Below you’ll find an overview of your current value proposition, seen from the eyes of the customer. The customers are ranking your value proposition on 6 different product specifications. These product specifications are a direct results of your VP-decisions. Moreover, you’ll find your current product-market fit.
Below you’ll find information about your customer segment. The higher your research score, the more you’ll uncover about the customer segment.
Customer Jobs: We’ve called our persona Mike. He may be interested in a wearable that is based on gene technology. He’s honest and fortright and therefore is looking for something simple, real and “no-nonsense”. He is friendly and informal.
His primary requirements would be that the product remains simple, functional and intuitive, meaning that he wants the product to omit superfluous details to reduce complexity but that still has many useful and working features. He wants a tool that helps him to achieve specific goals in a very complete manner while keeping everything simple and without burdens. That could be achieved through algorithms with his personal information but he wants the data to be protected. The wearable should endure through time thus the battery and a guarantee should be available.
Pains: Mike struggles to use smarter gadgets because his main problem is that nothing on the market is simple and functional at the same time. He also is no show off and the typical gadgets are made for less discrete people than him. He’d like to have some more info about his performance without any effort and most importantly without having to worry about data security.
Pains: Mike would be very happy when he can get a simple gadget that is discrete and very easily usable. He wants to click a single button and have the mainline responses right away. It would be perfect for him to be sure that his data is protected. Validated experiences is a strong asset in simplifying his life. He would like to have straight forward features and efficient in his wearable.
3. Ease of use
4. Simplified experiences
5. Automate experiences
9. Extended Guarantee
10. Personalized Services
As we were focused on a specific product (our microchip) and filling in the credits in relation to it, results were clearly showing us that something’s gone wrong. Together as a team, we decided to drastically change our strategy and put a 100% focus on the description of Mike. We decided to keep our credits on the Resources Box from the canvas approximately the same as the previous round. However, small changes were made concerning the VP, adapting the credits to the new discovered VP cards. Concerning our potential partners, we decided to risk and not to attribute a heavy amount of credits to this section. We make an affordable loss by using this strategy. As there is only one more round left, we need rapid change and we believe that this round our company will flip the leaderboards. In order our team strategy consistency, every day, after the results are released, we start to decide the main strategy we want to follow and usually we are consistent between the team. Relating to our main decisions on the general strategy, we are all thinking is better to keep our long term thinking and keeping the value proposition as closer as possible to the customer description. But obviously, inside the team there are differences on which options we should choose in order to follow our main strategy. Anyways, at the end, we are more or less agree with the rest of the group on our decisions. We decided to invest money in our marketing strategy, especially in digital marketing. Our main source for sales is our website and also we are thinking to advertise our product through social media and influencers. Furthermore, our strategy is to dispose our product for sponsorships in sports and other sectors that need this combination of knowledge and technology. Additionally we rely on our credibility and we believe in the power of word of mouth. If you have delighted customers, you can keep them faithful and they will recommend you everywhere. Considering our growth strategy, we hope to develop and scale our business up by investing as much as possible on value (our product) which will guarantee stability and, in time, growth in clientele. Furthermore, we also hope to expend our market margin by investing a considerable amount of credits in marketing, specially the online channels (social media, blogging and search engines). Therefore, for this round, we focused 35% of our credits in value (making the best product according to our customer needs) and 20% in relationship and channel building, what makes more than 50% of our budget. To conclude this assessment, after finding out exactly what products our competitors are building, we are thinking that we are ahead everybody taking into account the longevity of our idea. The chip we are building is and will be actual a lot of time ahead, no matter the age, financial level or social status. The need to get help will be always actual. Another thing, we are in a total democracy – all the opinions are taken into account. Even if our results differ from one round to another, everybody in our team influences the decision making. The harmony we are building is important in long term. Also, we always stay focused on researches, because we believe that it will bring us success in long term. We are concentrated on growing steady, rather than immediate profit.
Mangu is looking for a bracelet with features enabled with cutting edge technology. This is something that is not yet in the market.
She is a tech freak and wants a wearable that can keep her on track while she does crazy adventures and parties outside her daily routine. She is easily bored.
Gains: She gets tired of her current wearable because lots of peers have the same product. She wants to try some new features every month, and wants to be one of the first customers who get these updates. While she enjoys the wearable, she just found the battery life is not up to expect, actually the frequent use drains the battery too fast. It would be nicer if the design is more fashionable and personal.
Pains: Mangu would be happy if the wearable bracelet could change its look every month. Keeping track with her daily activities, and analysing her interests, . It should track her data to provide new life experiences like extreme sports, destination wedding or adventure sports. Mangu will be very impressed if the bracelet tracks her vitals minute to minute and ensure that medical situations like stroke, cramps, fracture can be prevented. It will be great if she can get instant X-rays while doing adventure sports.
2. Engaging technology
5. Engage of functionality
8. Try before you buy
9. Personalized service
10. Environmental sensitivity
Group 2: Extra-Sight Axelle Mimran Bolaji Shutti Eriselda Lako Raha Razavi Beena Adhikari Reza Arjomand QUESTION 1: “What is your strategy for the last two round” : In round two of the game, the team was mainly focused on spending our budget on value proposition and customer segments. we designed a product with variety of features in order to satisfy the demand of our adventurous customers. This was especially necessary, because the customer profile that we received was quite different from the development of the initial item. The value proposition which concentrated mostly on style, enable experience and functionality among other were spent on in oder to further develop our unique product.The team also spent some of the budget in research in order to get to know the customer, this is to ensures that our product’s value proposition goes in line the the customer’s attributes. In the round three, the team spent more budget on product market fit, affordability, key resources, activities and partners, this is to ensure we balance the gap that was created from the score we got after the round two. Furthermore, customer relationship and channels were able adequately addressed during the round three. In summary, our strategy has been changing from value proposition to customer segments then key resources, activities and patners. In this round, we intend to spend more on research again, relationship, marketing, planing, advertisement and branding. QUESTION 2: “Is your strategy internally consistent. In other words, are there team members who believe a different approach might also work” YES, Extra sight has strong members, when one member brings an idea, we evaluate it and decide accordingly, whether to accept it or not. We are a team of like mind people and we have been on the same page based on the approach we have been adopting. However, our team comes from different backgrounds with all different skills, while following the same goal. This specially helps our firm to stay innovative and help growing the idea as we go on,. Our group members are working as one, where we articulate all the plans so we can satisfy our fashion inclined customer with our EXTRA sight glass. We would like believe that our strategy is consistent. Mainly, we would like to stay on top of the market. This, is especially tricky in the tech industry, where product are out of date before they come to the market. Technology indeed changes very rapidly. In order to overcome this issue and stay ahead of competition constantly, we believe investing in R&D and market research is a great help. QUESTION 3 MARKETING STRATEGY: The firm intends to kick start introducing the product in the market using strong advertisements. For this we intend to use Social media, Newspapers, magazines (tech magazines to be precise) , and banners at indirect channels of sales ( this can be identified as optical stores, selected fashion stores and the options’) . We estimate the use of social media for advertisements is standing at the highest priority , since we believe that most our customers who are willing to use this technology are using social media or a smartphone as well. However, since our product is highly related to the optical industry, we believe advertising through indirect channels of opticians or optical stores, as well, are highly effective. Perhaps , we can also offer sales margin for the indirect channels for providing such services for us. In addition, we believe, in order to keep the customer satisfaction at a high rate, it is wise to set up an after sales service that is operated through “direct mail” system. This way, we can hear feedbacks from customers who are already using our products. Their feedback, indeed will be a huge help for our R&D department in order to take into consideration further development of the product which will keep us ahead of the competitive market. QUESTION 4: What growth strategy would you like to use? How are you going to scale up? We would like to improve our marketing strategy in order to grow. This is on top of constantly be mindful of our R&D procedure. We expand our presence online in order to attract more customers. We would learn the customers’ latest demands through social media. Therefore we can adapt or future improvements to the customers’ needs. Besides we need to improve our Research and Development since we need to be at the cutting edge of technology. We would have different versions of Extra-Sight throughout the time. Extra features, in the future, are designs by our team in the R&D department and according to the instructions of the marketing team. The R&D department, then , measures the feasibility of product fit with instructions that is received from the marketing team, which suggest customers demands. Moreover, as a long-term future plan, and in order to increase customer satisfaction level, iExtra sight can consider opening own stores instead of distribution through indirect channels. This way we can save profit margin, increase customer satisfaction level and boost marketing through own stores. In terms of the BUSINESS CANVAS, we decided to adjust the following: 1) we have increased our investment on “EASE OF USE” “SIMPLIFY THE EXPERIENCE” in the value proposition section. In the Customer segment, we have added budget on improving “Immersive Experience”. Most importantly, for market research we have considered investing on , direct mail with the vision of increasing customer feedback and customer satisfaction, Blogging which is expected to increase our promotional level in the market while enabling us to receive feedbacks, Affiliate marketing and Sponsorship. Affiliate marketing generally helps increase the sales, and develop our image in a competitive market. This investments are all done with the vision to stay on top of the market constantly. QEUSTION 5: Technology and electronics is a tricky industry. As much interesting that it is, the downside for manufacturers and developers is that the product is out of date before it even gets to the market. In order to overcome this issue, our firm decides to invest massively in R&D as well as Market research. We assume that the basic feature of the item is finalized. At this point, we are working on user-friendliness, on top of the potential connection all or each features can be linked together through. We identify the basic feature of the item as the following: The product is naturally elastic , optical glasses can turn into bracelets and the glass lens has the ability to change colour from normal optical lens into a darker shade that is now used for sunglasses. When it comes to additional features, however, our firm is able to add or remove side features based on the demand of the market and customer purchasing power. In order to balance this up, our firm decides to invest additionally in R&D as well as market research. Through market research we can find out what are the demands of the customer, and what it is that the customer expects to receive by using the device. Also in order to figure out what are some features that the customer “wish” the product contained. At the same time, the R&D team will be able to work on improving the item and find out whether adding additional features is possible at all or not. If so, We will estimate the cost of doing such or perhaps the cost of developing such feature. In case of feasibility, the firm is able to add the feature and introduce the new item to the market. This way, we expect to eliminate or reduce the risk of product rejection by our customer segments.
We have called our persona Romero. Romero may be interested in a wearable that is based on gene-technology. What he is really looking for is a product which improves his security in all kind of situations, anytime and anywhere. Romero wants something wearable that’s invisible for others and something that’s impossible to forget. Money is not an issue for him as long as the product increases his aplomb.
Gains: Romero is a risk taker person. He gets bored too fast and his decisions can become extreme sometimes. Our product will assure his safety while he is out, but, at the same time, it doesn`t involve any expensive insurance to pay.
Pains: Romero knows on his skin what pain is. He doesn`t want anything that would force him to rely on internet connection, a charger, electricity or a human etc.
1. Ease of use
5. Personalized service
6. Automate experience
7. Engaging technology
8. Environmental sensitivity
9. Engaging functionality
1) Our strategy is to reach to the customers who lead an active lifestyle with a high risk of danger such as politicians, bodyguards, military forces etc with the provision of a personalized service that meets high standards. ArmorTux is an innovative idea of making bulletproof Tuxedos. 2) Collaboration is one of the key factors in starting and running a business well, especially when it is in its beginning as a startup. We created a product that we are sure will succeed but also made something special that cannot be found anywhere. This will set us apart and make us successful at the same time. Often the success of a company is also judged by the “conquest” it has made to the market and especially to large groups. We push consumers to give greater value to their products and as a result they will be willing to pay more for these products. This discussion suggests that our firm generates greater profit when it creates more value for its customers. We created a strategy to produce value for the client. We developed a strategy that expresses what customers, partners and investors say. Also adapting the strategy to market changes its another important point. Before reaching to an final decision, everyone spread their ideas, the different approaches and we took in consideration every word of each one of the team. So, our strategy is internally consistent, our team worked as one and we all believe in what we created. 3) Global market has registered CAGR( Compound Annual Growth Rate) of over 4% by 2024 for bullet proof products. Why is this so? · Millitary invests alot globally for the safety and security. And with the millitary being our primary target, we believe we are moving towards the right direction. · Another point is most people who are used to wearing bulletproof vests usually have a problem with the weight and the fact that they can’t pass by without being noticed. Our product on the other hand provides a unique opportunity for the customer to get a lightweight suit which provides them with an internally built maximum protection. · Lastly, the rise in terrorism and hostile activities around the world has made the government and target individuals to focus on more and easier ways of protection, making our product a good fit for our product all round. This brings us to our marketing strategy and forecast in which i will summarize using the 4P’s model: · Product: where we will make our product giving details to all the features and offers needed by our customers and by also giving them an opportunity for customization with respect to each customer’s taste · Pricing: we are going to give reasonable pricing to our customers of our product and services · Promotion : we are going to be providing our customers with sales promotion and special offers to encourage to be loyal to us. ·place: we made our services accessible to our clients. 4) We will make the list of our potential customer and prioritize it in a structural way. Partnership with the government and private companies also invest in market research and focus in cost reduction as well as increase the customer service. So that we can reach to our potential customer. 5) We have specified target group (i.e) military, Politicians, Bodyguards who are at high risk because of their status. The customer segments which have chosen are Premium, where money doesn’t matter as long as the product gives secured feeling. We have a smart sensor inserted in our suit, which is a Nano-Gene technology integration which is a one of the unique selling points. The senor is invisible to others except the wearer. The senor detects the vital signs of the organs in the body, if in case the person wearing is impacted by the bullets. The senor sends signal to the head of the team and immediate medical assistance is given in case of trauma. Also we have an exponential market growth as there is a rise in terrorism and hostile activities around the world, which increases the demand of our product. The product is built with composite material like carbon-nano tubes making the vest lighter and increases the mobility.
Customer Jobs: Our customers name is Ben. Ben is a confident successful man interested in a smart wearable that portrays power. He is looking for a suit that is not only eye catching but is also bullet proof. Being of a high status Ben has made so many enemies and always has to watch his back.
Pains: Ben never used this kind of suit and is worried about its performance. Ben is worried he wouldn’t have a variety of suits to choose from.
Gains: He will have a powerful suit, with exceptional design and his personalized service. Ben’s status and honor will be visible to anyone. Ben will be more confident and feel more secured with his bullet proof suit.
1. not uncovered yet.
2. not uncovered yet.
5. Personalized service
6. Engaging Functionality
10. Loyalty Programs
· What is your strategy for the last two rounds? Round 2 : We invested in Customer Segments & Value Proposition in the ration of 30: 70 and got a good product market fit. Round 3: We invested mostly in the left side of the BMC. This enabled us to get a good Key Resources score. However, since we invested low in the Value Proposition, it hit our Product Market Fit. We hope to recover from the hit by investing in the Channels and Relationships. · Is your strategy internally consistent? In other words: are there team members who believe a different approach might also work? Yes, the team members agree with the direction of the strategy. We change course and manage to get a consensus. · Describe your marketing strategy. What is your prognosis for sales? We have only high-end stand-alone retail stores. We built a brand based on trust, security and privacy. We invest in public appearances where it matters, golf tournaments, formula 1 racing, Ragatas, with the goal of exclusivity of the brand. We are collaborating with firms selling other protection means such as luxury armored vehicles. Our customers are public people who need suits that will suit their lifestyle. We are partnering with different design house like LVMH group.1 · What growth strategy would you like to use? How are you going to scale up? We have 1 prototype ready for trial and 8 confirmed orders for Y1. We intend in using Supply Chain integrators, Professional Brokers and Alliances for pumping up the production and sales. With a Market Size of 12kMillion EUR, we are targeting 612Million EUR in first 3 years. This shall help us be cash flow positive in 3 years. · What are your current unfair advantages compared to the other teams? Why do you believe they are unfair advantages? Our current unfair advantages are:- 1. Our partnership with emerald mine owners 2. Our strong team (Luxembourgish CEO, CHRO with extensive experience in France and China, COO with good knowledge of the baking industry, CFO with expereince of settingup a startup , CMO of experience in Sales with global firms across the globe and managing multimillion businesses and CTO with knowledge and experience of working with minerals and textiles) 3. Working prototype These are unfair as these factors provide a kind of launchpad to kickstart production at the best optimized cost and sale across the world. We also have an open access to the precious gems business tycoons using our existing partnerships with emerald world.
We will call our person Jack. He is interested in a wearable that helps to obtain a great skill or deep knowledge. He is not interested in style, having and loving fun or expensive wearables. The wearable must be unique which was previously impossible to find. Jack wants to wear a wearable produced with new and emerging technology to show his high level of knowledge and expertise.
Pains: Jack does not worry about being good but only want to wear something that gives him an opportunity to acquire more knowledge. He wants to satisfy his curiosity with a comfortable wearable. Jack finds what is already available at the market uncomfortable. He finds the products in the market out of date.
Gains:Jack would have a wearable which is comfortable to use. He would be interested in wearables that would increase his confidence and security. He would be happy to get a wearable. He would be happy to get the wearable that is sustainable and has the latest technology.
2. User Communities
6. Simplify experience
7. Easy of use
9. Try before you buy
10. Personalized service
Our strategy for this round is to massively sell our product. Since we chose to sell the product through and installed base mixed with a SAS model (subscriptions) at a quite affordable price (250€ to install on glasses and 20€/month) we have to sell massively. Our first target client niche is professors who would be willing to create a community and develop the product with us. We chose channels that our market is sensitive towards like press releases, blogs and affiliate marketing (internet sales tend to offer a great platform to create user communities). Our relationships towards the client are also adapted to them meaning that we chose exhibitions, PR and good customer service since a very important point for him is user communities. The Value proposition is entirely oriented towards our client so they are very satisfied. This is very important so a community can be built and that will lead to massive sales. Concerning the inside of our company, our values are respect and ideology. We want to share knowledge with the world and we want the world to participate. What we need for that is a very high employee involvement mixed with a great ideology, high goals and training. That combined with strategic planning, total quality management and vision will make our team a really performing one, investing their soul to the matter. This round we decided to invest more in our partners because we are growing and need very good advice. That’s why we turned to universities, corporate venture capital and competencies. Of course, our product has always to be on the last update so we tried to focus a lot on open innovation. Since we still create a product we continued to invest in supply chain management. We did a lot of improvement from the round before (round 3) because we saw the results that weren’t as good as round 2 so we made the necessary changes. Also, we go more client information and adapted our resources and activities to be more coherent with each other. Also, we didn’t invest enough in partners and that we corrected now. The strategy has been so far internally consistent. Having already agreed on the principal vision of the company the team had minor differences in the allocation of points with the resources or activities. We began our game play on a causal mode of thinking but still, an effectual way will also work. Overall our market strategy is focused on our customer group. Our strategy is based on Exhibitions and PR campaigns to increase our visibility on the market. With behavioural targeting, we effectively target our specific customer group. Since a good user community is a key selling point for our customer, we invested a lot in customer service to give them the best user and community experience as possible. To improve our online presence we also allocated some investment to search engine optimization. The investment in CRM is overall very low this round because we are only in the starting phase to build a user/client community. More investments into this area are planned for the next round. GEnX will follow a “Product Expansion Strategy” to expand and develop in our product line and continuously add new features to increase our sales and profit. Traditionally, product expansion growth strategies tend to work well within markets in which technology continuously evolves. This also relates to the need of our customer segment for new technology and features all the time thus allowing GEnX to continue selling within the existing market while also investigating other markets in which new products or services have a fit. Finally, the deployment of market expansion growth will relate to selling current or future products in a new market where there are new use and market fit to increase the sales and profits figures. For instance, the AI interface that the eyewear uses could be deployed along with the eyewear to allow for better decision making and diagnosis from the doctors. At this point, we don’t have an unfair compared to other teams. At this point, most of the groups have lots of information about their customer segments. Nevertheless, our product-market-fit was lower than the last round whilst we invested in the same cards.
Throughout the game, you’ll have the chance to increase your expertise on your key resources, activities and partners. The better your performance, the more likely you’ll be to achieve finance in the last round.
Below you’ll find an overview of your sales funnel and capital injections – a direct results of your investments in marketing & sales.
Below, you’ll find some extra awards that are handed out throughout the game and your overall EntrePulse.