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Technology Entrepreneurship Professor Chuck Eesley, Stanford University Assignments Identifying the market opportunity / Low-fidelity Prototype due / testing your value proposition with customers

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MAGIC MIRROR Virtual dressing
MAGIC MIRROR IN BRIEF Its a mobile application. It shows newly arrived dresses, top sellers . It let the costumer to see how they look in a specific dress before buying it. He/she can share it in social networks to gather his/her friends opinion . Its free, but it has some extra services that customers are ready to pay for.
BEFORE INTERVIEW We prepared our canvas model(URL: http://venture-lab.org/venture/team_ideas/6891) We thought what services will shape our revenue stream. We designed some critical questions. We considered that questions must simple, short and easy to answer. The questions are in two categories: Questions for customers Question for vendors Adding new rule for OAP
FACE TO FACE INTERVIEWS Goals: Testing our "value proposition" with potential customers. Reconfirming our knowledge about the application. Customers problems Recognition. New Goals- Learning from customers(OAP): Is customers really want our solution? Is they want any other problem that we solve? How they solve the problem, now?
INTERVIEWEE STATISTICS- FIRST INTERVIEW Total of interviewee 25 Total of customers 18 Total of vendors 7 men Women shop shop sellers customers
INTERVIEWEE STATISTICS- SECOND INTERVIEW (OAP) Total of interviewee 10 Total of customers 8 Men Women Costumers vendors
CUSTOMERS QUESTIONS(ADDED) 1. If there is a free app for mobile that you can wear a dress virtually and see how do you look like? Will you install it on your cell phone? 2. If yes, how many times you use it? For example, daily, monthly, per case, 3. If you like it, what is the percentage of your future shopping will be done with this app? 4. For what extra services will you pay? 5. Any other suggestion do you have? 6. Do you think anything else that we could solve or improve?
OAP CHECK We check our questions with OAP values Is customers really want our solution? Answering to question 1 and to 3, showed us that they really want it, they asked us when it will come to marketing and how they can get it! How they solve the problem, now? Most of them go to shop and find what they want, for doing that they are spending a lot of time and money. Is they want any other problem that we solve? Yes, customer choose the model of dress and upload, we prepare all other process(like buying the cloth and giving to tailor and) till we delivery the dress to him or her.
CUSTOMER ANSWERS NEW INTERVIEW ADDED Q1: Q2: Using Q3: Q4: Paying for Q5: Free App, How Percentage extra services Suggestions App many of using this Installat app of total ion 85% yes 2 men use it Average of 100% Yes 1-Giving special rarely. answering is Some services are: offers or 18 men and 75% 1. Free delivery accessories in 1 woman 2. Cash back in random use it when case of 2-Wild variety of they need to dissatisfaction clothing and shop dress. 3. Showing fashion is great 8 women Auctions and 3-Physical use it very their remaining shopping is fun often. time and enjoyable 1 women 4. Looking for a 4-Persons that used by special dress have Excessive situation for a ceremony working hours use it very much
VENDORS QUESTIONS What is the percentage of success for this application? why? Do you see similar service? As a vendor, do you want to pay for this app? How? Do you have any question or problem with this app?
VENDORS ANSWERS Q1: Q2: Similar Q3: Percentage Q5: Problems or Percentage service of paying users questions of successful lunch - How Why 75% One vendor: 90% 1-What is the best Some web If we (vendors) price or affordable Positive reasons: sites, but not can trust this app. for dress, because 1. It develops more exactly similar there is not haggling costumers. How: 2-Physical shopping 2. Its attractive. 8 vendors: No 2 vendor: is fun and enjoyable Per case 3-Trusting to Negative reasons: 5 vendor: application is very 1. Women like to see By subscription important closes physically. 2 vendor: Testing 2. Women like a short period haggling. and then 3. Copying our best choosing the selling models by method our competitors
FRAMING AND REFRAMING OUR THINKING IN CUSTOMER SECTION (OAP ADDED) In this section we have not any important problem. We found some new extra services that customers would like to pay for. Some of them were thought that its a replacement of physical shopping, but this product is a complementary service, does not compete with other types of shopping. Security of application is important
FRAMING AND REFRAMING OUR THINKING IN CUSTOMER SECTION (OAP ADDED) Adding new opportunities: choosing Jewelries, bags, shoes and ... Can also be added to this service.
FRAMING AND REFRAMING OUR THINKING VENDOR SECTION There are 3 main problem in this section that are new for us: Problem 1: How can vendors trust this service? Answer: Where as this is a freemium service, vendors loose anything when using our service so we can encourage them to try it once. Problem 2: Women like haggling Answer: Needs for haggling arises when customers do not rely on product prices, where as this system helps to moderate prices. This product is a complementary service, does not compete with other types of shopping. This product empowers shopping.

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Magic Mirror

  • 1. MAGIC MIRROR Virtual dressing
  • 2. MAGIC MIRROR IN BRIEF Its a mobile application. It shows newly arrived dresses, top sellers . It let the costumer to see how they look in a specific dress before buying it. He/she can share it in social networks to gather his/her friends opinion . Its free, but it has some extra services that customers are ready to pay for.
  • 3. BEFORE INTERVIEW We prepared our canvas model(URL: http://venture-lab.org/venture/team_ideas/6891) We thought what services will shape our revenue stream. We designed some critical questions. We considered that questions must simple, short and easy to answer. The questions are in two categories: Questions for customers Question for vendors Adding new rule for OAP
  • 4. FACE TO FACE INTERVIEWS Goals: Testing our "value proposition" with potential customers. Reconfirming our knowledge about the application. Customers problems Recognition. New Goals- Learning from customers(OAP): Is customers really want our solution? Is they want any other problem that we solve? How they solve the problem, now?
  • 5. INTERVIEWEE STATISTICS- FIRST INTERVIEW Total of interviewee 25 Total of customers 18 Total of vendors 7 men Women shop shop sellers customers
  • 6. INTERVIEWEE STATISTICS- SECOND INTERVIEW (OAP) Total of interviewee 10 Total of customers 8 Men Women Costumers vendors
  • 7. CUSTOMERS QUESTIONS(ADDED) 1. If there is a free app for mobile that you can wear a dress virtually and see how do you look like? Will you install it on your cell phone? 2. If yes, how many times you use it? For example, daily, monthly, per case, 3. If you like it, what is the percentage of your future shopping will be done with this app? 4. For what extra services will you pay? 5. Any other suggestion do you have? 6. Do you think anything else that we could solve or improve?
  • 8. OAP CHECK We check our questions with OAP values Is customers really want our solution? Answering to question 1 and to 3, showed us that they really want it, they asked us when it will come to marketing and how they can get it! How they solve the problem, now? Most of them go to shop and find what they want, for doing that they are spending a lot of time and money. Is they want any other problem that we solve? Yes, customer choose the model of dress and upload, we prepare all other process(like buying the cloth and giving to tailor and) till we delivery the dress to him or her.
  • 9. CUSTOMER ANSWERS NEW INTERVIEW ADDED Q1: Q2: Using Q3: Q4: Paying for Q5: Free App, How Percentage extra services Suggestions App many of using this Installat app of total ion 85% yes 2 men use it Average of 100% Yes 1-Giving special rarely. answering is Some services are: offers or 18 men and 75% 1. Free delivery accessories in 1 woman 2. Cash back in random use it when case of 2-Wild variety of they need to dissatisfaction clothing and shop dress. 3. Showing fashion is great 8 women Auctions and 3-Physical use it very their remaining shopping is fun often. time and enjoyable 1 women 4. Looking for a 4-Persons that used by special dress have Excessive situation for a ceremony working hours use it very much
  • 10. VENDORS QUESTIONS What is the percentage of success for this application? why? Do you see similar service? As a vendor, do you want to pay for this app? How? Do you have any question or problem with this app?
  • 11. VENDORS ANSWERS Q1: Q2: Similar Q3: Percentage Q5: Problems or Percentage service of paying users questions of successful lunch - How Why 75% One vendor: 90% 1-What is the best Some web If we (vendors) price or affordable Positive reasons: sites, but not can trust this app. for dress, because 1. It develops more exactly similar there is not haggling costumers. How: 2-Physical shopping 2. Its attractive. 8 vendors: No 2 vendor: is fun and enjoyable Per case 3-Trusting to Negative reasons: 5 vendor: application is very 1. Women like to see By subscription important closes physically. 2 vendor: Testing 2. Women like a short period haggling. and then 3. Copying our best choosing the selling models by method our competitors
  • 12. FRAMING AND REFRAMING OUR THINKING IN CUSTOMER SECTION (OAP ADDED) In this section we have not any important problem. We found some new extra services that customers would like to pay for. Some of them were thought that its a replacement of physical shopping, but this product is a complementary service, does not compete with other types of shopping. Security of application is important
  • 13. FRAMING AND REFRAMING OUR THINKING IN CUSTOMER SECTION (OAP ADDED) Adding new opportunities: choosing Jewelries, bags, shoes and ... Can also be added to this service.
  • 14. FRAMING AND REFRAMING OUR THINKING VENDOR SECTION There are 3 main problem in this section that are new for us: Problem 1: How can vendors trust this service? Answer: Where as this is a freemium service, vendors loose anything when using our service so we can encourage them to try it once. Problem 2: Women like haggling Answer: Needs for haggling arises when customers do not rely on product prices, where as this system helps to moderate prices. This product is a complementary service, does not compete with other types of shopping. This product empowers shopping.