The Problem. Attracting and retaining good staff is difficult Especially for small to medium sized companies

Transcription

1

2 The Problem Attracting and retaining good staff is difficult Especially for small to medium sized companies I just don t have the budget to hire her but I know she will be an amazing asset for our company. How do we get her? - Frustrated hiring manager

3 The Solution An employee perks program for companies of all sizes. But there have been employee perks around for a long time, why create another?

4 The Solution An employee perks program for companies of all sizes. Because small to medium sized companies don t have enough staff to warrant sufficient discounts for employee perks. Group buying gives access the same employee perks for smaller businesses that larger companies can afford.

5 Value Proposition Retain staff for the little guy PerkUp does this by providing employee perks using group buying discounts for fitness, health insurance, mobile phone plans, travel and childcare.

6 Business Model 2-sided market End Users Employees of small to medium sized companies Customers Small to medium sized companies $3/month/employee Suppliers Companies offering discounted employee perk products Monthly subscription. 30-day free trial. Yearly contract discount.

7 Stakeholders External Stakeholder Employees (end users) Human Resources Managers (customers) Business Development Managers (suppliers) Involvement Product user Purchaser Main supplier Needed level of involvement High High High

8 Stakeholders Internal Stakeholder Involvement Needed level of involvement Software Engineers Product team High Marketing Channels Medium Sales Conversions Low

9 Stakeholders Internal Stakeholder Involvement Needed level of involvement Designers Product team Low Community Manager Channels Low Suppliers Liaison Product Supply Low

10 Objectives Year 1 Prove model in Australia partnering with 12 significant suppliers and gaining 200 customers. Become the most used employee perk provider on mobile by employees. Year 2-5 Expand into Britain, Hong Kong and Singapore, gaining a significant foothold on local suppliers.

11 Market Size Target market Businesses with between 50 and 200 staff in Australia Target market 40,000 businesses in Australia have employees in Australia (in Britain this number is 180,000) Average employees in this set = 55 employees Total employees in this set = 2.2m employees

12 Market Value $80m potential market in Australia for Employee Perks Approximately $80m is spent on employee perks each year for large companies. (Average employee of a large company receives $800 per year in non-monetary incentives for large companies across approximately 100,000 employees in Australia) Another $80m (approx. $36 per employer per year) to be spent on Small to Medium Enterprises with the aid of group buying power through

13 Market Trends Reduced profitability of many small to medium sized enterprises in Australia over the last 5 years has stopped or reduced bonus sizes. Consecutive years of no monetary bonuses for various industries in Australia has further opened up the need for nonmonetary incentives. Work perks have become commonplace to replace pay rises in Australia, UK and US

14 Competition Competitor Pro Con WorkPerks by Venngo AnyPerk Great Work Perks Large existing footprint Strong brand name customers Wide offering Poor UX and perk product offers Weak transparency Poor customer interface and offers Working Advantage Wide offering Ambiguous offering

15 Product Lifecycle Year 0 Development Build MVP, continue to iterate on ongoing customer feedback from prototype built, build community through blogging and events, sign up suppliers (200 target). Year 1 Introduction Focus on marketing to HR (decision makers) through blogging and events, increase organic lead gen through built in sharing features in product for existing users.

16 Product Lifecycle Years 2-3 Growth Build out integration features with major suppliers to allow real time perks redemption and automated onboarding for new suppliers to the platform. Build sales team. Increase paid marketing spend. Year 4 Maturity Product refinements complete, reduce engineering headcount, focus on keeping market share through increasing number of relationship managers, reduce marketing spend. Look at market sentiment and possible sale if a solid price to earnings ratio can be found.

17 Product Lifecycle Year 5 Decline Look for growth by acquisition for complementary businesses such as employee rewards providers as well as learning and development companies for incremental revenue from existing users. If not profitable, look for a sale if held to decline.

18 Revenue and Costs Source Year 1 Year 2 Subscription Revenue $90,000 $360,000 Development Costs -$60,000 -$30000 Hosting Costs -$5000 -$6000 Marketing -$10,000 -$30,000 Gross Profit $15,000 $294,000

19 Risks and Assumptions Assumptions Employees value perks when assessing a company to work for Employees will stay with a company longer or be attracted to a company due to perks Small companies are unable to get access to the same type of perks that large companies can Risks Small companies can t justify the intangible effect that perks have on staff retention and happiness

20 Metrics AARRR - Customer Acquisition Metric: Page views Measurement: views 2 pages, +20 seconds on site Success: 60% of page views

21 Metrics AARRR - Customer Activation Request More Info Metric: s Measurement: Number of request info signups Success: 20% of page views Free 30 Day Trial Activation Metric: Signups Measurement: Number of free trial signups Success: 2% of page views

22 Metrics AARRR - Customer Retention Metric: open and click through Measurement: open to click through ratio Success: 4% Referral Metric: Discount offer description is shared Measurement: Number of s to friends sent Success: 2%

23 Metrics AARRR - Customer Revenue Metric: User upgrades to paid version at end of free trial Measurement: Ratio of paid to total free trials taken Success: 40% $

24 Technology Ruby on Rails Github for source code control Amazon AWS for web hosting Heroku (Minimum Viable Product web hosting) Jira development management Harvest time tracking ios Objective C for end user mobile app Trello task management reinteractive Development (Rails developer)

25 Product Roadmap Time Objectives Key Results Reasoning Year 0, Q1 Build team Developer sourced Product team Year 0, Q1 User research 50 more customer interviews Validated assumptions Year 0, Q1 User experience 100 users test prototype Solution interviews

26 Product Roadmap Time Objectives Key Results Reasoning Year 0, Q2 Year 0, Q2 Minimum viable product User uptake Completed Responsive user app complete Get to market Test revenue model Year 0, Q2 Suppliers Add 50 new suppliers Product offering

27 Product Roadmap Time Objectives Key Results Reasoning Year 0, Q3 Marketing Lead generation Customers Year 0, Q3 Sales Add 50 new supply partners and 50 new customers Year 0, Q4 Billing Add in auto-billing Revenue Revenue collection

28 Personas Employee (end user) Stuart Other companies give their staff gym and health insurance perks Reid Demographics 38 years old, Wife, 1 child, another on the way, mortgage, $105,000, Project Manager at small engineering consultancy Devices used Pain Points Missing out L

29 User story and prototyping 1. Stuart needs a new health insurance provider as his family is growing with a baby on the way 2. He goes to getperkup.com and searches for health insurance 3. Stuart finds PerkUp have partnered with Bupa to offer a 15% yearly discount on their family plan and clicks redeem under his login to get the discount.

30 Wireframe and Minimum Viable Product 1. Simple view for relevant employee perks 2. Easy search function 3. Ability to redeem within the site click into each perk to redeem

31 Questions