Biakelsey Lode Video Insight Briefing - BIA Advisory Services
Guiding Media. Inspiring Innovation. Leading Local.Introduction to theLocal On-Demand Economy(LODE)Video Insight Briefing SeriesQ1 2016Mike BolandChief Analyst & VP, ContentBIA/Kelsey
IntroductionBIA/Kelsey Video Insight Briefing: What is It? To complement our written reports, we are rolling out a new intelligence resource called the BIA/KelseyVideo Insight Briefing Series. These are a series of briefings BIA/Kelsey analysts will be completing quarterly on “tentpole” topicalareas that are receiving the most investment, innovation, opportunity and curiosity. We will also covertopics as client demand dictates. What can you expect in a Video Insight Briefing? Presented in slide deck format, the briefing includes avideo discussion of the presentation along with key links to multimedia assets about the topic. Our goalis to use a briefing on a particular subject to deliver meaningful insights and analysis via video you canwatch at your convenience. This format also aggregates all our content by topic so it's easy for you tofind and access. We will be available to discuss the briefing after you've consumed it as yourconvenience. We are also available for customized briefings. This Video Insight Briefing zeroes in on the local on-demand economy (LODE). What are itsfundamentals? How is it transforming local commerce? What were the biggest lessons fromthe sector’s “phase I”? And what are the lessons for local media companies and startups as weenter phase II? This presentation unpacks the key drivers, variables and analyst insight. 2016 BIA/Kelsey. All Rights Reserved. 2
Agenda1. Video presentation - slides w/voiceover2. Additional drill-down resources including InsightPaper, conference videos, reading list3. Presentation: Phase II of the On-Demand Economy-- LODE Phase I: What Did We Learn?-- LODE Phase II: What Do We Know?-- What Does it Mean For Local Media?2016 BIA/Kelsey. All Rights Reserved. 2015 3
Agenda1. Video presentation - slides w/voiceover2. Additional drill-down resources including InsightPaper, conference videos, reading list3. Presentation: Phase II of the On-Demand Economy-- LODE Phase I: What Did We Learn?-- LODE Phase II: What Do We Know?-- What Does it Mean For Local Media?2016 BIA/Kelsey. All Rights Reserved. 2015 4
Video Presentation (Video Delivery of Slides 12-33)CLICK TO WATCH(Clicking opens a private web page on our YouTube channel.) 2016 BIA/Kelsey. All Rights Reserved. 5
Agenda1. Video presentation - slides w/voiceover2. Additional drill-down resources including InsightPaper, conference videos, reading list3. Presentation: Phase II of the On-Demand Economy-- LODE Phase I: What Did We Learn?-- LODE Phase II: What Do We Know?-- What Does it Mean For Local Media?2016 BIA/Kelsey. All Rights Reserved. 2015 6
Local On-Demand Economy (LODE) Insight PaperCLICK TO READ 2016 BIA/Kelsey. All Rights Reserved. 7
Conference Video: On-Demand FundamentalsAn introductory viewCLICK TO WATCH(Clicking opens a private web page on our YouTube channel.) 2016 BIA/Kelsey. All Rights Reserved. 8
Conference Video: Moving into Phase IIAn intermediate viewCLICK TO WATCH(Clicking opens a private web page on our YouTube channel.) 2016 BIA/Kelsey. All Rights Reserved. 9
Conference Video: On-Demand Best PracticesA Video Case Study from On-Demand Leader PorchCLICK TO WATCH(Clicking opens a private web page on our YouTube channel.) 2016 BIA/Kelsey. All Rights Reserved. 10
Conference Video: The VC Take on LODEVenture capitalists examine LODE Success FactorsCLICK TO WATCH(Clicking opens a private web page on our YouTube channel.) 2016 BIA/Kelsey. All Rights Reserved. 11
Conference Interviews: On-Demand VoicesExecutive Interviews from BIA/Kelsey NOWCLICK TO WATCH(Clicking opens a private web page on our YouTube channel.) 2016 BIA/Kelsey. All Rights Reserved. 12
Further Reading: BIA/Kelsey ArticlesDeeper analysis and analyst coverage of the topics covered in this presentationHighlightsThe On- Demand Economy Enters Phase IIAn 18.5 Billion MarketCan Everything Be “Uberfied?”Full LibraryBIA/Kelsey LODE Articles 2016 BIA/Kelsey. All Rights Reserved. 13
Agenda1. Video presentation - slides w/voiceover2. Additional drill-down resources including InsightPaper, conference videos, reading list3. Presentation: Phase II of the On-Demand Economy-- LODE Phase I: What Did We Learn?-- LODE Phase II: What Do We Know?-- What Does it Mean For Local Media?2016 BIA/Kelsey. All Rights Reserved. 2015 14
EDITOR’S NOTE:REFER TO SLIDE 5 FOR THE AUDIO/VIDEO DELIVERYOF THE FOLLOWING 20 SLIDESGuiding Media. Inspiring Innovation. Leading Local.Phase II of the On-Demand EconomyWhat Did We Learn from Phase I ?February 2016Mike BolandChief Analyst & VP, ContentBIA/Kelsey
Brief IntroAbout MeAbout BIA/Kelsey 10-year industry analyst 30-year market research and analyst firm Former tech journalist (Forbes, Business 2.0) Squarely focused on local media & technology Focus areas: Mobile, Social, On-demand Conferences, Consulting, Content Frequent contributor to Huffington Post,Business Insider, the Guardian, Street Fight Authoritative daily newsletter, blog, videoproduction, podcasts 2016 BIA/Kelsey. All Rights Reserved. 16
The Local On-Demand Economy (LODE) 2016 BIA/Kelsey. All Rights Reserved. 17
Agenda1. Video presentation - slides w/voiceover2. Additional drill-down resources including InsightPaper, conference videos, reading list3. Presentation: Phase II of the On-Demand Economy-- LODE Phase I: What Did We Learn?-- LODE Phase II: What Do We Know?-- What Does it Mean For Local Media?2016 BIA/Kelsey. All Rights Reserved. 2015 18
First LODE FundamentalsLODE mobile apps summon products orservices on-demand, to be fulfilled ordelivered offline.For users: LODE brings immediate needs to their fingertips.For providers: LODE aggregates demand, creating marketplace transparencythat reduces marketing and customer acquisition costs.The result: Bringing buyer and seller together more efficiently and with leanerunit economics. 2016 BIA/Kelsey. All Rights Reserved.19
How is That Different from What We Did Before?The Old WayThe LODE Way 2016 BIA/Kelsey. All Rights Reserved. 20
The Question:Why Now?LODEDrivers 2016 BIA/Kelsey. All Rights Reserved.21
LODE: A Game of Supply / Demand BalanceUsersOn-demand culture, millennials, urbanization,smartphone ubiquityProvidersUnemployment, flexibility, rise of the1099 economy.LODE Formula:Find, Aggregate & Deploy Supply-Side Liquidity 2016 BIA/Kelsey. All Rights Reserved. 22
“What we’re seeing is yield optimization.Uber in early days had a brick business which was town cars,but it was all the time in between rides that was the mortar.That’s the value that technology is finally extracting due tomobility.”- Brendan Benzing,CEO, MyNeighbor 20142016 BIA/Kelsey. All Rights Reserved.23
Case Study: Unit Economics 2016 BIA/Kelsey. All Rights Reserved.24
BUT. It Doesn’t Fly in Every Vertical.VS. 2016 BIA/Kelsey. All Rights Reserved.25
Agenda1. Video presentation - slides w/voiceover2. Additional drill-down resources including InsightPaper, conference videos, reading list3. Presentation: Phase II of the On-Demand Economy-- LODE Phase I: What Did We Learn?-- LODE Phase II: What Do We Know?-- What Does it Mean For Local Media?2016 BIA/Kelsey. All Rights Reserved. 2015 26
Speaking of Homejoy Avoid “Leakage”Provide enough value to justify a middleman position 2016 BIA/Kelsey. All Rights Reserved.27
Phase II: Where is LODE Going Next? New local verticals: Up theprofessional ladder (doctors,Lawyers, architects, etc.) Millennials will fill these professionalranks: they love flexibility andautonomy. Software for LODE workers tomanage disparate “gigs” (Think: CRMfor LODE) Beyond just the “1099 economy” ofindividuals Local businesses willacquire new new customers throughon-demand. 2016 BIA/Kelsey. All Rights Reserved. 28
Agenda1. Video presentation - slides w/voiceover2. Additional drill-down resources including InsightPaper, conference videos, reading list3. Presentation: Phase II of the On-Demand Economy-- LODE Phase I: What Did We Learn?-- LODE Phase II: What Do We Know?-- What Does it Mean For Local Media?2016 BIA/Kelsey. All Rights Reserved. 2015 29
Local Businesses: Will They UseLODE?Acquiring customers in real time via On-demand couldappeal to SMBs. or could it move further up-market to the “midmarket” segment: car dealers, realtors, etc.?2016 BIA/Kelsey. All Rights Reserved. 2015 30
If So Will This Displace Local Marketing LODECould LODE flip the localmarketing model that we’veknown for decades?. And could that siphon localad dollars?Local Marketing 2016 BIA/Kelsey. All Rights Reserved. 31
A Scary Thought. Here’s the Good NewsLODE could have a net positive impact by growing the local addressable market The 150B local ad spend (BIA/Kelsey) includes a fraction of national and localbusinesses. Quick math: 19 percent of the 27 million businesses in the U.S. advertise. Thatleaves 81 percent untapped LODE offerings could appeal to that broader market of businesses that don’tcurrently advertise. This aligns with a key trend we’re tracking in local: broadening services beyondjust advertising and marketing. This broader bundle includes operational tools such as paymentprocessing, reservation system, etc. Operational tools solve real pain points and can be an easier sell. There are higher switching costs to something like a reservation systemthan say an ad campaign. Churn – a classic killer in local advertising – is therefore much smaller. Operational tools go hand-in-hand with ad offerings (Think:marketing/loyalty programs and payment systems). LODE services can fill these gaps as a local business platform 2016 BIA/Kelsey. All Rights Reserved. 32
Conclusions & Action ItemsIt’s All About Education and Action Companies currently selling local media or advertising should gain an advanced knowledge of LODE – both its fundamentalsand ongoing evolution. Best practices, current and evolving, will develop quickly and require a keen eye to learn winning strategies. This education byimmersion is the first step towards devising and deploying LODE products. If LODE services displace marketing in some situations, an early lead for local media companies could offset any potentiallosses to core products caused by new LODE entrants. If LODE is indeed a threat, media companies who embrace it can own their destiny, versus those who ignore it and are forcedto realize too late that it is causing attrition to core revenue streams. Similar lessons have been learned by industries facing disruption; and faced with the decision to embrace a new – albeitthreatening and potentially cannibalistic – channels. Moreover, LODE should be viewed more as opportunity than threat. This can come about by embracing it and uncovering itspotential sources of new business growth. LODE’s customer acquisition efficiencies make it tenable for service providers who can’t afford traditional marketing. Therefore,its addressable market could exceed local advertising’s current boundaries to a larger SMB universe. 2016 BIA/Kelsey. All Rights Reserved. 33
Conclusions & Action Items, Cont’d LODE’s potential for new business growth is coupled with potentially increased average revenue per advertiser (ARPA) amonglocal advertisers. It can also boost retention, given that many LODE services also fulfill SMB operational needs (demand aggregation, scheduling,payment processing, etc.). These have higher switching costs for businesses than advertising and marketing. In incorporating LODE into service bundles, local media companies have an advantage over LODE pure plays. This is due toexisting sales channels, economies of scale, and compatibility with existing advertising and marketing offerings. There is also a one-stop-shop appeal in that SMBs and 1099 operators can save time with a single provider for both marketingand LODE-based customer acquisition tools. Early integration of LODE services by traditional media companies can establish familiarity and education. This will be requiredduring LODE’s beginning stages when an early mover advantage can be gained in building knowledge, brand, and networkeffect. Media companies should carefully consider the pros and cons of building versus partnering. The former requires greaterinvestment and reward. The latter, via API integration, can involve little risk and utilizes best or breed functionality in a givenarea. The cost for this fast-tracked functionality is a revenue share with the API’s owner. Based on the speed at which LODE is moving – a component of the speed and nimbleness of app development environments– any LODE strategies and product rollouts will need to happen much faster than is typically done by local media companies.The innovation cycle will be a function of weeks, not months. 2016 BIA/Kelsey. All Rights Reserved. 34
Guiding Media. Inspiring Innovation. Leading Local.Questions & Comments:mboland@biakelsey.com@mikeboland
These are a series of briefings BIA/Kelsey analysts will be completing quarterly on “ tentpole” topical . Paper, conference videos, reading list 3. Presentation: . Fo
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