Testing value proposition of my tripstory

Infotainment team

MyTripStoryCreate an exciting story of your trip

Venture LabTesting Value Proposition

Our process

1.1 First hypothesis1.2 First experiment1.3 Results of the first experiment2 Competitors research3.1 Second hypothesis3.2 Second experiment3.3 Results of the second experiment4 Market size5 Final idea. Value proposition

1.1.1 First hypothesis. Idea

MyTripStory is a service for travelers who would like to create an exciting story of their journey.

MyTripStory is colorful tale about one's journey with photos, maps, routes, descriptions of impressions and a lot of interesting details and statistics.

1.1.2 First hypothesis. Segmentation

Our customers are average and often traveling people.

Touristscultural holidays tourists,

fun, pleasure in friends' company

hobbies and adventures tourists (fishing, ski, etc)

beach holidays tourists

Business travelers

Campers and discovery (exploring) travelers

1.1.3 First hypothesis. Value proposition

Tourists Сreate a story, save, share it with friends/family

Business travelers Board records of their often business trips

Campers and discovery travelers Logbook of their crusades

1.1.4 First hypothesis. Features

Make a lot of statistics from any information we can get (as much as possible)

Templates that user can choose for visualization

Simple interface

Integration with other sources where trip's content could be created (Facebook, Instagram, Twitter, Foursquare, Flickr, etc)

1.1.5 First hypothesis. Monetization

Keeping user's data above the certain limits (monthly fee)

Ability to download created stories: e-album, trip story infographics, clip in high quality format (for every download)

Keeping created stories (e-album, infographics, clip) in maximum quality format (monthly fee)

1.2 First experiment

15 face to face interviews

• unstructured interviews

• main questions concerns:o preparations for travelingo way of travelingo impressions sharingo assessment of MyTripStory service

• the goals are:o to check hypothesiso to clarify user experience and their needso to find opportunities for business

1.3.1 Results of the first experiment. Segmentation

1.3.2 Results of the first experiment. Value proposition

Active touristsGet colorful "snapshot trip story" of the journey without spending much time

Bloggers, passionate travelersHelp to create exciting story of their trip for their audience and himself

Passive touristsWe suggest they won't use the service (hypothesis)

Business travelersWe suggest they won't use the service (hypothesis)

1.3.3 Results of the first experiment. Features

People not really need statistics, so we should not collect bunch of it

People want beautiful design made simple so we should do nice templates

1.3.4 Results of the first experiment. Monetization

People want something to be printed so we should print and ship trip story book or trip story infographics poster

1.3.5 Results of the first experiment. Idea

We should help travelers create exciting trip stories very easy and automatically.

Evolution of the service into "stories of sites"

Many sites are famous or well known due to their stories, these stories are scattered on the Internet or saved in sites owners' mind. As consumers are looking for offers and discounts on Foursquare, as travellers looking for interesting stories and impressions in their journey our service can help to find stories of sites and make it a part of travelers' trip story

2 Competitors research

3.1 Second hypothesis

People going to use our service and ready to pay!

Which segments are the most attractive?Which segment is ready to use the service?Which way of commercialization is

preferable?

3.2 Second experiment

Goal

to clarify potential position on the market

choose the key segment and differentiate with great value proposition

try to define channels or key partners

Methode-survey (77 respondents, 6 countries) j.mp/JSMxRQ

3.3.1 Results of the second experiment. Demand

45% "definitely" ready to use it

38% is going to use it "from time to time"

17% is not going to use it

83% of respondents is ready to try the service

3.3.2 Results of the second experiment. Segmentation

47% prefer active cultural holidays

15% adventures and hobbies holidays

19% relaxing, beach holidays

14% business trips

5% camping and hiking

Active tourists - the most attractive segment (61%)

3.3.3 Results of the second experiment. Monetization86% from "definitely ready to use" is ready to pay for "every story printing"

66% could pay monthly fee for keeping trip data (infographics, trip books) in high quality

60% is ready to pay monthly fee for keeping trip data above the certain limits

49% is ready to pay for downloading of generated content

3% from "definitely ready to use" is "not ready to pay"

4 Market size: assumptions

1. 35% of active tourists might become users of trip stories services (we decreased the figure, in our survey - 57% of active tourists)

2. 11% of active tourists would prefer monthly fee (1.5$ per month)

3. 24% of active tourists would prefer get printed trip storybook (2 items per year, 25$ each)

4 Market size: calculation

Total available market $ 935 215 000 Active tourists worldwide - 191 133 000 people annually (Wikipedia and survey's results)

Served available market $ 230 754 000Active tourists top-10 countries - 47 160 000 people annually

Target market $ 53 823 000Active tourists using special travel applications during their trips - 11 000 000 people annually

Market growth: 27% YtoY

5 Final Idea. Value proposition

MyTripStory is a service for tourists who prefer active cultural holidays and would like to get an exciting colorful story of their journey without spending much time.

MyTripStory creates exciting trip stories based on the data that are automatically gathered and uploaded by the user manually.

We provide maximum interesting information concerns users' trips (fun stats, photos from smartphone and facebook account, facts and descriptions of the sites from open sources) and create a colorful story (infographics, e-album, trip story book) according templates user choose.