Leenboek: experiment 3 ended º Success

Previous assumptions

People are willing to register for leenboek (a platform for lending and loaning books)  Validated
More people than I expected registered for the website

People are willing to add their own books to leenboek  X Invalidated
No books were added after a week of trying to make people add their books.

This weeks assumption

People are willing to spend money on renting a book.

Why this assumption?

Core of the idea is lending out books, I did not get people to add their books but thats only one half of the idea. The other half is that I believe that there is a market for people lending a book (apart from going to the library), and pay for it like renting a movie.

The experiment

When I ‘pitched’ the idea of renting out books to people I often got back that the difference between lending and owning is not that much money. For this experiment I wanted to ensure that the price was plausible. In other words, if someone rents the book, can I send it without losing money?

The funnel

Funnel Leenboek ∞ The funnel started with a landingpage, I created two: The first one is a very popular book worth € 20,00 Link ∞ The Second book is a less popular book worth € 70,00 Link ∞ After that, a registration page (email adress and password) Link ∞ Shipping page (only accessible after registration) ∞ Payment Page (only accessible after shipping) Screen Shot 2012-12-23 at 00.00.55

Traffic was once again sent through search advertising. I advertised the books. The ads were displayed over 10.000 times.

The Results

Out of 10.000 impressions about 1% clicked on the ads. Most on the cheap book (95%) and some on the more expensive book (5%). From the 102 people that landed on the landingpage, 2 people ordered a book for around 8 euro. They both ordered the cheap (20 euro) book. One of which I actually sent the book and donated it after answering some questions:

1. What were you looking for when you found Leenboek.nl?

I was looking for the book from Andy van der Meyde, but I didn’t want to buy it but lend it.

2. Do you have some special purpose for this book? (for example read it on vacation etc)

To read it during the christmas holiday

3. After finding Leenboek.nl, what was your first impression?

I think its a good site, its good that there is a site where you can lend books

4. Did you miss anything?

Not yet

5. What made you decide to order the book at Leenboek.nl?

It was the book I was looking for and it was for a reasonable price

6. Do you have any tips or recommendations?

Perhaps you need to do more promotion (advertising, commercials). I think your site is rather unknown to the readers of the Netherlands

Lessons Learned

To be honest I would have expected this experiment to invalidate with confidence. However, it didn’t. I wanted to learn if people were actually interested in ‘renting’ a book and, to my own surprise, people did. This doesn’t mean that leenboek in this form is a success. What is evident is that the shipping costs (€ 5,00) make up for a much too large portion of the price. The main reason for this, is that the shipping is both to and from the reader, for leenboek to be a succes; this will have to change.

schets-2In the meanwhile, I also have been working on the other end of the market, getting people to add their book collections to the library. I tried to design (sketch) something that would not tap into the value point (making money from your books) but from a convenience point (simply organize your books).

Next week

It’s christmas season. Next week and the week after there will be no experiments, however a lot of contemplating on how to make this product work. Further more, we are approaching the one year mark of 400 minutes, time to look back on the year and think about how to make it evolve into something solid.

Merry christmas everyone

Next Chapter: Leenboek : BookerBase >

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