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Elliewood Katie Eisele, Allie Kelly, Andrew Kritzer, Abishek Kumar, Amanda Middlebrooks
THE SHARING ECONOMY
MILLENNIALS
The Evolution of The Sharing Economy: 80’s, 90’s and Today
OVERVIEW OF ELLIEWOOD
USER NEED IDENTIFICATION
Millennials & Sharing Rent the Runway Example
AGENDA
Company Philosophy Company Overview Category Positioning Target Consumer Profile
Needs Pain Points & Key Requirements Metrics & Target Values Process Flow Brand Strategy
THE EVOLUTION OF THE SHARING ECONOMY: 80’s, 90’s and Today
1980
1990
2000 2013
ACCESSIBLE
INSTITUTIONAL
SOCIAL
EXPERIENTIAL
3
Millennials
“Millennials aren’t just into sharing cars; they’re into sharing everything.”[4]
MILLENNIALS & SHARING
“Rent the Runway now has 3 million members and a valuation that Bloomberg estimates at $200 million. Revenue growth has reached 100 percent year-over-year in all categories, [Rent the Runway Co-Founder] Hyman said. The company has racked up $55.4 million in funding as of March, when it closed on a Series C round that included American Express, Advance Publications and Novel TMT Ventures, and established big-hitters Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers.”[8]
ELLIEWOOD Everyone deserves good company
OUR PHILOSOPHY
We believe that every person can turn their house into a home.
Our mission is to help people discover the ease of entertaining, to experiment
without investing, and to design without the time. Everyone deserves good
company - and we're here to set the table.
ELLIEWOOD OVERVIEW
• Elliewood seeks to change the way that people entertain. • Elliewood will disrupt the market to meet the changing
needs of the modern entertainer – introducing expensive or hard-to-find brands to younger consumers at an accessible price point through a simple rental process.
• Elliewood aims to empower and inspire, giving customers
the confidence to invite guests into their homes for unforgettable experiences.
• Elliewood offers its target demographic access to the time
and resources required for unique, creative gatherings. • Elliewood will expose a new demographic to both
expensive and bespoke brands – allowing them to experiment without the investment.
COMPETITIVE POSITIONING
Luxury / Lifestyle Experience
Value / Mass Offering
Elliewood
Brand Key Attributes
Elliewood will disrupt the market to meet the changing needs of the modern entertainer – empowering consumers who are uninterested in the value/mass offering and unwilling to invest too heavily in the exorbitant, luxury option
• Value oriented facility • Affordable • Demands time to visit store • Themed items • Variety • Generic
• The ultimate experience • Sought-after designers, modern pieces,
bespoke design, and downtown glamour • Highly differentiated, curated offerings • Experience without the investment • Equity and access
• Value seeking, no frills • Disposable items • Timesaving
• Willing to pay an exorbitant premium
• Demands event planners, large numbers of rentals, catering
Core Consumer Needs
• Luxurious design, impeccable service and attention to detail
• Extremely expensive • Large undertaking • Rare, extraordinary occasions • Large numbers of people
• Yearning to invite friends and family into home
• Willing to experiment • Loyal following • “What’s mine is yours” • Multiple gatherings a
year
TARGET CONSUMER PROFILE
We want to bring people together around the table,
in the garden, and on a rooftop. We want to empower and inspire
women to bring people into their homes. We want to
enable ease and creativity – without the hassle and
price. We want women to be proud of and awed by
the final product. We want to change the way
people entertain.
80 / 20 female to
male member
ratio
Core consumer is
single, young professional in
median income bracket
(~50K/year)
Target consumer is savvy, expects the
highest quality experience, and
wants the same for others
Socially-driven and passionate about food,
family, friends, and entertaining
NEEDS
Host – Impress - Entertain
PAIN POINTS & KEY REQUIREMENTS
PAIN POINTS: • Time Consuming • Costly • Lack Creativity • No Space for Storage • Disparate • Lack knowledge of
items/brands Learning Element
• Lack of availability locally
KEY REQUIREMENTS: • One-Stop Shop • Affordable • Curation - Thematic • Rental • Highly Edited • Merchandised selection of
high-end, vintage, basic, and disposable
• Delivered to your door
METRICS & TARGET VALUES
• Users are willing to spend $10-$15 per person on entertaining • Users visit 2-3 stores or websites to prepare for a dinner party • Users spend 20 minutes on Pinterest and Etsy when looking for
inspiration • Users spend 1-3 weeks preparing and planning for a dinner
party • Users prefer shipping in 5 days or less
PROCESS VALUE
Plan Set up Execute Wrap up
Define purpose*
Arrangement** Serving* Cleaning
Location, guest count, budget
Seating Engaging guests*
Disposal*
Research (e.g. Pinterest)*
Ambiance** Clearing Sharing (e.g. Instagram)*
Menu Cooking Documenting Storing**
List of needs vs. haves
Procure needs
Invitations
CURATED Meticulously
Crafted, Mix of High & Low,
Vintage & New Pieces
PERSONAL
Empowering, Accessible,
Simple
SOCIAL
Pre-Launch with an Inspiration
Board; coDesigner
Collaborations
MOBILE Simple & Fresh,
Bypassing Traditional Channels
UNIQUE Aesthetic is
Vintage-Inspired
Glamour with a Downtown
Twist
BRAND STRATEGY