1. PERSONAL LIBRARIES WEEK 4 Customers & Users

2. Your Feedback Evaluate market size Talk to more customers Get beyond Stanford

3. Hypotheses & Findings Low activation & retention stems from poor discoverability, not wrong feature set Findings: Interviews confirmed that many users were confused / had to be taught how to use the product Action items: Must make it more obvious how to: Search PDFs Import PDFs Invite friends Update: Initial start screen optimizations complete The MVP of easily organizing papers is optimal (vs emphasizing citation) Findings: Researchers do like the idea of using this core feature set & would do so, if it were easier. Action items: Run AdWords campaigns to test best performing value props: “iTunes of PDFs” vs “Dropbox of research” vs “build your reputation”, etc. Question: Can we expand market to all PDF users? Users will invite others in exchange for higher paper limits Findings: Users want to collaborate on Peaya and are open to inviting friends, though somewhat reluctant to do so. Action items: Make “invite a friend” call-to- action more prominently displayed Offer “invite” or “pay” options at rate limit Update: 11 of signups this week were from friend invitations More info on our blog: http://factnote.com/c/e245

4. Customer Interviews Feedback from >60 researchers cold calls, in-person interviews, and a web survey both Stanford and non-Stanford both current users and non-users >80% of respondents earn <40k in annual salary Top features: easy citations, easily access PDFs, tag papers to find later, and format references for target publication Less Attractive features: share papers with others, rate papers I’ve read “I want it to collect & organize my PDFs”

5. Update: New Tutorials

6. Search Volume endnote450,000 download endnote22,200 endnote software3,600 buy endnote590 zotero135,000 download zotero2,900 zotero plugin2,900 mendeley60,500 mendeley desktop4,400 reference management14,800 reference software12,100 citation management2,900 Total monthly711,890 Total yearly8,542,680

7. Market Size Estimates 8.5M searches/year for relevant categories in Google Google 70% search share Suppose each “free endnote” search represents 1 in 200 users who obtain a new commercial license Thus, 1.2M new yearly purchases Suppose average sale price is $70 TAM: ~$84M Reference Managers 7.3M researchers 1/3 in biomed 20% are first author on publications 90% of those license Endnote Suppose average Endnote sale price is $70 TAM: ~$30M Wholesale book sales at about $24B annually eBook segment at about $0.5B and growing at over 100% -American Publisher’s Association TAM: ? BioMed Reference Manager PDF Organization & Tagging iTunes of Digital Content E Books: Biomed Endnote

8. Next Week: More Customer interviews 2 nd Customer Survey AdWords Value Prop Testing Landing Page A/B Testing vs

9. Competition