Workout buddies NYU Final Presentation

BALLERINA BUDDIES

Business Model Canvas

Will Wade Boris Krasko

Peter Zadecki Mark Shakhman

Interviews Today: 12Total Interviews: 60

A peer-2-peer platform that allows baby ballerinas to connect with like-minded divas for a negligible fee.

JUST KIDDING!

Interviews Today: 20

Total Interviews: 30

An online peer-2-peer network connecting people in search of cheaper alternative to personal training with experience fitness individuals hoping to earn some additional income.

WORKOUT BUDDIES




DAY 1

Problems: 1. Lack of motivation2. No exercise partner3. Expensive Trainers

For Customers: 1. Motivation through commitment & convenience 2. Meeting new local people3. Access to inexpensive personal trainers

For Trainers:1. Additional Source of income2. Easy way to be discovered3. Scheduling convenience

Customers:Price Sensitive Amateurs-limited fitness experience-desire to be more active-lack of self motivation

Workout buddies -desire to participate in new sports-scheduling constraints-desire a workout partner-lack of self motivation

Trainers: - looking for some extra $$$- experienced in fitness - want additional exposure

Strategic, non competitors Workout clothesDietitiansBloggers

Cooperation:

Suppliers Relationships: Personal TrainersBoot Camp Trainers Passionate Professionals

1. Software Development 2. Marketing & PR3. Relationship building with Trainers

Web Developers Trainers Sales Force Inters Lawyer Insurance Brokers

Self- Service Automation User Experience

Awareness: wom, guerilla, PR, Social Media, SEO & SEM, Health Blogs Evaluate: Web, SocialPurchase: AppPost Purchase: Email, App Notifications

Free Access to workout partners You can pay online for the traineror You pay every time you contact a trainer (iStock)Mobile App Advertising

App development and optimization Marketing (Online + Awareness)Customer Acquisition Trainer Acquisition

Day 1: What we thoughtPains facing the average gym-goer include:

-Lack of motivation-Difficult to find a workout partner-Expensive Trainers

People who frequent the gym believe there is a benefit to working out with a partner.

Inexperienced individuals are interested in working out with and learning from experienced gym-goers.

Fitness trainers and experienced gym-goers are interested in training amateur gym-goers for a small fee.

Interviews Today: 20

Total Interviews: 30

An online peer-2-peer network connecting people in search of cheaper alternative to personal training with experience fitness individuals hoping to earn some additional income.

WORKOUT BUDDIES

DAY 2

Strategic, non competitors Workout clothesDietitiansBloggers

Suppliers Relationships: Personal TrainersBoot Camp Trainers Passionate Professionals


Web Developers Designers Trainers Sales Force Interns Lawyer Insurance Brokers

Guerilla, Pr, Social Media, SEO & SEM, Health Blogs

Self- Service Automation User Experience

Web/Mobile Service Awareness: Guerilla, PR, Social Media, SEO & SEM, Health Blogs Evaluate: Web, SocialPurchase: AppPost Purchase: Email, App Notifications

Free Access to workout partners Pay online for each training sessionTransaction Fees

Problems: 1. Expensive Personal Trainers 2. Lack of Motivation

a)in the gym

b)going to the gym

For Customers: 1. Access to inexpensive personal trainers

For Trainers:1. Additional Source of income2. Scheduling convenience

Customers:Price Sensitive

-18-35-app users -limited fitness experience-desire to improve your level at the gym

Trainers: -22-40 -app users-advanced fitness experience -desire to help someone else for extra $$$

App development and optimization Marketing (Online + Awareness)Customer Acquisition Trainer Acquisition

Day 2Pains facing the average gym-goer include:

-Personal trainers are too expensive-Lack of knowledge of proper fitness techniques

-Lack of motivation in the gym-Lack of motivation going to the gym

HYPOTHESES:There is a desire for a cheaper personal trainer.There is a desire for experienced gym-goers to earn a little extra money.Customers are willing to pay to train with uncertified trainers.Customers think it’s fair to pay a small service charge.Gyms have no problem with non-certified personal trainers.

VALUE PROPOSITION: We offer price sensitive customers a cheaper alternative to personal trainers.

Day 2Results

Hypothesis Experiment Pass / Fail

1. There a desire for a cheaper personal trainer

Finding people who are willing to pay our price for the training

Sign 20% of our audience

2. There is a desire for experienced gym goers to make a little extra income

Finding people willing to train others for additional income

Sign 20% of experienced gym goers

3. Customers are willing to pay to train with uncertified trainers

Find people who are willing to pay despite lack of certification

50% of our target audience don’t mind paying for someone who is not certified

4. Customers think it’s fair to the site/app to capture small service charge

People are willing to pay for convenience

75% don’t mind the extra fee

5. Gyms have no problem with non-certified trainers

Call gyms and ask 20% of gyms will allow non-certified trainers

Key Learnings:

* Our whole model fell apart when every single gym we called required all their trainers to be certified. Furthermore, many of the large chain gyms did not allow independent trainers.

* We combined two key learnings that motivation and price are 2 of the most important factors for joining a gym to pivot. We created a gym with a new revenue model.

WORKOUT BUDDIES

Interviews Today: 7 + 8 phone callsTotal Interviews: 37

A gym that provides monetary rewards for customers who come to the gym and workout frequently.

DAY 3

Hypotheses:

1. People are lacking motivation to go to the gym

2. People don’t see value in paying for expensive gyms

3. People with gym memberships won’t go to the gym frequently

4. Financial Incentives would encourage people to sign up for the gym membership

Value Proposition:

1. Get paid for showing up at the gym and pay if you don’t

2. Get extra motivation based on financial incentive

Day 3:

-Gym equipment retailers

-PR companies

-Our customers

-Investors

1. Renting, furnishing, & maintaining space

2. Marketing & PR

3. Relationship building with equipment retailers

Financial Marketing Equipment Staff Insurance Brokers

E-mail Website Word of Mouth Social MediaSEO & SEM

Direct Sales Customer Service

Brick & Mortar - Gym

Membership Insurance Model

Fixed: Rent, Equipment, Insurance, Salary

Variable: Marketing, PR, Customer Acquisition

08/27/14

Problems: 1. Lack of motivation going to the gym 2. Expensive workout facilities3. Fitness is not top priority

For Customers: 1. Financial Incentive to go to the gym 2. Affordability of gym dependent on commitment

Customers:Price Sensitive: -18-40- Low - Mid Income - Cannot Commit - Making Excuses - Important to get in shape- Desire to develop a workout habit - City dwellers


1. People are lacking motivation to go to the gym

Find out how many people lack motivation

20% lack motivation

2. People feel gyms are too expensive

Find people that think they are paying too much for the gym

20% think they are overpaying

3. People with gym memberships won’t go to the gym frequently

How frequently people go to the gym

50% goes less than twice a week

4. Financial Incentives would encourage people to sign up for the gym membership

I would be interested in the gym that pays me to workout

50% of people would like to try this

5. Budget gym-goers would switch to save $$

Ask if they would switch from their gym

50% of people would switch

Day 3Results:Key Learnings:

* We realized that our revenue streams were not enough to create a scaleable business. Additionally, our revenue model was impossible to test without investing in actual sport facility.

* We analyzed all our research data combined and decided to pivot to a peer-to-peer network that connects people for participating in sports


A peer-2-peer platform that allows people interested in racquet sports to connect with a competitive partner (tennis, squash, table tennis, badminton).

RACQUET BUDDIES

DAY 4


-Appstore

-PR companies

-Our customers

-Investors


Monetary FundsMarketing

E-mail Website Word of Mouth Social MediaSEO & SEMOOH

Website + App

Web + App Development

Marketing, PR, Customer Acquisition

Problems: 1. People can’t find a two-player sport’s partner2. Can’t commit to being motivated and consistent

For Customers: 1. Ability to connect with a partner for a competitive sport2. Committing to someone else will motivate them to come and play

For Trainers: 1. Additional channel to find more clients2. Access to captive community of potential clients

Customers:- 18 - 50- willing to workout with a stranger - looking to network with people with similar interest- adventurous

Trainers:- looking to make money- looking for additional exposure

Membership Fee for Trainers (Pay after 1st customer)

Advertising

Day 4Pains facing two-player sports players include:

- People can’t find a two-player sports partner.- People can’t commit to being motivated and consistent.

VALUE PROPOSITION: For casual competitors:1. Ability to connect with a partner for a competitive sport.2. Committing to someone else will motivate them to come and play

For trainers:1. Additional channel to find more clients2. Access to captive community of potential clients


1. People can’t find a two player sports partner

Find out if this is a pain 50% name this as one of the reasons they couldn’t play when they wanted to

2. “Two player gamers” commit more often when having a sports partner

Ask what brings them out to the court.

25% name a sports partner as a motivator

3. Racquet sports players can’t find an affordable trainer

Find out if this is a pain point for two player sports players

50% of people looking for trainers find them expensive

Day 4Results:Key Learnings:

* We verified the hypothesis that it’s a pain to find two player sports partners.

*We confirmed that sports partners motivate people to play two player games

* We found several competitors that have similar value propositions. Our key differentiator is that our “trainers” are not experts and are thus more affordable.

RACQUET BUDDIES





A peer-2-peer platform that allows people interested in racquet sports to connect with competitive partners and trainers.

DAY 5

Where We’re Going❏ We want to research why people aren’t using the existing outlets to find sports partners. There are

so many competitors, but this still seems to be a pain point.

❏ We want to do deeper research on how people currently find their competitive partners.

❏ We need to conduct more interviews with experienced tennis players to gauge their interest in this service as a “trainer”

❏ We want to validate our hypothesis that racquet sports players can’t find “affordable” trainers

How we got hereNon-certified personal trainers provide a cheap alternative to certified personal trainers & we connect sports players

Too broad, and there are many alternatives for connecting playersof group sports.

IterationNarrowed down to a cheap alternative to personal trainers

An online peer-2-peer network connecting people in search of cheaper alternative to personal training

Most chain gyms forbid independent personal trainers. Virtually all gyms forbid non-certified personal trainers. We had to pivot.

PivotInsight: People lack motivationIf we can’t motivate by other trainers, can we motivate them with monetary rewards?

A gym that provides monetary rewards for customers who come to the gym and workout frequently.

We are not able to provide a decent quality gym with our revenue model. Not able to find other revenue streams.

Pivot$ will attract wrong people to our gym. Our model is very hard to test without building the gym.

Our idea

*Key insights:

- people have problems finding competitive partners for sports- people will feel obligated if they commit to another partner

Peer-to-Peer Sports platform that allows people to connect with a competitive partner.

-Appstore

-PR companies

-Our customers

-Investors


Monetary FundsMarketing

E-mail Website Word of Mouth Social MediaSEO & SEMOOH

Website + App

Membership Fee for Trainers (Pay after 1st customer)

Advertising

Web + App Development

Marketing, PR, Customer Acquisition

08/28/14

Problems: 1. People can’t find a two-player sport’s partner2. Can’t commit to being motivated and consistent

For Customers: 1. Ability to connect with a partner for a competitive sport2. Committing to someone else will motivate them to come and play

For Trainers: 1. Additional channel to find more clients2. Access to captive community of potential clients

Customers:- 18 - 50- willing to workout with a stranger - looking to network with people with similar interest- adventurous

Trainers:- looking to make money- looking for additional exposure

Workout buddies NYU Final Presentation

Education

Transcript of Workout buddies NYU Final Presentation