Insight Innovation Competition: AnswerTap - Presented at the Insight Innovation eXchange North America 2013
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Learn how AnswerTap is addressing the three biggest pain points when conducting qualitative market research: 1) time to conduct and process interview content, 2) panelist recruitment and 3) high cost. See how our clients simply define their desired demographics within our web application, and a respondent matching the specified criteria appears within minutes via webcam. Afterwards the researcher can utilize the video editing and automated transcription tools saving time on analysis and preparing the final report. The service is affordably priced less than existing solutions. About AnswerTap AnswerTap is a real-time opinion marketplace for market research. We use webcams and crowdsourcing to connect marketing agencies, brands and researchers to over 9 million targeted panelists within minutes.
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Insight Innovation Competition: AnswerTap - Presented at the Insight Innovation eXchange North America 2013
- 1. Real Time Crowdsourced Opinion Research AffordableEasy Fast
- 2. Too Expensive Time Constraints Logistical Reasons 0% 20% 40% 60% 80% Sources: KPMG, Greenbook Biggest pain points when using Focus Groups The Focus Group is Broken 67% 44% 31% $5 billion annually is spent on "qual" research Focus Group Discussions 72% 1v1 Interviews 14% Other 14% <15% of Qual (FGs and 1:1s) are currently done online vs. >70% of Quant @answertap #iiex info@answertap.com
- 3. AgencyMarketing Panel CompaniesField Services 1,000 5101,5003,500 12224,500 257,500 Days: Qual is Expensive Because it is Complicated Draft RFP Moderates Interview Transcribing Video Analysis Presentation Deck Screening Interviews Scheduling Email Target List Gets Answer @answertapinfo@answertap.com angel.co/answertap
- 4. 1,000 Days: 2 CompleteResearchProjectsinDays We Make It Easy 1) DEFINE TARGET MARKET Recruit respondents from within a 9 million person panel in minutes 2) LIVE WEBCAM INTERVIEWS Video chat sessions. Includes markup tools for images and webpages 3) VIDEO SEARCH Recorded video is keyword searchable and includes an interactive transcript 4) SHARE Easily share project video with colleagues and clients anywhere, anytime @answertap #iiex info@answertap.com
- 5. How it Works
- 7. Scheduling
- 8. Chat Room
- 10. Drag and Drop Video Editing Tools
- 11. Rapid Recruiter On Demand Recruiting from AnswerTap. Flat price includes all respondent incentives $300/hour $99/hour $990TOTAL Affordably Priced For All Sized Research Projects 10interviews Beta Price Retail Value Pay As You Go. No Hidden Fees @answertap #iiex info@answertap.com Bring Your Own Sample $175/hour $69/hour $690TOTAL 10interviews Beta Price Retail Value Client provided sample. Includes transcription and video editing tools.
- 12. Founding Team Where We Have Been BIZ DEV: Jim Longo - 26 years of experience within the market research industry. A thought leader with regards to online behavior and technology PRODUCT: Zach Simmons - 15 years experience designing, engineering and marketing technology products. Background at Amazon Web Services and he holds an MBA from Chicago Booth. ENGINEERING: David Busby - Resident development lead, technology muse, and lean startup evangelist. He builds world class scalable business process automation solutions. Kate Brennan Director Biz Dev, SurveyMonkey Ben Smithee CEO, Spych Market Analytics Richard Mumby Founding Partner, RPM Advisory Board Experienced and Balanced Team @answertap #iiex info@answertap.com
- 13. We’re bootstrapped… ...but we are seeking seed financing Use of Seed FundingObligatory "Up and to the Right!" Graph Total Cash In Total Cash Out Cash Balance Misc (20%) Engineering (45%) Sales Marketing (35%) 2013 2014 2015 emailbiz@answertap.comforaxisscaleWhat We Are Doing Next @answertap #iiex info@answertap.com Coupon Code: IIeX
Editor's Notes
- SCRIPT: AnswerTap is a real-time opinion marketplace for market research. We use webcams and crowdsourcing to connect marketing agencies, brands and small businesses to over 9 million targeted panelists in real time anywhere in the world within minutes. We enable decision-makers to instantly target their desired niche demographic and elicit answers on a variety of market research topics, from product development and optimization, to brand and segment exploration, to testing for advertising, package design, and web concepts. FREQUENTLY ASKED QUESTIONS: Q - Can you describe your business 1 single sentence? AnswerTap is a real-time opinion marketplace for market research. Q - What is your business analog? SurveyMonkey for qualitative market research. Q - What is Zolato? Zolato is a Delaware S-Corp DBA as AnswerTap. Q - Are you a full service market research firm? No, however we offer a variety of capabilities and services. BUSINESS NARRATIVE: AnswerTap is a real-time opinion marketplace for market research. We use video conferencing and crowdsourcing to connect marketing agencies, brands and small businesses to over 9 million targeted panelists from around the world within minutes. Our self service SaaS application enables decision-makers to instantly target their desired niche demographic and elicit answers on a variety of market research topics, from product development and optimization, to brand and segment exploration, to testing for advertising, package design, and web concepts. AnswerTap enables clients to complete live research interviews within minutes versus days, and at a fraction of the cost of traditional methods. Marketers and researchers will spend $5.1 billion dollars in 2013 conducting qualitative market research. This represents 10.2 million qualitative interviews per year. Recruiting, hosting and analyzing qualitative research is currently conducted the exact same way it has been done for decades. Qualitative “ studies ” (projects) require weeks to complete and cost between $10,000 - $50,000. Online qualitative research ( “ online qual ” ) currently represents only 4% of the overall qualitative research market while over 70% of quantitative data collection is currently conducted online. Face to face interviews will always have a prominent place in data collection but there remains a substantial opportunity to expand the online qual segment beyond the current 4% penetration. AnswerTap is designed to address the three biggest pain points when conducting qualitative market research: 1) time to conduct and process interview content, 2) panelist recruitment and 3) high cost. AnswerTap ’ s cloud-based video service streamlines the panelist recruitment process, shortening it from weeks to minutes. Marketers and researchers can use our DIY service to participate in real-time webcam interviews with respondents for targeted one-on-one research interview and focus groups. Clients simply define their desired demographics within our web application, and a respondent matching the specified criteria will appear within minutes. Pricing is affordably priced 80% less than existing solutions. The business will generate revenue through three distinct customer segments: marketing agencies, brand managers and small businesses. We anticipate market researcher agencies and independent moderators will form the majority of early adopters due to their first-hand experience with qualitative market research data collection and analysis pain points. AnswerTap will utilize both online and offline sales tactics to generate interest with key influencers. We anticipate most projects will be composed of 10-50 (median of 25) individual interviews. An average sized project yields a contribution margin of $1,850. Status - The Minimum Viable Product (MVP) is currently in Beta. Initial feedback is being used to refine the offering before the GA release scheduled at the end of Q2 2013. Management has conducted extensive customer discovery and product validation. We have interviewed over 250 research professional/buyers and have found that online qual adoption is low because there is no easy, cost-effective research solution that manages a study/project from end to end. Finance - AnswerTap is seeking a seed round of $245,000 in convertible debt. These funds will be divided between sales/marketing (55%) and engineering (40%). AnswerTap operations are forecasted to start generating positive cash flow beginning in Q2 2014 with an opportunity in Q4 2014 to repay its debt. $1.6 million in profits on $3.6 million in revenue is forecasted in 2015. Gross profit margins are a lucrative ~80% due to our fee arrangement with panel providers. We forecast EBITDA margins to level off at around 35% upon achieving scale. Management will evaluate market conditions when determining if we seek adjacent markets or position the business for exit through acquisition.
- 24% of Professional Researchers are constrained using Online Focus Groups Suppliers Clients Too Expensive 56% 67% Budgetary constraints 42% 75% Time Constraints 33% 44% Logistical Reasons 31% 11% To hard to organise 25% 25% Client Lack of Imagination 22% 11% Not Fashionable 20% 0% Old fashioned research supplier 16% 33% Blockers within the company 13% 11% Its boring 13% 0% We are not capable of doing it 9% 11%
- SCRIPT: This is how AnswerTap works. You get started by registering for a free account. (Click to Begin Animation Build) [Dashboard] - You will arrive in the Dashboard once you log on. Within the Dashboard you can schedule interviews, watch your previous interview as well as manage your account. [Schedule] - You have the ability to schedule the time/date as well as the duration of your desired interview [Screening] - Next, you define the target demographics of your project, including up to 5 custom qualification screening questions for your panelists. [Interview] - At the scheduled time, all you have to do is click on the link within your project dashboard or the calendar invite. We do all the recruiting work for you. Respondents can react to stimuli via interactive whiteboard or simply articulating their experiences in a Q& A session with a product or brand researcher. [Analysis] - Once completed the researcher can pull key quotes using our automated transcription and video editing tools to develop highlight reels for presentation to internal stakeholders or external clients. [Download] - Clips are easy to make. Use simple drag and drop tools create highlight reels for your client presentation. [Collaborate] - Finally, we offer tools to easily share video this with colleagues and client
- SCRIPT: This is how AnswerTap works. You get started by registering for a free account. (Click to Begin Animation Build) [Dashboard] - You will arrive in the Dashboard once you log on. Within the Dashboard you can schedule interviews, watch your previous interview as well as manage your account. [Schedule] - You have the ability to schedule the time/date as well as the duration of your desired interview [Screening] - Next, you define the target demographics of your project, including up to 5 custom qualification screening questions for your panelists. [Interview] - At the scheduled time, all you have to do is click on the link within your project dashboard or the calendar invite. We do all the recruiting work for you. Respondents can react to stimuli via interactive whiteboard or simply articulating their experiences in a Q& A session with a product or brand researcher. [Analysis] - Once completed the researcher can pull key quotes using our automated transcription and video editing tools to develop highlight reels for presentation to internal stakeholders or external clients. [Download] - Clips are easy to make. Use simple drag and drop tools create highlight reels for your client presentation. [Collaborate] - Finally, we offer tools to easily share video this with colleagues and client
- SCRIPT: This is how AnswerTap works. You get started by registering for a free account. (Click to Begin Animation Build) [Dashboard] - You will arrive in the Dashboard once you log on. Within the Dashboard you can schedule interviews, watch your previous interview as well as manage your account. [Schedule] - You have the ability to schedule the time/date as well as the duration of your desired interview [Screening] - Next, you define the target demographics of your project, including up to 5 custom qualification screening questions for your panelists. [Interview] - At the scheduled time, all you have to do is click on the link within your project dashboard or the calendar invite. We do all the recruiting work for you. Respondents can react to stimuli via interactive whiteboard or simply articulating their experiences in a Q& A session with a product or brand researcher. [Analysis] - Once completed the researcher can pull key quotes using our automated transcription and video editing tools to develop highlight reels for presentation to internal stakeholders or external clients. [Download] - Clips are easy to make. Use simple drag and drop tools create highlight reels for your client presentation. [Collaborate] - Finally, we offer tools to easily share video this with colleagues and client
- SCRIPT: This is how AnswerTap works. You get started by registering for a free account. (Click to Begin Animation Build) [Dashboard] - You will arrive in the Dashboard once you log on. Within the Dashboard you can schedule interviews, watch your previous interview as well as manage your account. [Schedule] - You have the ability to schedule the time/date as well as the duration of your desired interview [Screening] - Next, you define the target demographics of your project, including up to 5 custom qualification screening questions for your panelists. [Interview] - At the scheduled time, all you have to do is click on the link within your project dashboard or the calendar invite. We do all the recruiting work for you. Respondents can react to stimuli via interactive whiteboard or simply articulating their experiences in a Q& A session with a product or brand researcher. [Analysis] - Once completed the researcher can pull key quotes using our automated transcription and video editing tools to develop highlight reels for presentation to internal stakeholders or external clients. [Download] - Clips are easy to make. Use simple drag and drop tools create highlight reels for your client presentation. [Collaborate] - Finally, we offer tools to easily share video this with colleagues and client
- SCRIPT: I'm really excited about team. Jim Longo has been selling qualitative products ever since I was in diapers. David Busby is our resident code magician. My name is Zach Simmons. I have spent my entire career building world class scalable technology solutions. I came out of Amazon's Cloud Computing division where I was responsible for the core architecture of Dropbox, Netflix and dozens of other services you use everyday. We are recruiting a group of really smart executives advise us. BUSINESS NARRATIVE: AnswerTap ’ s management team has the experience and the right balance of core functions to solve this unique business problem. We have a strong appreciation of the qualitative customer experience, behavior, usage patterns, and monetization opportunities. Team Members (Role) Zach Simmons (Founder) - Zach has 15 years experience as a Product Manager and Software Engineer. He brings his experience designing and marketing scalable web services. Zach has held positions with both large firms and entrepreneurial startups, most recently serving as a Product Manager for Amazon S3. Zach holds an MBA from Chicago Booth. Jim Longo (Sales) - Jim brings 26 years of domain expertise in the market research industry. He has held senior management roles at iTracks and at Harris Interactive, where he was instrumental in online qualitative research practice. Jim is a thought leader with regards to online behavior and technology, speaking at global events and consulting with major brands and services around the world. He formerly served as a Director at Large for the Marketing Research Association (MRA) and is a member of the Qualitative Research Consultants Association (QRCA). Isabella Wang (Brand) - Isabella has 10 years media experience across CPG and Food vertical (Wrigley, P&G, Kellogg ’ s, S.C. Johnson, 3M, Quaker, McDonald ’ s, Taco Bell). Managing $100MM+ in media spend across all facets of media (Starcom, Microsoft, Wrigley). Expertise in communications strategy, market research, offline and digital media at the Agency, Advertising Sales, and Corporate-side. Mike Gunville (Product) - Mike brings 12 years of technology and management consulting experience. He has experience with designing, implementing and supporting complex systems, and has extensive management experience with global and offshore delivery models. Mike has experience with startups, interning first with MVP.com in 2000 and later starting a web design company that was profitable when he exited. Noora Pesonen (Finance) - Noora brings a combined 5 years of experience in corporate finance and marketing. She currently manages an analytics team at Aon ’ s Global Marketing division. Previously she worked in financial planning and analysis in financial/professional services firms. Her expertise is in marketing research, qualitative/quantitative survey methodologies, CRM analytics and revenue management. Advisors Kate Brennan, Director, Business Development at SurveyMonkey - Build and maintain partner relationships, create business cases and models to support and prioritize product roadmap, source and execute potential M&A opportunities Ben Smithee, CEO, Spych Market Analytics - Ben has a strong passion for the evolving world of marketing research and communications and co-founded SPYCH ( “ Spike ” ) to provide solutions for clients looking to engage difficult-to-reach audiences. Ben has been labeled as a “ true innovator ” and has been nominated as one of the Top 10 Youth Marketing Professionals. He's often sought for consulting and speaking engagements on topics of digital marketing, multi-generational marketing, qualitative research, social media, online research, and entrepreneurship, completing over 100 (what) in the past 2 years. His high energy and passion for innovation clearly resonates in all he does. A sampling of his clients include Coca-Cola, General Mills, eBay, American Cancer Society, HSN, Del Monte, Fiat, Pfizer, Lilly, The National Guard, Hallmark, GEICO, Kroger, Ad Council, and SXSW. He has been a featured speaker around the globe, including ESOMAR ’ s Qual Summits in Morocco and Vienna, and the 2010 and 2012 global AQR/QRCA summits in Prague and Rome. He has also been a keynote speaker for the 2011 MRA CEO Summit, Forrester Research Forum, as well as the 2010, 2011 and 2012 SXSW. Alastair Gordon, Managing Partner, Gordon & McCallum - Highly experienced international market research professional. Strong management and research credentials at local, regional and global levels. Expertise in development and implementation of unique research products and deliverables. Well-regarded trainer and speaker on MR topics. Currently heavily involved in helping MR agencies and users design and deliver innovative and profitable market research systems. Particular area on interest and expertise is in the area of emotion research and especially the application and interpretation of facial imaging data. Specialties: Consumer Emotion and Decision Making analysis, integrated Shopper Research programmes, Brand Health diagnosis and improvement, Advertising and Communications research. Senior/Mid-level MR training. Assistance with MR company development and expansion, especially in Asia-Pacific. Joe Heitzeberg, CEO Media, Piston - (Crowdsourcing Entrepreneur, Fundraising) Joe was the founder and "Chief Piston" of MediaPiston , a leading online marketplace for high quality content development services serving several ComScore Media Metrix top-100 web publishers. oDesk Corporation, the largest and fastest-growing marketplace for online work, acquired MediaPiston in late 2011. Prior to MediaPiston, Joe served as Chief Technology Officer of WhitePages, a top-50 web and mobile publisher in the USA where he oversaw a 55-person team including engineering, IT, ops, QA and Human Resources. Emma Pop, VP/Director of Analytics, Starcom MediaVest - Emma has 14 years of media agency experience specializing in consumer insights, research and analytics for Starcom ’ s Fortune 100 clients across all industry verticals. She is also responsible for the agency ’ s new business pitches, and is an industry leader in analytics as a keynote speaker at several research conferences. Josh Lowitz - Josh Lowitz is the principal of J. Lowitz Company and a Senior Consultant with McMillan-Doolittle Retail Consultants. He has founded and operated several businesses, and regularly advises entrepreneurs and private equity investors. His areas of expertise include retailing, internet marketing, real estate, and strategic planning. Minal Cherie Kamlani, Brand Strategy at Undertone, Rapp Collins, OgilvyOne Worldwide Cori McAfee, Sr. Client Service Director, Nielsen - Cori has over 11 years of experience in research and analytics. She has extensive research and analytics experience through an agency lens, having worked across all industry verticals (CPG, Retail, Travel and Tech) at Starcom MediaVest Group, a premiere media agency. Cori now works at Nielsen, showing clients how to use social media analytics to drive their business strategies. Mark Michelson, Digital Qualitative Expert, Speaker, Entrepreneur (MR speaker) - Senior level executive - 25+ years experience with all aspects of marketing, research, and advertising. Specialist in product development, positioning, marketing strategy and communications research. Noted keynote speaker and workshop facilitator. Creative marketing and research professional with proven ability to increase revenues and profitability, grow market share, and lead effective teams. Expertise with global cultures and commerce. Demonstrated strengths in designing and managing multi-modal (qualitative and quantitative) research studies. World class focus group moderator, ethnographer and interviewer with expertise in both classical techniques and new technologies for online and mobile marketing research. Executive Director and Co-Founder, Mobile Marketing Research Association Co-Founder/Chairman of Mystery Shopping Provider's Association (MSPA) Past Board Member of Qualitative Research Consultant's Association (QRCA) Member American Marketing Association (AMA) Member Marketing Research Association (MRA) Past Member, International Association Exhibition Management (IAEM) Monica Zinchiak, Qualitative Specialist & Online Qual Guru - Z. Research Services is a market research service firm specializing in Qualitative Research. Offering essential expertise for hire, providing a superior level of knowledge and service for your research and community projects on an ad-hoc basis. Our clients include some of the most notable market research firms in the world, Fortune 500 companies, and remarkable entrepreneurial start-ups. We have helped these clients improve their current qualitative research quality, while decreasing their qualitative research costs! Jonathan Ozeran (Product and mobile) FREQUENTLY ASKED QUESTIONS Q - Who is your next hire? Lead Engineer