
• Continue to validate the current product-market fit hypotheses with engaged couples and photographers
• Further test and refine revenue model
• Build a demo website
• Continue conversations with key partners in order to refine our “get” strategy
Next Steps
Appendix
Key partnerships Key activities Value propositions Customer relationships Customer segments
Key resources Channels
Cost structure Revenue streams
“We help engaged couples immortalize their wedding by creating personalized photography services”
Photos that capture your personality by offering services that are convenient, diverse, and vetted based on our professional photographic experience
• Individuals that desire high visual aesthetics• Convenience
(and time sensitive) but still desire a high-level of quality• Desire unique /
different photography (that they may not have known initially or have preconceived ideas)
• Wedding Planners• Strategic
Partnerships (e.g. gift registry, ring sellers) • Venues / Caterers• Social media• Word of mouth
• Strategic Partners• Wedding
planners• Couples (end-
users) based on Convenience / time-sensitivity and Uniqueness
• Photographers• Gift registry • Wedding
planners• Ring Sellers• Venues• Caterers• Individuals
• Studio / photo equipment• Talent• Web interface
(user interface, payment system)• Photo curator• Providing initial
set of edited photographs
• Wedding photos• Engagements photos• Editorial (vetting)
process • Relationship
management • Talent recruit. / Talent
mgmt.• Social media presence• Maintaining studio• Web interface • Business development• New product offerings
• Rent expense (studio)• PP&E (photography equipment purchase)• Website development / maintenance• Customer / relationship acquisition (time, resources) –Labor costs• Promotional material (Moleskin wedding book examples, etc.)• Advertising costs (e.g., Strategic partnership pitches, Google/
Facebook ads)
• Customer WTP (uniqueness, editorial process, convenience, strategic partnerships)• Payment process (to be researched)• Revenue streams (Fees from couples, strategic
partnerships, renting studio, product offerings)
DAY ONE
“We help engaged couples immortalize their wedding by creating personalized photography services”
Photos that capture your personality by offering services that are convenient, diverse, and vetted based on our professional photographic experience
• Individuals that desire high visual aesthetics• Convenience
(and time sensitive) but still desire a high-level of quality• Desire unique /
different photography (that they may not have known initially or have preconceived ideas)
• Wedding Planners• Strategic
Partnerships (e.g. gift registry, ring sellers) • Venues/Caterers• Social media• Word of mouth
• Strategic Partners• Wedding
planners• Couples (end-
users) based on Convenience / time-sensitivity and Uniqueness
• Photographers• Gift registry • Wedding
planners• Ring Sellers• Venues• Caterers• Individuals
• Studio / photo equipment• Talent• Web interface
(user interface, payment system)• Photo curator• Providing initial
set of edited photographs
• Wedding photos• Engagements photos• Editorial (vetting)
process • Relationship
management • Talent recruit. / Talent
mgmt.• Social media presence• Maintaining studio• Web interface • Business development• New product offerings
• Customer WTP (uniqueness, editorial process, convenience, strategic partnerships)• Payment process (to be researched)• Revenue streams (Fees from couples, strategic
partnerships, renting studio, product offerings)
• Rent expense (studio)• PP&E (photography equipment purchase)• Website development / maintenance• Customer / relationship acquisition (time, resources) –Labor costs• Promotional material (Moleskin wedding book examples, etc.)• Advertising costs (e.g., Strategic partnership pitches, Google/
Facebook ads)
Art, fashion, and commercial
photographers
Engaged couples looking to hire a
wedding photographer
“We help fashion, art, and commercial photographers earn
extra income by connecting them to
job opportunities shooting wedding
photography”
• High caliber photographers• Diverse style and
creative photos
• Access to non-core market• Platform to
advertise services• Extra income
Get• Word of Mouth• Personal networks• FB, Google ads• Photo equip expos• B&H, ICP fliersGet• Word of Mouth• Theknot.com ads
(wedding blogs)• FB, Google ads• Grad school fliers• Email newsletter
• Web platform• Links from
wedding blogs
• Management fee per transaction• Sign-up fee for photographers
DAY TWO
• Web platform• Links from
wedding blogs• Social media• Word of mouth
• Photographers• Gift registry • Wedding
planners• Ring Sellers• Venues• Caterers• Individuals
• Talent• Web interface
(user interface, payment system)• Photo curator• Providing initial
set of edited photographs
• Wedding photos• Engagements photos• Editorial (vetting)
process • Relationship
management • Talent recruit. / Talent
mgmt.• Social media presence• Web interface • Business development• New product offerings
• Customer WTP (uniqueness, editorial process, convenience, strategic partnerships)• Payment process (to be researched)• Revenue streams (Fees from couples, strategic
partnerships, product offerings)
• Website development / maintenance• Customer / relationship acquisition (time, resources) –Labor costs• Promotional material (Moleskin wedding book examples, etc.)• Advertising costs (e.g., Strategic partnership pitches, Google/
Facebook ads)
Art, fashion, and commercial
photographers
Engaged couples looking to hire a
wedding photographer
“We help fashion, art, and commercial photographers earn
extra income by connecting them to
job opportunities shooting wedding
photography”
• High caliber photographers• Diverse style and
creative photos
• Access to non-core market• Platform to
advertise services for professional services• Extra income• Maintain
anonymity• Opportunity to
showcase talent• Network with like-
minded peers
• Management fee per transaction• Sign-up fee for photographers• Additional product offerings (e.g.,
videography, 1-yr photos…)
DAY THREE
Get• Word of Mouth• Personal networks• FB, Google ads• Photo equip expos• B&H, ICP fliersGet• Word of Mouth• Theknot.com ads links
(wedding blogs)• FB, Google ads• Grad school fliers• Email newsletter
• Web platform
• Photographers• Gift registry • Wedding
planners• Ring Sellers• Venues• Caterers• Individuals
(friends/family)• Wedding blogs
and websites• Talent• Web interface
(user interface, payment system)• Photo curator• Providing initial
set of edited photographs
• Wedding photos• Engagements photos• Editorial (vetting)
process • Relationship
management • Talent recruit. / Talent
mgmt.• Social media presence• Web interface • Business development• New product offerings
• Management fee per transaction• Sign-up Membership fee for photographers• Additional product offerings (e.g., videography, 1-yr
photos)
• Website development / maintenance• Customer / relationship acquisition (time, resources) –Labor costs• Promotional material (Moleskin wedding book examples, etc.)• Advertising costs (e.g., Strategic partnership pitches, Google/
Facebook ads, wedding blog memberships / ads)
Art, fashion, and commercial
photographers
Engaged couples looking to hire a
wedding photographer
“We help fashion, art, and commercial photographers earn
income by connecting them to
job opportunities shooting wedding
photography”
• High caliber photographers• Diverse style and
creative photos
• Access to non-core market• Platform for
professional services• Extra Income• Maintain
anonymity• Opportunity to
showcase talent• Network with like-
minded peers
DAY FOUR
Get• Word of Mouth• Personal networks• FB, Google ads• Photo equip expos• B&H, ICP fliersGet• Word of Mouth• Theknot.com links
(wedding blogs)• FB, Google ads• Grad school fliers• Email newsletter
• Web platform
• Wedding planners• Venues• Individuals
(friends/family)• Wedding blogs
and websites
• Humano Photographerso Photo and
photographer curator
o Customer service rep.
• Web platform
• Wedding photos• Editorial process • Talent mgmt. • Talent
recruitment• Social media
presence• Maintain web
platform
• Website development / maintenance• Customer acquisition• Promotional material (Moleskin wedding book, etc.)• Advertising costs (e.g., Google/ Facebook ads, wedding
blog memberships / ads)
Art, fashion, and commercial
photographers
Engaged couples looking to hire a
wedding photographer
“We help fashion, art, and commercial photographers earn
income by connecting them to
job opportunities shooting wedding
photography”
• Lower price for higher caliber photographers• Trust in quality of
photography
• Access to non-core market• Web platform for
photo services• Income• Anonymity• Showcase talent
Get• Word of Mouth• Personal networks• FB, Google ads• Photo equip expos• B&H, ICP fliersGet• Word of Mouth• Theknot.com links
(wedding blogs)• FB, Google ads• Grad school fliers• Email newsletter
DAY FIVE
Additional product offerings (e.g., videography, 1-yr photos)
Management fee per transactionManagement fee per transaction
Interview Count and Main Takeaways
Key PartnersPhotographersEngaged Couples
Count 16 10 2
Takeaways • Need exists for wedding photography that is differentiated / creative• Willing to invest time to
find “right” style• Concern with hiring
photographers with no wedding experience• WTP for non-traditional
photographers may be lower than traditional
• Need exists for more income – weddings are not “extra” income• Desire for agency to
provide business services (collecting $)• Would like guarantee of
getting work• Customer acquisition is
done mainly by WOM – commercial prof. have separate websites• Demand may not be as
strong as we thought
• Interviews scheduled for later this week• Less of priority until
value proposition is vetted with customer segments• Will test customer
channels, pricing strategy, and how to maintain partnerships
Total Interviews: 28
Our services are designed to address specific needs per customer segment
Customer Segments Value Proposition
Photographers
Engaged Couples
Need: More income• Additional jobs during “downtime”• Requires less than 1 week of total work
Need: Time to focus on core customers• Eliminate maintaining separate wedding site• Provide access to non-core market
Need: Building intrinsic value• Challenging personal creativity in a “cookie-
cutter” photography market• Relate to engaged couple’s story, profiles
Need: Record of a special event• Prints, digital photos, videos, etc.
Need: High caliber photography at value• Desire of getting high-quality at a low price
Need: Trust in outcome• Photographers are vetted• Professionals only chosen with experience
Customer archetype profile:Isabella, the experienced/lifestyle photographer
What MattersBeen in the industry for many years, not looking to
shoot weddings but open to the opportunity
Key Attributes• 30 – 50 years old• Specialization in 2-3 styles (e.g., fashion, art)• <$60K per year income• Has large and diverse portfolio• Enjoys a lifestyle of working her current jobs and
does not want to be known for weddings
Current Needs• Platform to (anonymously) advertise for weddings• Balance uneven workload by having additional jobs• Desire to showcase creativity in a “stodgy” medium
“I will show how my experience in fashion and art will give a distinctive perspective to couples that want a different style of photography”
Customer archetype profile:Francois, the up-and-coming photographer
What MattersLooking to expand his portfolio / reputation by
showcasing his artistic talent
Key Attributes• 25 – 35 years old• <$30K per year income• Has curiosity of international projects• Has ~15 professional projects with reputable clients
Current Needs• Little business expertise – relies mainly on word of
mouth and personal contacts for new clients• Desire to grow reputation through more
commercial projects and creative shoots
“I will bring a unique style to any wedding that is nothing like the norm”
Customer archetype profile: Kira and Steve, the engaged couple with a set style in mind
What MattersHave a preconceived notion of the style of
photography and looking for the right “match”
Key Attributes• No particular age range• $60K -- $125K per year income• Desires photography that is different than “normal”
weddings, has an idea on type of style / creativity
Current Needs• Match of photographer style to that of the couple• Trust in caliber of photographer that can deliver
higher quality compared to specialized wedding photographers
“We want something different than the wedding photos we have seen, we have a style in mind but haven’t found a photographer that exactly matches what we want”
Customer archetype profile: Victoria and Lucian, the engaged couple looking for something new
What MattersSeeking avant-garde photography that is different
than any preconceived ideas
Key Attributes• No particular age range• ~$125K per year income• High willingness-to-pay if style, creativity are met
Current Needs• Trust that outcome will match expectations (based
on portfolio and meeting with photographer)• Differentiated style of photography that matches
creative taste of the couple• Some experience shooting large events
“We know what we want when we see it – but we know it won’t be like any other wedding photography that we have seen”
Day in the Life Of (workflow)…A professional photographer
Correspond with current clients
Contact network, WOM referrals
Check with assistants re: future jobs
Check Emails / Call Leads
Majority of the day is spent on contacting or following-up on leads or referrals
Shoot samples, edit, find inspiration
Attend party or other networking opportunities
When not shooting, less time is spent on planning future jobs
or editing jobs
Polar Photo solves the need of contacting potential leads by completing the customer
acquisition process for a photographer
Additional steps for customer acquisition
The “get” strategy will initially focus on personal networks but will evolve to larger audiences
Customer Segment “Get” Strategy Initial Feedback / Discussion
Photographers
WOM, Personal Networks
• Personal networks are a primary source• Mixed response from photographers –
more positive in targeted segments• Need to become involved in industry
groups to gain brand equity
Photo equipment expos
B&H, ICP fliers and events
Engaged Couples
WOM, Personal Networks
• Personal networks and wedding blogs are currently primary sources to target
• Direct advertising on wedding blogs can be tedious and a large investment
• Promotional events are only one-time• Engaged couple customer acquisition
remains an important issue / risk
Direct Advertising (FB, Google, wedding blogs)Email newsletter
Promotional events (e.g., competition for free wedding photo.)
We are targeting four main partners to attract both photographers and engaged couples
EngagedCouples Photographers
Friends / Family
Wedding Blogs / Websites
Wedding Planners
WeddingVenues
“Get” Strategy Key Partners
Revenue will be generated through transaction fees and photographer membership fees
RevenueStream
TransactionFee
Collect a percent of the price charged
for the event
MembershipFee
Charge a membership fee to
be in the agency
Description Pricing Strategy and Initial Feedback
• Photographer fee ranges from $2.5K - $10K• Target photographer segments are willing to
work for $2.5K - $5K• Willing to pay a management fee
• Data from wedding blogs (i.e., The Knot, JuneBug weddings) is that membership fees cost $1,800 - $5,700 per year
• Willing to pay a membership fee – but would need a guarantee that a job will be secured
• Membership fee may not have to be paid until first job is completed
• Polar Photo will manage all business related activities between couple and photographer
As of Day 4
Polar Photo’s target market is $3M of a $143M available market in New York
Total US Market• 2,118,000 marriages in 2011…• …6.8% of US population (per K)• Assume 20% hire photographer• Assume $10,000 per wedding**
New York City Market• 71,401 marriages in 2011• Assume 20% hire photographer• Assume $10,000 per wedding**
Polar Photo Target Market• Assume 2% market penetration• Equates to ~285 weddings/year
Market Sizing DiscussionWedding Photography Market (2011, $M)
3
Total Market (US) Available Market (NYC)
4,236
143
Target Market
**based on day one interviews