transitioning an established desktop-only business to a desktop + mobile business | daren cotter
DESCRIPTION
Transitioning an Established Desktop-only Business to a Desktop + Mobile Business In this session you will learn about how InboxDollars transitioned from being a desktop-only business to a desktop + mobile business. - The importance of data to drive the decision of ‘when’ and ‘what’ - How to face disruption and innovate within an established company - How to build a connected consumer experience from Desktop to Mobile App - How to leverage core competencies in a new marketTRANSCRIPT
InboxDollars
Transitioning an established desktop business to mobile
MobCon 2014
Transitioning to mobile
How we responded (and continue to respond)
Key learnings
Introduction to InboxDollars
State of the company 2012-2013
InboxDollars
Connect consumers & advertisers in a way that benefits both
Consumers:
earn cash rewards for their online & mobile activities
Advertisers:
targeted & performance-based
advertising
Executive Summary
Founded in 2000
~$25 million revenue, 45 employees
1.6 million active members
More than $35 million paid to members
International (UK + Canada)
Self-funded & profitable
State of the company in 2013
We will build a mobile app
eventually
We will wait on our
partners to grow
Mobile Usage
Internet Average InboxDollars
60%
50%
40%
30%
20%
10%
0%January 2013
45%
Data challenged those
assumptions
January 2014
95%
Why did this shift?
Acquisition model Demographics of members
(“value consumer”)
Smartphones became
home computer
++
Key insights and next steps
Build Mobile
Web offering
Mobile is EXTREMELY important
We can no longer wait/rely on our partners
1.
01Raised priority of
building a mobile
app
02
After
Mobile Web
Built mobile web product offering
Used internal product & development teams
Before After Before Before AfterAfter
Mobile Web
Before After
Mobile Web
Before After
Mobile Web
Before After
Results
Increased signup
conversation rate
Increased monetization
and lifetime value of
signups
Monetization Changes w/ Milestones80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
Milestones
G.P
.S
Delta
HO
ME
PA
GE
OFFE
RS
PA
GE
Next Steps in Mobile Web
Mobile web-
specific activities
App installs
Mobile friendly surveys
01Continue
to refine UI
02
Mobile App
Built native app for iOS & Android
driven by consumer demand
Consumers prefer native apps:80% of time spent on a mobile device is spent in an app
(compared with 20% in browsers)*
Used external partner to build & scale
quickly
*Flurry from Yahoo
Results
Monthly active users Monetization lifetime value
vs. acquisition expenses
App MAU
Sca
lin
g A
cq
uis
itio
n
Pa
id A
cq
uis
itio
n S
tart
s
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
Next steps in Mobile App
Mobile app-
specific activities
Scan grocery receipts
Geo-targeted surveys/customer feedback
01Stand alone
mobile app
offering
02
Key learnings
Data
Strengths & Weaknesses
Data
We are very good at data, but had blind spots
We started to ask the right questions
We learned quickly:
% Signups from Mobile
Mobile RPM (revenue per member)
We adjusted the business plan:
Built mobile web offering
Increased priority of mobile app
Strengths & Weaknesses
Leverage core competencies Seeking expertise in areas of
weakness
Strengths: Weaknesses:
Relationships
Media buying Mobile development – outside partner
Mobile strategy & expertise –built Product team
Summary
Data
Powerful tool when used effectively
Strengths & Weaknesses
Know how your strengths relate to new market
Be honest about weaknesses and seek solutions
Questions?
Daren Cotter
Founder and CEO, InboxDollars
@DarenCotter