Billion Dollar Apps presentation at Tablet Strategy 2014

LEXTECH | Confidential - Do Not Distribute 1.630.420.9670 | [email protected] |

find your billion dollar apps

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mailto:[email protected]


Who is Alex Bratton?

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#BDAbook

✤Mobile Visionary

✤Author

✤Entrepreneur (x12)

✤Technologist

✤Chief Geek & CEO of Lextech


1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute

Think Differently about mobile

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1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute 4


1.630.420.9670 | [email protected] | LEXTECH | Confidential - Do Not Distribute 5



billion dollar apps

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billion dollar apps

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300% increase in sales close rate

60% time reduction for key production

process

#1 grossing app in iTunes for 14 weeks

60% time reduction in sales process

95% time reduction for key sales workflow



Auditing app

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Before After

66% time reduction

in key production

process



video command center App

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Before After

Remote video

access from

anywhere, saves lives.



claim processing app

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Before After

96% increase in closed

sales.



Inventory app

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Before After

60% time reduction

in key production

process



generate App concepts

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score & Prioritize

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Criteria 1 2 3 4 5 6 7 8

New Revenue Potential (NRP) 3 5 1 2 2 1 3 5

Cost Savings Potential (CSP) 5 5 1 3 3 1 4 5

Q4 completion possible 5 5 3 5 5 5 1 5

Adds to customer stickiness 5 4 1 3 3 3 3 3

Effort necessary from IT team 3 4 1 3 2 3 1 3

Expected time to realize return 2 2 4 5 5 5 4 5

Cost to implement 3 4 2 4 4 3 1 2

Impact on existing process that requires retraining

4 3 2 5 5 4 2 2

% of identified workflow issues the app addresses

4 5 3 3 3 3 3 5

Risk to implementing 3 5 2 4 5 2 1 3

Existing mobile friendly back end services

5 3 4 3 4 1 3 3

How excited will end users be to use the app

4 5 3 5 5 5 3 5

Total 46 50 27 45 46 36 29 46

RANKING 2 1 6 3 2 4 5 2

Cust%aler*ng%

Cust%status%lookup%

Outside%contract%builder%

Outside%quo*ng%tool%

Inside%sales%quo*ng%

Inside%sales%specs%lookup%

Inside%sales%test%reports% Inside%sales%plate%drops%

0%

1%

2%

3%

4%

5%

6%

0% 1% 2% 3% 4% 5%Impa

ct'on'Cu

stom

er'

Es0mated'Effort'

0"

1"

2"

3"

4"

5"New"Revenue"Poten2al"(NRP)"

Cost"Savings"Poten2al"(CSP)"

%"of"iden2fied"workflow"issues"the"app"addresses"

Expected"2me"to"realize"return"

Q4"comple2on"possible"

How"excited"will"end"users"be"to"use"the"app"

Adds"to"customer"s2ckiness"

Cost"to"implement"

Impact"on"exis2ng"process"that"requires"retraining"

Risk"to"implemen2ng"

Exis2ng"mobile"friendly"back"end"services"

Effort"necessary"from"IT"team"

Top$4$App$Scores$by$Criteria$ Cust"status"lookup"

Inside"sales"test"reports"

Inside"sales"quo2ng"

Cust"aler2ng"



Get started

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✤ Before: Hourglass



Get started

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✤ After: Cheetah

✤ 96% time savings in key workflow



billion dollar apps Process

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protectus insurance

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✤Sells insurance and financial products for individuals and families

✤$5 billion in annual revenue

✤Average of 3% annual growth

✤1,000 employees in sales



the process

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✤Articulate the business strategy.

✤ Identify the key workflows that support your strategy.

✤Evaluate each workflow and issues.

✤Map out app concepts to address workflow challenges.

✤Calculate ROA.

✤Score each concept to prioritize.



Articulate the business strategy

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✤Goal: Grow top line revenue by 10%

✤How: Increase sales rate by boosting the number of presentations without adding personnel and increasing the close rate.



identify key workflows

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✤Cold calls and email outreach

✤ Initial client meeting to gather information

✤Research and proposal creation

✤Present proposal

✤Close the sale

✤Delivery of the policy

!



evaluate workflows

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✤ Too many customer touch points

✤ Major time investment

✤ Constant interruptions to the sales process

✤ Data entry issues

✤ Too many people involved

✤ Only 56.25% of leads make it to the second meeting to see the proposal.

✤ 11.25% of initial meetings result in clients.



App concepts

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✤Company overview

✤Customer brochure

✤Financial education

✤Sales training

✤Customer management

✤Sales rep dashboard

✤Sales ranking

✤Scenario modeling

✤Email template

✤Order entry

✤Document library

!



App Suites

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✤Data collection and analysis

✤Customer engagement

✤Mobile training

✤Sales ranking

!



App Scores for data collection & analysis suite

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✤Big impact on the strategic goals (5)

✤Little time to realize return (5)

✤Large investment (2)

✤Estimated 5-6 months to develop and implement the app (3)

✤Requires very little retraining (5)

✤Addresses 50% of existing workflow issues (5)

✤Slight risk based on cost and time to implement (3)

✤Current systems lack mobile-friendly programming interfaces (1)

✤Sales reps will react very positively to new tools (5)

!



Calculate the impact

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New revenue potential (NRP)

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I * T * R / (100% - I) = NRP Impact * Time * Revenue / (100% - 1) = NRP

50% * 100% * $1000 / (100%-50%)!= $500

90% * 100% * $1000 / (100%-90%)!= $9000



New revenue potential (NRP)

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I * T * R / (100% - I) = NRP Impact * Time * Revenue / (100% - 1) = NRP

30% * 50% * $5B / (100%-30%)!= $1.0B



cost savings potential (csP)

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I * T * C = CSP Impact * Time * Cost = CSP

30% * 50% * $50MM != $7.5M in hard cost savings



Organizational impact (OI)

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100%! ! meeting 1!75%! ! ! schedule next!! ! ! ! lose 25%!56.25%!! meeting 2!! ! ! ! close 20%!11.25%!! final close rate

!

!

! ! ! ! !75%! ! ! meeting 2!! ! ! ! close 20%!15%! ! ! final close rate



Organizational impact (OI)

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100%! ! meeting 1!75%! ! ! schedule next!! ! ! ! lose 25%!56.25%!! meeting 2!! ! ! ! close 20%!11.25%!! final close rate

= 4.6% increase in close rate!= $231m

!

!

! ! ! ! !58.88%!! meeting 2!! ! ! ! close 20%!11.77%!! final close rate



return on app (ROA)

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(NRP <-> CSP) + OI = ROA !!

Potential ROA = $237m - $1B!



conclusion

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The result of the Billion Dollar Apps process is a roadmap to mobile success.



the Book

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✤More about Protectus

✤More enterprise app success stories (and failures)

✤Detailed look at the BDA process
