Lessons Learned at Priceless Legacy

Observations about the concept of life story preservation and PLC execution to date:

1. Everyone loves the idea – that does not mean they intend to act
2. The mission is good and needs to be done
3. People don’t typically search for this product – it needs to be suggested
4. Customers need assistance in the buying process
a. Encouragement for doing (not a vanity, it will “work” etc.)
b. That the price is valid (not too high or too low)
5. People are happy when they take the time to preserve their legacies
a. Those who act (the subjects)
b. Those who receive (benefit)
6. People need help getting started. .. and to finish
a. Remind them that it is important
b. There is no way to fail (except to not start)
c. No right or wrong only incomplete
7. Operations must be simplified constantly – resist the customers’ pressures to over customize

Challenges

1. People only fully recognize the need when it is too late (when death or dementia has taken the subject).
2. People cannot assess the economic value of the product because they have no reference points
3. Mass customization is a challenge because some customers think they have special circumstances. – (but also a big justification for the need).
4. Hassle factor, especially with photos, is high.
5. Lack of social consequence for non-action.
6. People tend to obsess with documenting “down” the family tree (their children and grandchildren) – but defer action “up” the family tree (their parents and grandparents)

Bright spots / advantages

1. Societal interest is still high. Demographics are favorable.
2. Digital image capture has revolutionized and democratized the memory preservation business. Now that we can capture and save all these billions of images, who will capture the stories that go with them?
3. As mass media fragments into smaller and smaller niches, is not the family the ultimate micro-niche?
4. Customer Satisfaction is extremely high for those who complete their projects.


Company Specific Lessons Learned

1. We are competing against “non-consumption” (doing nothing) and inertia not high priced personal historians ($5-10K) as we originally thought.
2. Urgency (even with dying subjects) is difficult to convey
3. Mortality is the “elephant in the room” that no one wants to face. This undermines taking action. “If I finish my book, I will die” on some subconscious level.
4. People are habituated to procrastination. “Those photos have been in the box for 60 years for a reason – why should I act now?”
5. We need LCs who sell and not people who can execute
6. Better to centralize operations (interviewing, photo organizing) to ensure quality and consistency.
7. Even after buying, customers will procrastinate making progress. It is therefore important to collect money early and not rely on customer completion.
8. Family incomes must exceed $100K to justify purchase. A professional education level also correlated with the drive to action.
9. Invisible psychological motivations drive behavior (e.g. sibling rivalry, desire for parental approval etc.)
10. Static web presence alone is not enough to drive sales activity.