The first product I selected for this Product Sense Pushup is the “Coolest Cooler”. This was a Kickstarter project that made history in 2014 when it raised over $13 million dollars in crowdfunding, which at the time made it the most funded project on the platform. Unfortunately, the product was severely over-engineered and was unable to be manufactured for the anticipated price; this was coupled with labor strikes and other external factors.
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- We believe… that we can produce a cooler with a rechargeable blender, waterproof Bluetooth speakers, USB chargers, LED lights, and integrated storage for less than $165 to make a profit.
- To verify, we will… identify manufacturers and receive quotes for the specified product components, as well as other supply chain components
- And measure… the price per part, transportation and logistics costs, distribution costs, etc.
- We are right if… the product cost sums to a total well under $165 to account for additional expenses; otherwise, the price or product should be adjusted.
Next, I looked at Yik Yak, which was launched in 2013 and raised over $73 million in funding. The value proposition of the company was that it provided a place for hyper-local, anonymous forums. Eventually, they removed the anonymous component of the platform, and app downloads declined 76% from 2015 to 2016.
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- We believe… users will stay with the platform, even if they need to create usernames
- To verify, we will… run holdout testing for the implementation of handles/usernames
- And measure… engagement (daily active users and posts per user)
- We are right if… engagement holds steady or decreases slightly (expected loss threshold); if it falls dramatically, rethink…
Lastly, I was intrigued by the 1960s release of Smell-o-Vision! In movie theatres, this hardware-based product provided cinephiles with a new sensory experience: fragrances pumped through hidden tubes under the chairs timed to match films. Fascinatingly, AromaRama released a comparable product about a month before, utilizing the existing AC system. Installation costs were 20x or more the cost per ticket.
- We believe… olfactory additions to the film-viewing experience will acquire new customers and increase engagement
- To verify, we will… poll movie-goers and non-movie-goers to identify desiderata (what do they want that isn’t there)
- And measure… the number of users who indicate an interest in sensory expansion/immersion in their interviews
- We are right if… a majority or significant portion of interviewees demonstrate undirected interest in a sensory film experience
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