This PowerPoint helps students to consider the concept of infinity.
Â
Polar Photo Team6
1. POLAR PHOTO
Aziza Jamgerchinova Hugh LeAdrien de Bontin
Team Members:
Engaged Couples
16
Photographers
10
Key Partners
2
TOTAL 28
2. ⢠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 Result
Initial Hypothesis
Engaged couples need to find a photographer quickly (within a couple of weeks) and
prioritize convenience among one of the main decision criteria
3. ⢠While there is still demand for a unique âstyle,â there was no interest in
hiring photographers with zero wedding experience
Day Two Result
Initial Hypothesis
To achieve non-traditional wedding photography, engaged couples want to hire fashion, art,
and commercial photographers
4. ⢠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 Result
Initial Hypothesis
All fashion, art, and commercial photographers are open to photographing wedding for
extra income
5. 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
6. ⢠While style is important, other major factors that are on par include:
â Price
â 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 process
7. ⢠Value proposition for Engaged Couples:
â Get a greater value (i.e., lower price) for higher quality photographer
â Trust in the level of quality of photographer
â Ease of finding a photographer
â Connection of being selected by an elite photographer
⢠Value proposition for Photographers:
â Ability to select their subject â connection to the engaged couple
â Access to and income from non-core market
â Flexibility in scheduling a new project
â 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
8. 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 institutionsâŚHave 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 Photographersâ Portfolios
9. How We Met
We both happened to be hiking in the Catskills when I ran
into Harrison as we were crossing trailsâŚhe 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 Weâre 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
10. 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
12. ⢠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 âgetâ strategy
Next Steps
14. Key partnerships Key activities Value propositions Customer relationships Customer segments
Key resources Channels
Cost structure Revenue streams
âWe help engaged
couples
immortalize their
wedding by
creating
personalized
photography
servicesâ
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) âLabor 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
15. âWe help engaged
couples
immortalize their
wedding by
creating
personalized
photography
servicesâ
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) âLabor 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
âWe help fashion,
art, and commercial
photographers earn
extra income by
connecting them to
job opportunities
shooting wedding
photographyâ
⢠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 fliers
Get
⢠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
16. ⢠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) âLabor 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
âWe help fashion,
art, and commercial
photographers earn
extra income by
connecting them to
job opportunities
shooting wedding
photographyâ
⢠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 photosâŚ)
DAY
THREE
Get
⢠Word of Mouth
⢠Personal networks
⢠FB, Google ads
⢠Photo equip expos
⢠B&H, ICP fliers
Get
⢠Word of Mouth
⢠Theknot.com ads links
(wedding blogs)
⢠FB, Google ads
⢠Grad school fliers
⢠Email newsletter
17. ⢠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) âLabor 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
âWe help fashion,
art, and commercial
photographers earn
income by
connecting them to
job opportunities
shooting wedding
photographyâ
⢠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 fliers
Get
⢠Word of Mouth
⢠Theknot.com links
(wedding blogs)
⢠FB, Google ads
⢠Grad school fliers
⢠Email newsletter
18. ⢠Web platform
⢠Wedding
planners
⢠Venues
⢠Individuals
(friends/family)
⢠Wedding blogs
and websites
⢠Human
o Photographers
o 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
âWe help fashion,
art, and commercial
photographers earn
income by
connecting them to
job opportunities
shooting wedding
photographyâ
⢠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 fliers
Get
⢠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 transaction
Management fee per transaction
19. 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 ârightâ style
⢠Concern with hiring
photographers with no
wedding experience
⢠WTP for non-traditional
photographers may be
lower than traditional
⢠Need exists for more
income â weddings are
not âextraâ income
⢠Desire for agency to
provide business
services (collecting $)
⢠Would like guarantee of
getting work
⢠Customer acquisition is
done mainly by WOM â
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
20. Our services are designed to address specific
needs per customer segment
Customer Segments Value Proposition
Photographers
Engaged Couples
Need: More income
⢠Additional jobs during âdowntimeâ
⢠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 âcookie-
cutterâ photography market
⢠Relate to engaged coupleâs 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
21. Customer archetype profile:
Isabella, the experienced/lifestyle photographer
What Matters
Been in the industry for many years, not looking to
shoot weddings but open to the opportunity
Key Attributes
⢠30 â 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 âstodgyâ medium
âI will show how my experience in fashion and art will give a distinctive perspective to
couples that want a different style of photographyâ
22. Customer archetype profile:
Francois, the up-and-coming photographer
What Matters
Looking to expand his portfolio / reputation by
showcasing his artistic talent
Key Attributes
⢠25 â 35 years old
⢠<$30K per year income
⢠Has curiosity of international projects
⢠Has ~15 professional projects with reputable clients
Current Needs
⢠Little business expertise â relies mainly on word of
mouth and personal contacts for new clients
⢠Desire to grow reputation through more
commercial projects and creative shoots
âI will bring a unique style to any wedding that is nothing like the normâ
23. Customer archetype profile: Kira and Steve, the
engaged couple with a set style in mind
What Matters
Have a preconceived notion of the style of
photography and looking for the right âmatchâ
Key Attributes
⢠No particular age range
⢠$60K -- $125K per year income
⢠Desires photography that is different than ânormalâ
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
âWe want something different than the wedding photos we have seen, we have a style
in mind but havenât found a photographer that exactly matches what we wantâ
24. Customer archetype profile: Victoria and Lucian,
the engaged couple looking for something new
What Matters
Seeking 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
âWe know what we want when we see it â but we know it wonât be like any other
wedding photography that we have seenâ
25. Day in the Life Of (workflow)âŚ
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
26. The âgetâ strategy will initially focus on personal
networks but will evolve to larger audiences
Customer
Segment
âGetâ Strategy Initial Feedback / Discussion
Photographers
WOM, Personal
Networks
⢠Personal networks are a primary source
⢠Mixed response from photographers â
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.)
27. We are targeting four main partners to attract
both photographers and engaged couples
Engaged
Couples
Photographers
Friends / Family
Wedding Blogs /
Websites
Wedding
Planners
Wedding
Venues
âGetâ Strategy Key Partners
28. Revenue will be generated through transaction
fees and photographer membership fees
Revenue
Stream
Transaction
Fee
Collect a percent of
the price charged
for the event
Membership
Fee
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 â 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
29. Polar Photoâs target market is $3M of a $143M
available market in New York
Total US Market
⢠2,118,000 marriages in 2011âŚ
⢠âŚ6.8% 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